Market Researcher and Consultant

Demand for Halloumi Cheese Plummets, as Consumption from HoReCa Sector Witnesses a Downtrend amid COVID-19, Infers Fact.MR

The dairy industry and the halloumi cheese market have felt the effect of the pandemic from every direction. The coronavirus has bestowed an element of 'discomfort' across the halloumi cheese market. With closing down of HoReCa chains, the average consumption of dairy products has decreased over the past month by more than 25%, which is proving to be a major setback for the dairy industry. The current scenario of 'milk dumping' in many nations has attracted significant attention and has also cut down raw milk transport for the production of halloumi cheese.

Poised to surpass a valuation of over US$ 900 Mn by the end of the forecast period (2020-2030), halloumi cheese sales have witnessed a significant surge in the last few years. The demand for varietal cheese has been increasing in recent years. Halloumi cheese, one of the specialty cheeses has increasingly become popular in the past decade. Halloumi cheese holds the key to an expanding consumer base. Increasing customer awareness and desire to purchase Halloumi cheese products is imperative to expand retail outlets which can drive the growth of Halloumi cheese within the global market. For example, The U.K. And Sweden's demand for Halloumi cheese is increasing at a robust pace, owing to high customer preference for a Mediterranean diet with Halloumi cheese topping the list.

Key Takeaways of Halloumi Cheese Market

• The overall market for halloumi cheese is consolidated and is majorly dominated by the European players, who are highly concentrated in Cyprus
• With Cyprus being the sole producer of halloumi cheese, its demand in European countries has given a logistical advantage to the players. The largest consumer base for the halloumi cheese is likely to remain in Europe, but the neighboring regions will also be benefited in the coming years
• Organic halloumi cheese is poised to witness the highest growth in the Global market and is projected to reach a market value of over US$ 350 Mn during the forecast period
• The flavored segment of halloumi cheese is projected to maintain double digit growth during the assessment period. Flavored halloumi cheese is likely to growth at an impressive CAGR of more than 13% during the forecast period.

“The growing popularity of aged cheese and the soaring popularity for premium cheese products is acting as a catalytic force for the sales of halloumi cheese worldwide” according to the report analyst

Demand Side Shortages has resulted in Mushrooming of Artisanal Producers

The halloumi cheese market is moderately fragmented with the presence of large corporations and small to medium scaled artisanal producers spread all across Europe and the Middle East. As of 2019, top seven players include Petrou Bros Dairy, Zita Dairies Ltd, Hadjipieris Ltd, Galaktokomio A.D.S Dafni and others have accounted for over 55% of total share within the halloumi cheese market. The supply side issues are likely to be alleviated in the coming years due to multiple campaigns launched in the European Union. The increase in the sheep and goat population will be one of the major factors affecting the growth of the halloumi cheese market. Multiple non-Cypriot players have been entering the market in recent years. Waitrose, one of the new entrants in the halloumi cheese market, has seen an increase of 24% sales of cheese.

These insights are based on a report on Halloumi Cheese Market by Fact.MR.