Halloumi Cheese Market– Detailed Analysis of Current Industry Figures with Forecasts Growth By 2029
Fact.MR delivers vital insights on the halloumi cheese market in its published report, titled “Halloumi Cheese Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019-2029”. In terms of revenue, the global halloumi cheese market is projected to expand at a CAGR of over 12% during the forecast period, owing to numerous factors, which Fact.MR offers thorough insights and forecasts in this report. As per the FAO Dairy market review, March 2019, the demand for varietal cheese has been increasing in the recent years. Halloumi cheese, one of the specialty cheeses in the market, has increasingly become popular in the past decade. The demand for halloumi cheese is high globally but the current lot of manufacturers have been facing difficulties catering to this demand for halloumi cheese. Pittas Dairy, one of the four major producers of halloumi cheese, has ceased operation from January, 2019. The Pittas Dairy factory was reported to be completely destroyed due to a fire. The shutdown of Pittas Dairy has increased the pressure on current manufacturers to ramp up production in order to meet the growing demands of consumers. Despite this current gap between the supply and demand, the new and emerging players who are eyeing the halloumi cheese market as a profitable revenue pocket will have an abundant consumer base to cater to, in the coming years.
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Shortage of Halloumi Cheese Due to Limited Production Capacities
The report showcases how the halloumi cheese market has been previously hampered due to regulations on its trade. In 2018, Cyprus government signed a protocol permitting the export of dairy products to China. The rise in demand for halloumi cheese has been observed and increasing every year. The local producers of halloumi cheese have been facing difficulties in catering to the demand in UK, Sweden, Germany, Denmark, and Australia. The inclusion of demand from the Asian countries will be impossible to satisfy with the current production capacities. The shortage of halloumi cheese in the UK supermarkets was high in the previous year.
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 demand side shortages have created prominent opportunities for new players in the market. Owing to this, 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, right after introducing halloumi cheese. These factors are expected to create a major impact on the demand for halloumi cheese in the forecast period.
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PDO Status for Halloumi Cheese in EU to Affect the Market Growth
Fact.MR opines that some issues in the production of halloumi cheese are exacerbated with the introduction of counterfeit products emerging in the market. As per the report, some farmers in UK and Germany have tried to produce halloumi cheese only by using cow’s milk. Taking this into consideration, the Cyprus government tried to register Cyprus as a Protected Designation of Origin (PDO) for halloumi cheese. The Cyprus government launched a legal cease and desist suits on the non-Cypriot halloumi cheese producers. The non-Cypriot players will need to open the production base in Cyprus for production of halloumi cheese. The PDO status of the halloumi cheese has not been approved in the UK. Issues at the time of filing the trademark led a UK-based company to report an annulment for the action. The trademark has been said to be lost in the UK. The possibility of production of halloumi cheese in the UK will open up a new course of action for the new and current players. Nicos Anastasiades, the Cyprus President, has been on the warpath for pushing the PDO status for halloumi cheese. The Green line divides the island of Cyprus into two groups, Greek and Turkish Cypriots. Furthermore, the political changes and agreements involving the green line regulations will determine the development of the halloumi cheese trade.
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The research study done by Fact.MR finds that despite the impediments faced by the halloumi cheese market, efforts from EU are on to facilitate the Cyprus Economy. The Agricygen partnership, funded by EU, connects universities in Cyprus with renowned experts in the world. The aim of the partnership is to increase the quality of the agricultural products in Cyprus. The Edinburgh University scientists are doing pioneering work in research to increase the production capacity of goats and sheep. The research in the long run is projected to help satisfy the demand for halloumi cheese. The work of the current players combined with the efforts of the Cyprus government will be the deciding factors in the development of the halloumi cheese market.
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