Global Ricotta Market size in 2019 was valued at USD 873 Million in 2019 and is projected to grow at a 5.3% CAGR between 2020 and 2026.
The demand for ricotta is increasing owing to the expanding application scope of the product beyond Italian dishes. Ricotta, originally produced by Italian cheesemakers and used in dishes such as lasagna, manicotti, and ravioli, are now increasingly becoming popular in other European countries as well as in countries in North America. Across the globe, consumers are making ricotta versatile by consuming it in their diet. Ricotta is becoming quite popular among chefs as they are looking to incorporate this cheese into appetizers. Ricotta cheese as pizza toppings is increasingly becoming popular across the globe. Hence, owing to its versatility, ricotta is becoming popular across the globe.
Additionally, the North American and European markets are witnessing a growing demand for vegan ricotta. Increasing consumption of vegan and vegetarian diets and the rising prevalence of lactose intolerance are some of the factors that are helping in boosting the overall ricotta market. With the advent of the global pandemic, COVID-19, consumer's perception towards healthy and vegan diets is anticipated to increase. This, in turn, is expected to boost the demand for vegan ricotta in the next couple of years. Furthermore, with the increasing per capita disposable income in the emerging economies, the increasing demand for ricotta and various other types of gourmet cheese is anticipated to offer a lucrative opportunity for manufacturers across the globe.
Key Players of Ricotta Market
- Calabro Cheese Co. (US)
- Great Value (Italy)
- Lactalis American Group, Inc. (US)
- Organic Valley (US)
- Sargento Foods Incorporated (US)
- Whole Foods Market IP. L.P. (US)
- Lyrical Foods, Inc. (US)
- Tofutti Brands Inc. (US)
- Granarolo S.p.A. (Italy)
- Crystal Farms (US)
Growth Opportunities in the Market
Preference for milk-based ricotta: The milk-based ricotta segment dominated the global ricotta market in 2019 and is expected to remain dominant throughout the study period. Milk is considered as a major source for ricotta. Milk sourced from cow, sheep, buffalo, and goat is widely used for producing ricotta cheese. However, vegan sources such as almonds, cashews are increasingly becoming popular and is expected to register the highest growth during the forecast period.
The growing popularity of vegan ricotta: Increasing preference for vegan and vegetarian diets coupled with the rising number of lactose intolerance cases, especially in the North American and European countries, is driving the demand for vegan ricotta during the forecast period.
Easy availability of ricotta in store-based distribution channels: Easy accessibility of ricotta in store-based distribution channels has resulted in its dominance. Additionally, the increasing number of store-based channels for sale and purchase of ricotta worldwide, such as supermarkets and hypermarkets and convenience stores, has resulted in the dominance store-based distribution channels. However, companies are opting for online distribution platforms as they extend their consumer reach.
Segmentation of Ricotta Market
Milk: The milk segment accounted for the largest market share in 2019 and is projected to remain dominant during the forecast period. Milk is the most common source of ricotta cheese. Ricotta cheese made from cow, goat, sheep, and buffalo milk is widely preferred.
- By Category
Vegan: The vegan segment is projected to be the fastest-growing segment during the forecast period. The growing trend of veganism and vegetarian diets coupled with the increasing prevalence of lactose intolerance among the North American and European populations are anticipated to be some of the key factors driving the growth of the vegan segment.
By Distribution Channel
Store-Based: The majority of ricottas are sold through store-based retailers. This segment has been further divided into supermarkets & hypermarkets, convenience stores, and others. The supermarkets & hypermarkets segment dominated the market in 2019 and is anticipated to remain dominant during the forecast period.
- North America
- Europe: Europe dominated the ricotta market in 2019. The dominance was primarily due to the prevalence of the strong dairy sector in the region. Additionally, the presence of some of the key manufacturers of ricotta cheese in the region is a key factor driving the European market.
- Asia-Pacific: Asia-Pacific is anticipated to offer lucrative opportunities for the ricottas market during the forecasted period. The increasing purchasing capacity, coupled with the rapid development of emerging economies, is anticipated to create lucrative opportunities for ricotta manufacturers. Additionally, the advent of many eCommerce channels, coupled with the advent of standardized, organized channels in emerging economies, is expected to boost the market in Asia-Pacific during the forecasted period.
- Rest of the World
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