Global Cheese Market: Rising Demand and Price Changes

The global cheese market is changing due to increased demand and new investments in production. Since 2017, cheese trade has grown by approximately 40%. Prices vary depending on the region and type of product. The price of cheddar cheese has decreased by 6.5% over the past 12 months due to sufficient milk supply in the USA (+2%) and New Zealand (+4%). At the same time, the price of mozzarella has risen by 1.3%, reaching €3448 per ton due to reduced milk supply in Europe. Typically, cheddar is more expensive than mozzarella, as observed in the EU in 2019. Price forecasts depend on milk production volumes. An increase in milk yields is expected in the USA, Australia, and New Zealand, while prospects in the EU are weaker. Milk prices in Europe are 30% lower than a year ago, which reduces farmers' incomes. The global cheese market remains polarized: mozzarella is becoming more expensive due to limited supply, while an excess of cheddar is putting downward pressure on its price. In Ukraine, the production of semi-hard cheeses decreased in July due to weak demand and increased imports of cheap products. Exports of cottage cheese amounted to 113 tons (+4%), while imports of dairy products rose to 8,790 tons (+71%). The share of cheese in imports is 59%, with about 30% of the market occupied by illegal supplies.

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