As per a new report published by Research Dive, the global disaster recovery as a service market is set to generate a revenue of $1,862.1 by 2026, at a CAGR of 4.3% during the forecast period from 2019 to 2026. The segmentation of the market has been done on the basis of type, distribution channel and region. The report provides in-depth insights on drivers, vital segments, opportunities, restraints, and key players of the market.
Factors Affecting the Market Growth
As per our analysts, Rise in the disposable income and change in the taste preferences are significant factors escalating the growth of cheese sauce market. However, cost of cheese is very high and over consumption of cheese can have serious health issues to the consumers, which it is likely hamper the growth of global cheese sauce market.
Cheddar Type Segment is Predicted to be Most Lucrative
Depending on type, the cheese sauce market is segmented into nacho, jalapeno, and cheddar and others. The market size for cheddar segment was $332.9 million in 2018 and is predicted to grow at 4.7% CAGR by 2026. Various nutritional benefits, better life cycle and great flavor imparting qualities to the main course are some of the major driving factors of cheddar cheese which will boost the cheddar segment in the forecast period.
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Supermarket Distribution Channel is Predicted to be Most Lucrative
Depending on distribution channel, cheese sauce market is segmented into hypermarket, supermarket, convenience stores, online channels, food service industry and packaged food industry. Supermarket segment generated a revenue of $239.7 million in 2018 and is predicted to grow with a CAGR of 5.0% in the forecast period.
On the basis of region, the global disaster recovery as a service market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific market generated a revenue of $319.6 million in 2018 and is predicted to grow with a CAGR of 4.9% in the forecast period while earlier it was projected to grow at a CAGR of 4.9% before the COVID-19 pandemic situation. Increasing disposable income, increasing demand for package food, and increase in the consumption of fast food items are predicted to boost the Asia-Pacific market in the estimated period.
Major Market Players
Some of the significant cheese sauce market players include Gehl Foods, LLC., Unilever, Ricos., The Kraft Heinz Company., Conagra Brands, Inc, AFP advanced food products, llc., Bay Valley Foods, LLC, FUNacho. The Tatua Co-operative Dairy Company Limited and McCormick & Company, Inc., among others.