“The cheese ingredients market is projected to grow at a CAGR of 2.9% from 2015 to 2020. The market is driven by factors such as the increased demand for cheese due to growth in the fast food industry. Furthermore, factors such as increasing disposable income and rapid urbanization have also increased the demand for cheese ingredients. The high growth potential in emerging markets and untapped regions provide new growth opportunities for market players.
โNatural cheese segment accounted for the largest market share in 2014โ
Based on the types of cheese such as natural cheese and processed cheese, the natural cheese segment in the cheese ingredients market accounted for the largest share, followed by the processed cheese segment. Natural ingredients are used on a large scale for production of cheese in regions such as North America and Europe where there is an increased awareness about the health benefits of natural cheese.
โEnzymes segment to grow at the highest rate in North America and Europeโ
On the basis of ingredients, the cheese ingredients market is led by the milk segment, followed by cultures, additives, and enzymes. The demand for enzymes for producing cheese is higher in developed regions such as North America and Europe due to increased demand for enzyme modified cheese owing to the health benefits associated with it.
FIGURE 1 BREAKDOWN OF PROFILE OF PRIMARY PARTICIPANTS
Source: MarketsandMarkets Analysis
๏ฎ By Company Type – Tier 1 โ 40 %, Tier 2 โ 40% and Tier 3 โ 20%
๏ฎ By Designation โ C level โ 40%, Director level โ 20%, Others โ 40%
๏ฎ By Region โ North America – 25%, Europe โ 50%, APAC โ 25%
Leading players such as Chr. Hansen Holding A/S (Denmark), Fonterra Co-operative Group (New Zealand), E.I. du Pont de Nemours and Company (U.S.), Archer Daniels Midland Company (U.S.), and Koninklijke DSM N.V. (The Netherlands) have been profiled in the report. The other players include Arla Foods (Denmark), Saputo Inc. (Canada), Almarai (Saudi Arabia), Alpura (Mexico), and CSK Food Enrichment (the Netherlands).
Reasons to buy this report:
โข To get a comprehensive overview of the global cheese ingredients market
โข To gain wide ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
โข To gain insights of the major countries/regions in which the cheese ingredients market is flourishing
”
“TABLE OF CONTENTS
1 INTRODUCTION 20
1.1 OBJECTIVES OF THE STUDY 20
1.2 MARKET DEFINITION 20
1.3 MARKET SCOPE 21
1.3.1 YEARS CONSIDERED FOR THE STUDY 22
1.4 CURRENCY 22
1.5 STAKEHOLDERS 22
1.6 LIMITATIONS 22
2 RESEARCH METHODOLOGY 23
2.1 RESEARCH DATA 23
2.2 MARKET SHARE ESTIMATION 24
2.2.1 SECONDARY DATA 24
2.2.1.1 Key data from secondary sources 24
2.2.2 PRIMARY DATA 25
2.2.2.1 Key data from primary sources 25
2.2.2.1 Key Industry Insights 26
2.2.2.2 Breakdown of Primaries 26
2.3 FACTOR ANALYSIS 27
2.3.1 INTRODUCTION 27
2.3.2 DEMAND-SIDE ANALYSIS 27
2.3.2.1 Application market analysis: Cheese industry 27
2.3.3 SUPPLY-SIDE ANALYSIS 28
2.3.3.1 Rising milk production and falling global milk prices 29
2.4 MARKET SIZE ESTIMATION 30
2.5 MARKET BREAKDOWN & DATA TRIANGULATION 32
2.5.1 ASSUMPTIONS 33
3 EXECUTIVE SUMMARY 34
3.1 MARKET EVOLUTION 35
4 PREMIUM INSIGHTS 39
4.1 ATTRACTIVE MARKET OPPORTUNITY FOR CHEESE INGREDIENT MANUFACTURERS 39
4.2 CHEESE INGREDIENTS MARKET SIZE IN TERMS OF VOLUME BY REGION (2013-2020) 40
4.3 CHEESE INGREDIENTS MARKET IN NORTH AMERICA (2014) 41
4.4 CHEESE INGREDIENTS MARKET, BY CHEESE TYPE, VALUE & VOLUME (2014 VS. 2020) 42
4.5 CHEESE INGREDIENTS MARKET, BY INGREDIENT 43
4.6 CHEESE INGREDIENTS MARKET ATTRACTIVENESS 44
5 MARKET OVERVIEW 45
5.1 INTRODUCTION 46
5.2 MARKET SEGMENTATION 46
5.2.1 CHEESE TYPE 47
5.2.2 INGREDIENT 47
5.3 MARKET DYNAMICS 48
5.3.1 DRIVERS 48
5.3.1.1 Rapid growth of the fast food industry 48
5.3.1.2 Rising disposable income and urbanization 50
5.3.2 RESTRAINTS 51
5.3.2.1 Unfavorable regulatory conditions 51
5.3.3 OPPORTUNITIES 51
5.3.3.1 Abolition of milk quotas in European Union 51
5.3.4 CHALLENGES 52
5.3.4.1 Rising awareness regarding the ill health effects of cheese 52
6 REGULATORY ENVIRONMENT ANALYSIS 53
6.1 NORTH AMERICA: REGULATORY FRAMEWORK 53
6.2 EUROPE: REGULATORY FRAMEWORK 54
6.3 ASIA-PACIFIC: REGULATORY FRAMEWORK 54
6.4 LATIN AMERICA: REGULATORY FRAMEWORK 55
7 INDUSTRY TRENDS 56
7.1 INTRODUCTION 56
7.2 CHEESE INGREDIENTS MARKET: VALUE CHAIN ANALYSIS 56
7.3 CHEESE INGREDIENTS MARKET: PORTERโS FIVE FORCES ANALYSIS 57
7.3.1 INTENSITY OF COMPETITIVE RIVALRY 58
7.3.2 BARGAINING POWER OF SUPPLIERS 58
7.3.3 BARGAINING POWER OF BUYERS 59
7.3.4 THREAT OF SUBSTITUTES 59
7.3.5 THREAT OF NEW ENTRANTS 60
8 CHEESE INGREDIENTS MARKET, BY CHEESE TYPE 61
8.1 INTRODUCTION 62
8.2 NATURAL CHEESE 64
8.3 PROCESSED CHEESE 66
9 CHEESE INGREDIENTS MARKET, BY INGREDIENT 68
9.1 INTRODUCTION 69
9.2 MILK 71
9.3 CULTURES 74
9.4 ENZYMES 76
9.5 ADDITIVES 78
10 CHEESE INGREDIENTS MARKET, BY REGION 82
10.1 INTRODUCTION 83
10.2 NORTH AMERICA 85
10.2.1 NORTH AMERICA: CHEESE INGREDIENTS MARKET, BY CHEESE TYPE 88
10.2.2 NORTH AMERICA: PROCESSED CHEESE INGREDIENTS MARKET 89
10.2.3 NORTH AMERICA: NATURAL CHEESE INGREDIENTS MARKET 91
10.2.4 NORTH AMERICA: CHEESE INGREDIENTS MARKET, BY INGREDIENT 92
10.2.5 U.S.: CHEESE INGREDIENTS MARKET, BY INGREDIENT 95
10.2.6 CANADA: CHEESE INGREDIENTS MARKET, BY INGREDIENT 97
10.2.7 MEXICO: CHEESE INGREDIENTS MARKET, BY INGREDIENT 99
10.3 EUROPE 101
10.3.1 EUROPE: CHEESE INGREDIENTS MARKET, BY CHEESE TYPE 103
10.3.2 EUROPE: PROCESSED CHEESE INGREDIENTS MARKET 104
10.3.3 EUROPE: NATURAL CHEESE INGREDIENTS MARKET 106
10.3.4 EUROPE: CHEESE INGREDIENTS MARKET, BY INGREDIENT 107
10.3.5 GERMANY: CHEESE INGREDIENTS MARKET, BY INGREDIENT 111
10.3.6 U.K.: CHEESE INGREDIENTS MARKET, BY INGREDIENT 112
10.3.7 FRANCE: CHEESE INGREDIENTS MARKET, BY INGREDIENT 113
10.3.8 ITALY: CHEESE INGREDIENTS MARKET, BY INGREDIENT 115
10.3.9 SPAIN: CHEESE INGREDIENTS MARKET, BY INGREDIENT 116
10.3.10 REST OF EUROPE: CHEESE INGREDIENTS MARKET, BY INGREDIENT 118
10.4 ASIA-PACIFIC 119
10.4.1 ASIA-PACIFIC: CHEESE INGREDIENTS MARKET, BY CHEESE TYPE 122
10.4.2 ASIA-PACIFIC: PROCESSED CHEESE INGREDIENTS MARKET 124
10.4.3 ASIA-PACIFIC: NATURAL CHEESE INGREDIENTS MARKET 125
10.4.4 ASIA-PACIFIC: CHEESE INGREDIENTS MARKET, BY INGREDIENT 127
10.4.5 CHINA: CHEESE INGREDIENTS MARKET, BY INGREDIENT 130
10.4.6 INDIA: CHEESE INGREDIENTS MARKET, BY INGREDIENT 132
10.4.7 JAPAN: CHEESE INGREDIENTS MARKET, BY INGREDIENT 133
10.4.8 AUSTRALIA/NEW ZEALAND: CHEESE INGREDIENTS MARKET, BY INGREDIENT 135
10.4.9 REST OF ASIA-PACIFIC: CHEESE INGREDIENTS MARKET, BY INGREDIENT 136
10.5 LATIN AMERICA 138
10.5.1 LATIN AMERICA: CHEESE INGREDIENTS MARKET, BY CHEESE TYPE 139
10.5.2 LATIN AMERICA: PROCESSED CHEESE INGREDIENTS MARKET 140
10.5.3 LATIN AMERICA: NATURAL CHEESE INGREDIENTS MARKET 142
10.5.4 LATIN AMERICA: CHEESE INGREDIENTS MARKET, BY INGREDIENT 143
10.5.5 BRAZIL: CHEESE INGREDIENTS MARKET, BY INGREDIENT 147
10.5.6 ARGENTINA: CHEESE INGREDIENTS MARKET, BY INGREDIENT 148
10.5.7 REST OF LATIN AMERICA: CHEESE INGREDIENTS MARKET, BY INGREDIENT 150
10.6 REST OF THE WORLD (ROW) 151
10.6.1 ROW: CHEESE INGREDIENTS MARKET, BY CHEESE TYPE 153
10.6.2 ROW: PROCESSED CHEESE INGREDIENTS MARKET 154
10.6.3 ROW: NATURAL CHEESE INGREDIENTS MARKET 155
10.6.4 ROW: CHEESE INGREDIENTS MARKET, BY INGREDIENT 157
10.6.5 SOUTH AFRICA: CHEESE INGREDIENTS MARKET, BY INGREDIENT 160
10.6.6 OTHERS IN ROW: CHEESE INGREDIENTS MARKET, BY INGREDIENT 162
11 COMPETITIVE LANDSCAPE 164
11.1 OVERVIEW 164
11.2 MAXIMUM DEVELOPMENTS IN EUROPE 166
11.3 THE HIGHEST NUMBER OF DEVELOPMENTS WERE IN 2014 167
11.4 COMPETITIVE SITUATION AND TRENDS 167
11.4.1 MERGERS & ACQUISITIONS 167
11.4.2 NEW PRODUCT LAUNCHES 168
11.4.3 EXPANSIONS 169
11.4.4 PARTNERSHIPS, AGREEMENTS, COLLABORATIONS, AND INVESTMENTS 170
11.4.5 JOINT VENTURES 171
12 COMPANY PROFILES 172
(Company at a Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments)*
12.1 INTRODUCTION 172
12.2 CHR. HANSEN HOLDINGS A/S 173
12.3 FONTERRA CO-OPERATIVE GROUP LIMITED 177
12.4 E. I. DU PONT DE NEMOURS AND COMPANY 180
12.5 KONINKLIJKE DSM N.V. 184
12.6 ARCHER DANIELS MIDLAND COMPANY 187
12.7 ARLA FOODS 190
12.8 SAPUTO INC. 193
12.9 ALMARAI 195
12.10 ALPURA 197
12.11 CSK FOOD ENRICHMENT 198
*Details on company at a glance, recent financials, products & services, strategies & insights, & recent developments might not be captured in case of unlisted companies.
13 APPENDIX 199
13.1 DISCUSSION GUIDE 199
13.2 COMPANY DEVELOPMENTS 202
13.2.1 MERGERS & ACQUISITIONS 202
13.2.2 NEW PRODUCT LAUNCHES 203
13.2.3 EXPANSIONS 204
13.2.4 PARTNERSHIPS, AGREEMENTS, COLLABORATIONS & INVESTMENTS 205
13.2.5 JOINT VENTURES 205
13.3 INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE 206
13.4 AVAILABLE CUSTOMIZATIONS 207
13.5 RELATED REPORTS 208
“
“LIST OF TABLES
TABLE 1 GLOBAL DAIRY MARKET AT A GLANCE 29
TABLE 2 GLOBAL NUMBER OF OUTLETS OF KEY FAST FOOD CHAINS, 2010โ2014 50
TABLE 3 CHEESE INGREDIENTS MARKET SIZE, BY CHEESE TYPE, 2013-2020 (USD MILLION) 63
TABLE 4 CHEESE INGREDIENTS MARKET SIZE, BY CHEESE TYPE, 2013-2020 (KT) 64
TABLE 5 NATURAL CHEESE MARKET SIZE, BY INGREDIENT, 2013-2020 (USD MILLION) 65
TABLE 6 NATURAL CHEESE MARKET SIZE, BY INGREDIENT, 2013-2020 (KT) 65
TABLE 7 PROCESSED CHEESE MARKET SIZE, BY INGREDIENT, 2013-2020 (USD MILLION) 67
TABLE 8 PROCESSED CHEESE MARKET SIZE, BY INGREDIENT, 2013-2020 (KT) 67
TABLE 9 CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (USD MILLION) 70
TABLE 10 CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 71
TABLE 11 MILK MARKET SIZE, BY REGION, 2013โ2020 (USD MILLION) 72
TABLE 12 MILK MARKET SIZE, BY REGION, 2013โ2020 (KT) 73
TABLE 13 MILK MARKET SIZE, BY TYPE, 2013โ2020 (USD MILLION) 73
TABLE 14 MILK MARKET SIZE, BY TYPE, 2013โ2020 (KT) 73
TABLE 15 CULTURES MARKET SIZE, BY REGION, 2013โ2020 (USD MILLION) 75
TABLE 16 CULTURES MARKET SIZE, BY REGION, 2013โ2020 (KT) 75
TABLE 17 ENZYMES MARKET SIZE, BY REGION, 2013โ2020 (USD MILLION) 77
TABLE 18 ENZYMES MARKET SIZE, BY REGION, 2013โ2020 (KT) 77
TABLE 19 ENZYMES MARKET SIZE, BY TYPE, 2013โ2020 (USD MILLION) 77
TABLE 20 ENZYMES MARKET SIZE, BY TYPE, 2013โ2020 (KT) 78
TABLE 21 ADDITIVES MARKET SIZE, BY REGION, 2013โ2020 (USD MILLION) 79
TABLE 22 ADDITIVES MARKET SIZE, BY REGION, 2013โ2020 (KT) 80
TABLE 23 ADDITIVES MARKET SIZE, BY TYPE, 2013โ2020 (USD MILLION) 80
TABLE 24 ADDITIVES MARKET SIZE, BY TYPE, 2013โ2020 (KT) 81
TABLE 25 CHEESE INGREDIENTS MARKET SIZE, BY REGION, 2013-2020 (USD MILLION) 84
TABLE 26 CHEESE INGREDIENTS MARKET SIZE, BY REGION, 2013-2020 (KT) 84
TABLE 27 NORTH AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY COUNTRY,
2013โ2020 (USD MILLION) 87
TABLE 28 NORTH AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY COUNTRY,
2013โ2020 (KT) 87
TABLE 29 NORTH AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY CHEESE TYPE,
2013โ2020 (USD MILLION) 88
TABLE 30 NORTH AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY CHEESE TYPE,
2013โ2020 (KT) 89
TABLE 31 NORTH AMERICA: PROCESSED CHEESE INGREDIENTS MARKET SIZE,
BY INGREDIENT, 2013โ2020 (USD MILLION) 90
TABLE 32 NORTH AMERICA: PROCESSED CHEESE INGREDIENTS MARKET SIZE,
BY INGREDIENT, 2013โ2020 (KT) 90
TABLE 33 NORTH AMERICA: NATURAL CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (USD MILLION) 91
TABLE 34 NORTH AMERICA: NATURAL CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 92
TABLE 35 NORTH AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 93
TABLE 36 NORTH AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (KT) 93
TABLE 37 NORTH AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY MILK TYPE,
2013โ2020 (USD MILLION) 93
TABLE 38 NORTH AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY MILK TYPE,
2013โ2020 (KT) 94
TABLE 39 NORTH AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY ENZYME,
2013โ2020 (USD MILLION) 94
TABLE 40 NORTH AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY ENZYME,
2013โ2020 (KT) 94
TABLE 41 NORTH AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY ADDITIVE,
2013โ2020 (USD MILLION) 95
TABLE 42 NORTH AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY ADDITIVE,
2013โ2020 (KT) 95
TABLE 43 U.S.: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 96
TABLE 44 U.S.: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 96
TABLE 45 CANADA: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 98
TABLE 46 CANADA: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 98
TABLE 47 MEXICO: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 100
TABLE 48 MEXICO: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 100
TABLE 49 EUROPE: CHEESE INGREDIENTS MARKET SIZE, BY COUNTRY,
2013โ2020 (USD MILLION) 102
TABLE 50 EUROPE: CHEESE INGREDIENTS MARKET SIZE, BY COUNTRY, 2013โ2020 (KT) 102
TABLE 51 EUROPE: CHEESE INGREDIENTS MARKET SIZE, BY CHEESE TYPE,
2013โ2020 (USD MILLION) 103
TABLE 52 EUROPE: CHEESE INGREDIENTS MARKET SIZE, BY CHEESE TYPE, 2013โ2020 (KT) 104
TABLE 53 EUROPE: PROCESSED CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 105
TABLE 54 EUROPE: PROCESSED CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (KT) 105
TABLE 55 EUROPE: NATURAL CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 106
TABLE 56 EUROPE: NATURAL CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (KT) 107
TABLE 57 EUROPE: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 108
TABLE 58 EUROPE: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 108
TABLE 59 EUROPE: CHEESE INGREDIENTS MARKET SIZE, BY MILK TYPE,
2013โ2020 (USD MILLION) 108
TABLE 60 EUROPE: CHEESE INGREDIENTS MARKET SIZE, BY MILK TYPE, 2013โ2020 (KT) 109
TABLE 61 EUROPE: CHEESE INGREDIENTS MARKET SIZE, BY ENZYME,
2013โ2020 (USD MILLION) 109
TABLE 62 EUROPE: CHEESE INGREDIENTS MARKET SIZE, BY ENZYME, 2013โ2020 (KT) 109
TABLE 63 EUROPE: CHEESE INGREDIENTS MARKET SIZE, BY ADDITIVE,
2013โ2020 (USD MILLION) 110
TABLE 64 EUROPE: CHEESE INGREDIENTS MARKET SIZE, BY ADDITIVE, 2013โ2020 (KT) 110
TABLE 65 GERMANY: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 111
TABLE 66 GERMANY: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 112
TABLE 67 U.K.: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 112
TABLE 68 U.K.: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 113
TABLE 69 FRANCE: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 114
TABLE 70 FRANCE: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 114
TABLE 71 ITALY: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 115
TABLE 72 ITALY: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 116
TABLE 73 SPAIN: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 117
TABLE 74 SPAIN: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 117
TABLE 75 REST OF EUROPE: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 118
TABLE 76 REST OF EUROPE: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (KT) 119
TABLE 77 ASIA-PACIFIC: CHEESE INGREDIENTS MARKET SIZE, BY COUNTRY,
2013โ2020 (USD MILLION) 121
TABLE 78 ASIA-PACIFIC: CHEESE INGREDIENTS MARKET SIZE, BY COUNTRY, 2013โ2020 (KT) 122
TABLE 79 ASIA-PACIFIC: CHEESE INGREDIENTS MARKET SIZE, BY CHEESE TYPE,
2013โ2020 (USD MILLION) 123
TABLE 80 ASIA-PACIFIC: CHEESE INGREDIENTS MARKET SIZE, BY CHEESE TYPE,
2013โ2020 (KT) 123
TABLE 81 ASIA-PACIFIC: PROCESSED CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (USD MILLION) 124
TABLE 82 ASIA-PACIFIC: PROCESSED CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 125
TABLE 83 ASIA-PACIFIC: NATURAL CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (USD MILLION) 126
TABLE 84 ASIA-PACIFIC: NATURAL CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 126
TABLE 85 ASIA-PACIFIC: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 127
TABLE 86 ASIA-PACIFIC: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (KT) 128
TABLE 87 ASIA-PACIFIC: CHEESE INGREDIENTS MARKET SIZE, BY MILK TYPE,
2013โ2020 (USD MILLION) 128
TABLE 88 ASIA-PACIFIC: CHEESE INGREDIENTS MARKET SIZE, BY MILK TYPE, 2013โ2020 (KT) 128
TABLE 89 ASIA-PACIFIC: CHEESE INGREDIENTS MARKET SIZE, BY ENZYME,
2013โ2020 (USD MILLION) 129
TABLE 90 ASIA-PACIFIC: CHEESE INGREDIENTS MARKET SIZE, BY ENZYME, 2013โ2020 (KT) 129
TABLE 91 ASIA-PACIFIC: CHEESE INGREDIENTS MARKET SIZE, BY ADDITIVE,
2013โ2020 (USD MILLION) 129
TABLE 92 ASIA-PACIFIC: CHEESE INGREDIENTS MARKET SIZE, BY ADDITIVE, 2013โ2020 (KT) 130
TABLE 93 CHINA: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 131
TABLE 94 CHINA: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 131
TABLE 95 INDIA: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 132
TABLE 96 INDIA: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 133
TABLE 97 JAPAN: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 134
TABLE 98 JAPAN: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 134
TABLE 99 AUSTRALIA/NEW ZEALAND: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (USD MILLION) 135
TABLE 100 AUSTRALIA/NEW ZEALAND: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 136
TABLE 101 REST OF ASIA-PACIFIC: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (USD MILLION) 137
TABLE 102 REST OF ASIA-PACIFIC: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 137
TABLE 103 LATIN AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY COUNTRY,
2013โ2020 (USD MILLION) 138
TABLE 104 LATIN AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY COUNTRY,
2013โ2020 (KT) 139
TABLE 105 LATIN AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY CHEESE TYPE,
2013โ2020 (USD MILLION) 139
TABLE 106 LATIN AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY CHEESE TYPE,
2013โ2020 (KT) 140
TABLE 107 LATIN AMERICA: PROCESSED CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (USD MILLION) 141
TABLE 108 LATIN AMERICA: PROCESSED CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 141
TABLE 109 LATIN AMERICA: NATURAL CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (USD MILLION) 142
TABLE 110 LATIN AMERICA: NATURAL CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 143
TABLE 111 LATIN AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 144
TABLE 112 LATIN AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (KT) 144
TABLE 113 LATIN AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY MILK TYPE,
2013โ2020 (USD MILLION) 144
TABLE 114 LATIN AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY MILK TYPE,
2013โ2020 (KT) 145
TABLE 115 LATIN AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY ENZYME,
2013โ2020 (USD MILLION) 145
TABLE 116 LATIN AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY ENZYME,
2013โ2020 (KT) 145
TABLE 117 LATIN AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY ADDITIVE,
2013โ2020 (USD MILLION) 146
TABLE 118 LATIN AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY ADDITIVE,
2013โ2020 (KT) 146
TABLE 119 BRAZIL: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 147
TABLE 120 BRAZIL: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 148
TABLE 121 ARGENTINA: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 149
TABLE 122 ARGENTINA: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (KT) 149
TABLE 123 REST OF LATIN AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (USD MILLION) 150
TABLE 124 REST OF LATIN AMERICA: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 151
TABLE 125 ROW: CHEESE INGREDIENTS MARKET SIZE, BY COUNTRY,
2013โ2020 (USD MILLION) 152
TABLE 126 ROW: CHEESE INGREDIENTS MARKET SIZE, BY COUNTRY, 2013โ2020 (KT) 152
TABLE 127 ROW: CHEESE INGREDIENTS MARKET SIZE, BY CHEESE TYPE,
2013โ2020 (USD MILLION) 153
TABLE 128 ROW: CHEESE INGREDIENTS MARKET SIZE, BY CHEESE TYPE, 2013โ2020 (KT) 153
TABLE 129 ROW: PROCESSED CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 154
TABLE 130 ROW: PROCESSED CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (KT) 155
TABLE 131 ROW: NATURAL CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 156
TABLE 132 ROW: NATURAL CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (KT) 156
TABLE 133 ROW: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 157
TABLE 134 ROW: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT, 2013โ2020 (KT) 158
TABLE 135 ROW: CHEESE INGREDIENTS MARKET SIZE, BY MILK TYPE,
2013โ2020 (USD MILLION) 158
TABLE 136 ROW: CHEESE INGREDIENTS MARKET SIZE, BY MILK TYPE, 2013โ2020 (KT) 158
TABLE 137 ROW: CHEESE INGREDIENTS MARKET SIZE, BY ENZYME,
2013โ2020 (USD MILLION) 159
TABLE 138 ROW: CHEESE INGREDIENTS MARKET SIZE, BY ENZYME, 2013โ2020 (KT) 159
TABLE 139 ROW: CHEESE INGREDIENTS MARKET SIZE, BY ADDITIVE,
2013โ2020 (USD MILLION) 159
TABLE 140 ROW: CHEESE INGREDIENTS MARKET SIZE, BY ADDITIVE, 2013โ2020 (KT) 160
TABLE 141 SOUTH AFRICA: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 161
TABLE 142 SOUTH AFRICA: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (KT) 161
TABLE 143 OTHERS IN ROW: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (USD MILLION) 162
TABLE 144 OTHERS IN ROW: CHEESE INGREDIENTS MARKET SIZE, BY INGREDIENT,
2013โ2020 (KT) 163
TABLE 145 MERGERS & ACQUISITIONS, 2011โ2015 167
TABLE 146 NEW PRODUCT LAUNCHES, 2013โ2015 168
TABLE 147 EXPANSIONS, 2011โ2015 169
TABLE 148 PARTNERSHIPS/AGREEMENTS/COLLABORATIONS/INVESTMENTS, 2012โ2015 170
TABLE 149 JOINT VENTURES, 2011โ2015 171
“
“LIST OF FIGURES
FIGURE 1 RESEARCH DESIGN: CHEESE INGREDIENTS MARKET 23
FIGURE 2 BREAKDOWN OF PRIMARY INTERVIEWS, BY COMPANY TYPE, DESIGNATION
& REGION 26
FIGURE 3 U.S. CHEESE PRODUCTION DATA FORECAST TO 2025 28
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 30
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 31
FIGURE 6 MARKET BREAKDOWN & DATA TRIANGULATION 32
FIGURE 7 NATURAL INGREDIENTS TO DOMINATE THE GLOBAL CHEESE INGREDIENTS MARKET, IN TERMS OF VALUE 36
FIGURE 8 ENZYMES SEGMENT TO REGISTER THE HIGHEST CAGR IN TERMS OF VALUE BETWEEN 2015 & 2020 37
FIGURE 9 INDIA TO BE THE FASTEST-GROWING COUNTRY-LEVEL MARKET, IN TERMS OF VALUE (2015-2020) 38
FIGURE 10 ATTRACTIVE GROWTH OPPORTUNITIES IN CHEESE INGREDIENTS MARKET FOR MANUFACTURERS 39
FIGURE 11 CHEESE INGREDIENTS MARKET: ASIA-PACIFIC TO GROW AT THE FASTEST PACE BETWEEN 2015 AND 2020 40
FIGURE 12 THE U.S. HELD THE LARGEST SHARE IN THE GLOBAL CHEESE INGREDIENTS MARKET DURING THE FORECAST PERIOD 41
FIGURE 13 PROCESSED CHEESE INGREDIENTS SEGMENT TO GROW AT THE HIGHEST CAGR FROM 2015 TO 2020 42
FIGURE 14 MILK SEGMENT DOMINATED THE CHEESE INGREDIENTS MARKET ACROSS ALL REGIONS IN 2014 43
FIGURE 15 ASIA-PACIFIC CHEESE INGREDIENTS MARKET TO GROW AT THE HIGHEST CAGR, 2015โ2020 44
FIGURE 16 CHEESE INGREDIENTS MARKET SEGMENTATION 46
FIGURE 17 CHEESE INGREDIENTS MARKET SEGMENTATION, BY CHEESE TYPE 47
FIGURE 18 CHEESE INGREDIENTS MARKET SEGMENTATION, BY INGREDIENT 47
FIGURE 19 RAPID GROWTH IN THE FAST FOOD INDUSTRY IS EXPECTED TO LEAD THE GLOBAL CHEESE INGREDIENTS MARKET IN FUTURE 48
FIGURE 20 THE U.S. FAST FOOD INDUSTRY GROWTH, 2002โ2014 49
FIGURE 21 GDP OF LEADING COUNTRIES, 2014 50
FIGURE 22 AUTHORITIES REGULATING THE CHEESE INGREDIENTS MARKET 53
FIGURE 23 CHEESE INGREDIENTS MARKET: VALUE CHAIN ANALYSIS 56
FIGURE 24 CHEESE INGREDIENTS MARKET: PORTERโS FIVE FORCES ANALYSIS 57
FIGURE 25 CHEESE INGREDIENTS MARKET, BY CHEESE TYPE 62
FIGURE 26 NATURAL CHEESE SEGMENT TO DOMINATE GLOBAL CHEESE INGREDIENTS MARKET, 2014 VS. 2020 63
FIGURE 27 MILK IS ESTIMATED TO HOLD THE LARGEST SHARE IN THE NATURAL CHEESE INGREDIENTS MARKET BY 2020 64
FIGURE 28 ENZYMES TO GROW AT THE HIGHEST CAGR IN THE PROCESSED CHEESE INGREDIENTS MARKET DURING THE FORECAST PERIOD 66
FIGURE 29 CHEESE INGREDIENTS MARKET, BY INGREDIENTS 69
FIGURE 30 MILK ACCOUNTED FOR LARGEST MARKET SIZE IN THE GLOBAL CHEESE INGREDIENTS MARKET IN 2014 70
FIGURE 31 NORTH AMERICA LED THE MILK SEGMENT OF THE CHEESE INGREDIENTS
MARKET, 2014 72
FIGURE 32 NORTH AMERICA TO LEAD THE GLOBAL CHEESE INGREDIENTS CULTURES
MARKET THROUGH 2020 74
FIGURE 33 NORTH AMERICA TO DOMINATE THE CHEESE INGREDIENTS ENZYMES
MARKET, 2020 76
FIGURE 34 NORTH AMERICA IS PROJECTED TO LEAD THE GLOBAL CHEESE INGREDIENTS ADDITIVES MARKET BY 2020 79
FIGURE 35 NORTH AMERICA IS EXPECTED TO DOMINATE THE GLOBAL CHEESE INGREDIENTS MARKET BY 2020 83
FIGURE 36 REGIONAL SNAPSHOT: ASIA-PACIFIC AND LATIN AMERICA TO BE THE MOST ATTRACTIVE MARKETS FOR CHEESE INGREDIENT MANUFACTURERS (2015-2020) 85
FIGURE 37 NORTH AMERICAN CHEESE INGREDIENTS MARKET SNAPSHOT: U.S. ACCOUNTING FOR THE LARGEST SHARE 86
FIGURE 38 U.S. TO LEAD THE NORTH AMERICAN CHEESE INGREDIENTS MARKET, 2014 & 2020 87
FIGURE 39 NATURAL CHEESE HELD THE LARGEST SHARE IN THE NORTH AMERICAN CHEESE INGREDIENTS MARKET IN 2014 88
FIGURE 40 ENZYMES SEGMENT IS EXPECTED TO GROW AT THE HIGHEST CAGR,
BY INGREDIENT, BETWEEN 2015 AND 2020 89
FIGURE 41 MILK SEGMENT IS EXPECTED TO DOMINATE THE NORTH AMERICAN NATURAL CHEESE INGREDIENTS MARKET BY 2020 91
FIGURE 42 MILK SEGMENT ACCOUNTED FOR THE LARGEST SHARE IN THE NORTH AMERICAN CHEESE INGREDIENTS MARKET IN 2014 92
FIGURE 43 MILK SEGMENT IS PROJECTED TO LEAD THE U.S. CHEESE INGREDIENTS MARKET
BY 2020 96
FIGURE 44 ENZYMES SEGMENT TO GROW AT THE HIGHEST CAGR IN THE CANADIAN CHEESE INGREDIENTS MARKET BY 2020 97
FIGURE 45 MILK SEGMENT LED THE MEXICAN CHEESE INGREDIENTS MARKET IN 2014 99
FIGURE 46 GERMANY IS EXPECTED TO DOMINATE THE CHEESE INGREDIENTS MARKET IN EUROPE FROM 2014 TO 2020 101
FIGURE 47 NATURAL CHEESE INGREDIENTS HELD THE LARGEST SHARE IN THE EUROPEAN CHEESE INGREDIENTS MARKET IN 2014 103
FIGURE 48 MILK SEGMENT HELD LARGEST SHARE IN THE EUROPEAN PROCESSED CHEESE INGREDIENTS MARKET IN 2014 104
FIGURE 49 MILK SEGMENT TO DOMINATE THE EUROPEAN NATURAL CHEESE INGREDIENTS MARKET BY 2020 106
FIGURE 50 MILK SEGMENT TO LEAD THE EUROPEAN CHEESE INGREDIENTS MARKET FROM 2014 TO 2020 107
FIGURE 51 ENZYMES SEGMENT TO GROW AT THE HIGHEST CAGR IN THE GERMAN CHEESE INGREDIENTS MARKET BY 2020 111
FIGURE 52 MILK SEGMENT LED THE U.K. CHEESE INGREDIENTS MARKET IN 2014 112
FIGURE 53 MILK SEGMENT IS EXPECTED TO DOMINATE THE CHEESE INGREDIENTS MARKET IN FRANCE FROM 2014 TO 2020 113
FIGURE 54 MILK SEGMENT TO HOLD LARGEST SHARE IN THE CHEESE INGREDIENTS MARKET IN ITALY BY 2020 115
FIGURE 55 MILK SEGMENT TO LEAD THE CHEESE INGREDIENTS MARKET IN SPAIN BY 2020 116
FIGURE 56 MILK SEGMENT DOMINATED THE CHEESE INGREDIENTS MARKET IN THE REST OF EUROPE, 2014 118
FIGURE 57 ASIA-PACIFIC CHEESE INGREDIENTS MARKET SNAPSHOT: AUSTRALIA/NEW ZEALAND ACCOUNTING FOR THE LARGEST MARKET SHARE 120
FIGURE 58 AUSTRALIA/NEW ZEALAND TO DOMINATE THE MARKET FOR CHEESE INGREDIENTS IN ASIA-PACIFIC BY 2020 121
FIGURE 59 NATURAL CHEESE INGREDIENTS HELD THE LARGEST SHARE IN THE ASIA-PACIFIC CHEESE INGREDIENTS MARKET IN 2014 122
FIGURE 60 MILK HELD THE LARGEST SHARE IN THE ASIA-PACIFIC CHEESE INGREDIENTS MARKET IN 2014 124
FIGURE 61 MILK IS EXPECTED TO DOMINATE THE NATURAL CHEESE INGREDIENTS MARKET IN ASIA-PACIFIC BY 2020 125
FIGURE 62 CULTURES ARE PROJECTED TO GROW AT THE HIGHEST CAGR IN THE ASIA-PACIFIC CHEESE INGREDIENTS MARKET TILL 2020 127
FIGURE 63 MILK LED THE CHINESE CHEESE INGREDIENTS MARKET IN 2014 130
FIGURE 64 MILK TO HOLD THE LARGEST SHARE IN THE INDIAN CHEESE INGREDIENTS MARKET BY 2020 132
FIGURE 65 MILK IS EXPECTED TO DOMINATE THE CHEESE INGREDIENTS MARKET IN JAPAN FROM 2014 TO 2020 133
FIGURE 66 MILK TO HOLD LARGEST SHARE IN THE CHEESE INGREDIENTS MARKET IN AUSTRALIA/NEW ZEALAND BY 2020 135
FIGURE 67 MILK TO LEAD THE CHEESE INGREDIENTS MARKET IN REST OF ASIA-PACIFIC
BY 2020 136
FIGURE 68 BRAZIL IS EXPECTED TO DOMINATE THE CHEESE INGREDIENTS MARKET IN LATIN AMERICA BY 2020 138
FIGURE 69 NATURAL CHEESE INGREDIENTS HELD THE LARGEST SHARE IN THE LATIN AMERICAN CHEESE INGREDIENTS MARKET IN 2014 139
FIGURE 70 MILK IS EXPECTED TO DOMINATE THE LATIN AMERICAN PROCESSED CHEESE INGREDIENTS MARKET BY 2020 140
FIGURE 71 MILK HELD THE LARGEST SHARE IN THE LATIN AMERICAN NATURAL CHEESE INGREDIENTS MARKET IN 2014 142
FIGURE 72 CULTURES ARE EXPECTED TO GROW AT THE HIGHEST CAGR IN THE LATIN AMERICAN CHEESE INGREDIENTS MARKET TILL 2020 143
FIGURE 73 MILK IS PROJECTED TO LEAD THE BRAZILIAN CHEESE INGREDIENTS MARKET
BY 2020 147
FIGURE 74 MILK TO DOMINATE THE CANADIAN CHEESE INGREDIENTS MARKET BY 2020 148
FIGURE 75 MILK HELD LARGEST SHARE IN THE REST OF LATIN AMERICAN CHEESE INGREDIENTS MARKET IN 2014 150
FIGURE 76 SOUTH AFRICA IS EXPECTED TO LEAD THE ROW CHEESE INGREDIENTS MARKET FROM 2014 TO 2020 151
FIGURE 77 NATURAL CHEESE INGREDIENTS HELD THE LARGEST SHARE IN THE ROW CHEESE INGREDIENTS MARKET IN 2014 153
FIGURE 78 MILK IS EXPECTED TO DOMINATE THE ROW PROCESSED CHEESE INGREDIENTS MARKET BY 2020 154
FIGURE 79 MILK IS EXPECTED TO LEAD THE ROW NATURAL CHEESE INGREDIENTS MARKET
BY 2020 155
FIGURE 80 MILK ACCOUNTED FOR THE LARGEST SHARE IN THE ROW CHEESE INGREDIENTS MARKET IN 2014 157
FIGURE 81 MILK IS PROJECTED TO LEAD THE SOUTH AFRICAN CHEESE INGREDIENTS MARKET BY 2020 160
FIGURE 82 MILK TO DOMINATE THE OTHERS IN ROW CHEESE INGREDIENTS MARKET BY 2020 162
FIGURE 83 COMPANIES ADOPTED MERGERS AND ACQUISITIONS AS THEIR KEY GROWTH STRATEGIES FROM 2011 TO 2015 164
FIGURE 84 KEY GROWTH STRATEGIES IN THE GLOBAL CHEESE INGREDIENTS MARKET,
2011-2015 165
FIGURE 85 EUROPE: MOST ACTIVE REGION FROM 2011 TO 2015 166
FIGURE 86 NUMBER OF DEVELOPMENTS, 2011-2015 167
FIGURE 87 GEOGRAPHIC REVENUE MIX OF TOP FIVE MARKET PLAYERS 172
FIGURE 88 CHR. HANSEN HOLDING A/S: COMPANY SNAPSHOT 173
FIGURE 89 CHR. HANSEN HOLDING A/S: SWOT ANALYSIS 175
FIGURE 90 FONTERRA CO-OPERATIVE GROUP LIMITED: COMPANY SNAPSHOT 177
FIGURE 91 FONTERRA CO-OPERATIVE GROUP: SWOT ANALYSIS 179
FIGURE 92 E. I. DU PONT DE NEMOURS AND COMPANY: COMPANY SNAPSHOT 180
FIGURE 93 E.I. DU PONT DE NEMOURS AND COMPANY: SWOT ANALYSIS 182
FIGURE 94 KONINKLIJKE DSM N.V.: COMPANY SNAPSHOT 184
FIGURE 95 KONINKLIJKE DSM N.V.: SWOT ANALYSIS 186
FIGURE 96 ARCHER DANIELS MIDLAND COMPANY: COMPANY SNAPSHOT 187
FIGURE 97 ARCHER DANIELS MIDLAND COMPANY: SWOT ANALYSIS 189
FIGURE 98 ARLA FOODS: COMPANY SNAPSHOT 190
FIGURE 99 SAPUTO INC.: COMPANY SNAPSHOT 193
FIGURE 100 ALMARAI: COMPANY SNAPSHOT 195
“
