Kraft Heinz Eyes Sale of Powdered Cheese Business

American food and beverage firm The Kraft Heinz Co. inked a definitive agreement to shed its B2B powdered cheese business to food and pharmaceuticals player Kerry Group, a company release announced Tuesday. The parties expect the deal to close in the second half of this year following regulatory review and approval.

The deal includes Kraft’s B2B powdered cheese product portfolio sold through its Ingredients business and a manufacturing plant in Albany, MN. Workers at the location are slated to join Kerry Group.

Kraft said the transaction is part of its current efforts to optimize its portfolio.

Market research firm Fior Markets recently forecast that the global powdered cheese market will grow from $1.17 billion in 2019 to $2.03 billion by 2027, growing at a CAGR of 7.1% during the period. The writers of the report predict that the Asia Pacific powdered cheese market will witness the highest levels of growth through 2027.