Pressure on Prices
The long maturation process places enormous pressure on farmers. Their costs for raw materials, production and employees are immediate, but the return on investment may take several years. For this reason, Italy has developed a unique system that keeps the entire industry alive. Producers can pledge their cheese wheels to banks in the same way as any other asset. Banks safely store the wheels and provide financing equal to 60–80 percent of their value until the cheese is sold to consumers.
A Multi-Million Business in Numbers
Among the best-known banks accepting cheese as collateral is Credem (Credito Emiliano), which has been doing so since 1953 and reportedly stores around half a million cheese wheels worth hundreds of millions of euros. Other institutions offering cheese-backed loans include Monte dei Paschi di Siena and BPER, although the latter operates on the principle of so-called “milk quotas”.
Exports Continue to Grow
The Parmigiano Reggiano Consortium brings together around 300 producers and 2,000 farmers. The sector is estimated to be worth around €4 billion and continues to invest in tourism, aiming to increase the number of visitors to cheese farms and warehouses from 85,000 to 300,000 by 2029. The United States is the largest export market, but demand is also growing in Canada, Britain, Scandinavia, Japan and the Middle East. In 2025, a major milestone was reached when exports exceeded 50 percent of total sales for the first time. International demand increased by 2.7 percent, while domestic sales declined due to rising prices.
Will It Become a Luxury Food?
The quality of Parmigiano Reggiano is subject to strict rules. It contains no additives, is naturally lactose-free and is increasingly popular thanks to its high protein content. Simply a dream – especially for consumers and investors who value sustainability. However, excessively high prices may encourage buyers to switch to cheaper alternatives such as Grana Padano. According to data from Tridge, the price reached €13.65 per kilogram in March 2025, compared to €8.50 per kilogram according to Consortium data from 2016, representing an increase of almost 60 percent over the last ten years.*
* Past performance is not a guarantee of future results.
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