It's cheap, it's cheerful, and it's a staple of the American diet, but millennials aren't big buyers of American processed cheese. Kraft and Velvetta have both reported declining sales figures, with Kraft dealing with the implications of a 1.6% drop in 2018. As with everything else, it's the younger end of the market who aren't engaging in their product.
While the loss of some traditions and foodstuffs is a shame, it's hard to feel much sympathy here. Served in single, plastic-wrapped slices, rubbery in texture, and injected with so many preservatives that you could probably hand it down to your grandchildren before it passed its sell-by date, processed cheese doesn't actually look or taste much like real cheese at all. American cheese is out, and European style cheese is in. Perhaps this is a step closer to America embracing the baguette.