Posted on 24 Apr 2019
According to a new report by EMR titled, ‘Asia Pacific Dairy Market Report and Forecast 2019-2024’, the Asia Pacific dairy market is projected to grow in the forecast period of 2019-2024 with the aid of the increasing milk production in Asia. In 2019, milk production in Asia is expected to witness a growth of 4%, as compared to the previous year.
The Asia Pacific dairy market is being driven by the increasing demand and consumption of dairy products in the region. A rapid growth in its population and a growing middle class has led to increased consumption of dairy products in the area which has almost doubled in the last three decades. Asia is a significant export destination for dairy products, especially regions like China and South East Asia. Imports are expected to increase in the region in the forecast period. China, especially, is a major importer of dairy products in the continent. The dairy export to China increased by 17.5% in March 2018, as compared to the previous year. Some of the major dairy products imported by China include WMP, cheese, butter, butter oil, and cream. China is one of the leading importers of cheese, and in 2017, cheese imports by China increased by 16% as compared to 2016. The Asian country is expected to almost double its imports of cheese by 2024. With China being a leading importer of dairy products, the US-China trade war might adversely affect the dairy market in, not just the Asia Pacific, but also the world.
The dairy market in the Asia Pacific is also aided by milk production in countries like Pakistan and India. Nearly 70% of all milk production in the coming years is expected to take place in Asia with India and Pakistan accounting for the majority of the increased production. The two countries are among the leading milk producers globally with India accounting for 20% and Pakistan accounting for 6% of the global milk production. In the forecast period, the two economies are projected to account for almost 30% of the global production of milk. The surplus production of milk in India and Pakistan is expected to be consumed as fresh dairy products domestically with India being a self-sufficient dairy market.
Yoghurt is expected to remain a popular dairy product, consumed extensively in the Asia Pacific. In India, the yoghurt market has seen a robust growth. In 2019, Danone, a leading player in the global dairy market, invested INR 182 crore into Epigamia, the Indian yoghurt producer. Epigamia is one of the major yoghurt brands in India with expansive distribution channels as it is currently retailed through popular supermarkets like Big Bazaar, Reliance Fresh, and Nature’s Basket along with big online retailers like Big Basket and Amazon.
Market Analysis by Types and Regions:
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The EMR report identifies Fonterra Co-operative Group Limited, Gujarat Cooperative Milk Marketing Federation Ltd (Amul), Inner Mongolia Yili Industrial Group Co., Ltd., China Mengniu Dairy Company Limited, Meiji Co., Ltd, Nestlé S.A., Karnataka Co-operative Milk Federation, Mother Dairy Fruit & Vegetable Pvt Ltd, Lion Dairy & Drinks Pty Ltd., and Yakult Honsha Co., Ltd as the key players in the Asia Pacific dairy market. The report looks in-depth into their market share, capacity, and latest developments like mergers and expansions, plant turnarounds, and capacity expansions.
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