Asia Pacific Dairy Market to Grow at a CAGR of 2.6% During 2024-2032

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 2026. 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 2020, 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.

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Market Analysis by Types and Regions:

• The various dairy products available in the Asia Pacific market can be categorised as fluid/UHT/ flavoured milk, cream, butter, ghee (clarified butter), anhydrous milk fat (AMF), skimmed milk powder, whole milk powder, whey protein (powder and concentrate), Indian cheese (paneer), lactose, casein, cheese, yoghurt, ice-cream, and probiotic dairy products.

• China, India, Pakistan, and New Zealand are the major dairy markets in the Asia Pacific region.

Key Findings of the Report:

• Asia Pacific is a significant dairy market globally due to the extensive demand for dairy products from a large domestic consumer base.

• With rising concerns about health and fitness, dairy products like yoghurt and dairy protein are witnessing a mounting demand. 

• The Asia Pacific dairy market is being driven by the rapid urbanisation in the region combined with the increasing disposable income. 

• With the growing income of the consumers, cheese is seeing a rising demand.

• Traditionally consumed dairy products in the sub-continent like yoghurt, curd, and cottage cheese are expected to maintain their dominant position in the Asia Pacific dairy market. 

• Indonesia, Philippines, and Vietnam consume 14-15 kilogram per capita of dairy while the per capita consumption of dairy in the South-East Asia ranges between 2 to 5 kilograms.

• The dairy market is expected to continue its growth in the countries like Pakistan and India where dairy consumption is culturally ingrained. 

Key Offerings of the Report:

• The report by EMR offers a detailed analysis of the global as well as Asia Pacific historical (2018-2023) and forecasted (2024-2032) market for dairy.

• The report also provides the market for the different dairy products in the Asia Pacific for the periods (2018-2023) and (2024-2032).

• It also gives a detailed insight into the historical (2018-2023) and future (2024-2032) market and price trends in the regional dairy markets of the Asia Pacific.

• It analyses the global trade data for dairy for the year 2020, looking into the value and volume of the major exporting as well as importing countries. 

The EMR report identifies Nestlé S.A, Danone S.A., Dairy Farmers of America, Land O'Lakes, Inc.,The Kraft Heinz Company, Amul (GCMMF), Yili Group, Others 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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