Asia-Pacific Dairy Market is projected to grow at a CAGR of 3.12% during the forecast period 2020-2025.
- China is the most significant market for dairy primarily driven by increased consumption of dairy products. India and Indonesia is the fastest growing market in the region driven by increased population. Rising demand for western dairy products as natural snacks, fermented dairy products, such as yogurt, sour milk, etc., and product & packaging innovation is driving the dairy market growth.
- The demand for " clean label " products and transparency in dairy products certainly drives innovation in the dairy products sector, and dairy consumers will continue to look at product labels in the envelope.
Key Market Trends
Rising Demand for Fermented Dairy Products
Yogurt and sour milk drinks which offer potential health benefits owing to probiotic contents are attracting sales. Increased health & wellness trend among consumer is driving the fermented dairy demand. Sour milk drinks, drinkable yogurt, flavored and fermented milk recorded a healthy growth rate over the past five years. Drinkable yogurt is witnessing an impressive CAGR of xx% during the forecasted period driven by increased consumer interest in probiotic drinks. Innovation in probiotic beverages by incorporating various flavors in convenient pack size is another major factor in accelerating the sales. Increased consumer awareness regarding additives in packaged products is driving fresh milk sales in Chiba, while flavored milk is becoming more popular in South Korea.
Supermarkets/Hypermarkets Driving Chilled Dairy Products
Lack of cold storage in supply chain affected the growth of convenience and independent small grocery retailers as product freshness play an essential role in the growth of dairy products as more nutritious than shelf-stable variants, especially in emerging Asian countries, where health consciousness is gaining traction. However, supermarkets are leading the sale of overall dairy products which is followed by convenience stores. Specialist retailers also account for a significant share in the market driven by the wide varieties available and convenient. Specialist retailer’s recorded a healthy growth rate during the forecast period 2020-2025
The Asia-Pacific Dairy Market is highly fragmented with a large number of domestic and multinational player competing for market share. Regional companies dominate the market, with Chinese accounting for leading position followed by Indian and Japanese players. Companies are focusing on new product launch and partnership with distribution channels as their key marketing strategy. Some of the major players in asia-pacific dairy market are Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF), Yili Group, Mother Dairy Fruit & Vegetable Pvt. Ltd., Yakult Honsha Co., Ltd. among others.
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