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Dairy Product Production in China

China dairy product production market: $64.8 billion industry by 2018


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2014-04-25 10:47:01 - Dairy Product Production in China - a new market research report on companiesandmarkets.com

Due to Chinese dietary patterns and lower living standards, the routine consumption of dairy products is limited across the country. China is currently the third-largest dairy producer in the world, after India and the United States. However, per capita consumption of dairy products in China is less than one-quarter of the global average and lower than in many other developing countries. Moreover, dairy product consumption varies considerably across China. Consumption in rural regions is less than 10.0% of that in urban areas.

After strong and steady growth for more than a decade, China´s dairy industries were severely affected by the melamine scandal of September 2008, when melamine was found in infant formula and other milk products. This major incident led to

 

 

the bankruptcy of Sanlu, the largest milk powder producer in China, and plummeting confidence in domestic dairy brands. International trade was also affected as exports dropped to almost zero in October 2008. Meanwhile, imports increased sharply.

The melamine incident, together with the global economic downturn that started in late 2008, led to weak industry growth in 2008. Industry revenue increased by 10.7% in 2008, significantly lower than the five-year annualized growth rate through 2013, which is expected to be 12.5%.

Exports slumped 81.1% in 2009, while competing imports increased by 20.0% in the year. Despite the adverse operating environment, the industry showed signs of recovery from 2009. Industry revenue increased by 16.1% in 2009 and by 13.0% in 2010. Revenue also increased steadily in 2011 and 2012, growing by 16.0%, and 9.2%, respectively. In 2013, revenue is expected to grow 8.6% to $45.0 billion.

With rising household incomes, the introduction of new dairy products and high demand potential from rural markets, this industry is forecast to grow at an annualized rate of 7.5% in the five years to 2018, reaching about $64.8 billion in 2018. The medium- and high-end market segments will account for an increasing share of total revenue while the share of the low-end product segment will decrease slightly. However, the low-end market will continue growing in terms of volume, especially in less-developed economic regions with lower per capita incomes.

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