Awareness about healthy lifestyle & wellness, disposable income, technology trends, growth in population, a shift in consumption pattern towards branded dairy products are some of the drivers of Asia-Pacific dairy products market
According to a recently released TechSci Research, “Asia-Pacific Dairy Products Market By Product Type, By Distribution Channel, By Country, By Company, Competition, Forecast & Opportunities, 2025”, dairy products market in Asia-Pacific is projected to grow at a CAGR of more than 10% during 2020E-2025F on account of growing population, increasing consumption of dairy products and rising awareness about following a healthy lifestyle. Growing urbanization, innovation in food technology, growing demand for functional and nutrition enriched dairy products are some the other key drivers of the dairy products market in Asia-Pacific. The market is witnessing a shift towards branded dairy products due to rising concerns among young adults and adults about their health, which is expected to positively influence the region’s dairy products market during forecast period.
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The distribution channel of Asia-Pacific dairy products market is categorized into Modern Departmental Stores, Traditional Departmental Stores and Others (Online Retail Stores, etc.). Modern Departmental Stores and Traditional Departmental Stores cumulatively account for around 90% of the market share. However, during the forecast period, the share of modern departmental stores is expected to comparatively decline on account of increasing focus of companies to make their products reach traditional department stores and other channels. Urban areas remain the dominant consumption markets, however, deeper penetration in rural areas is expected to drive volume growth for large product segments such as milk in the coming years.
The region’s market for dairy products was dominated by India in 2019 on account of a greater number of customers, who prefer healthy dairy products in their breakfast, meal and dinner. India, China and Japan will continue to remain the largest markets due to huge and expanding population base, rising awareness about healthy lifestyle and cultural love for food. Major players operating in Asia-Pacific dairy products market include Nestle, Karnataka Cooperative Milk Producers Federation Ltd., Gujarat Cooperative Milk Marketing Foundation Ltd.(AMUL), China Mengniu Dairy Company Ltd., Unilever, Fonterra Co-operative Group Ltd, Megmilk Snow Brand Co., Ltd., Mondelez Asia Pacific Pte Ltd, Arla Foods, Danone, Royal Friesland Campina and others. Leading players are focusing on expanding their dairy product portfolios to maintain sustainable growth in the market.
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“Asia-Pacific dairy products market is expected to grow at a steady pace due to the rising awareness regarding a healthy lifestyle and the growing popularity of branded and healthy dairy products. All in all, the trend looks like that the companies will no longer be able to rest on their laurels in the future and that consumers want to be surprised by innovative products that support their personal health planning. Adults and young adults are the main primary buyers of dairy products and they are also the target consumer segments for the major players operating in the market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Asia-Pacific Dairy Products Market By Product Type, By Distribution Channel, By Country, By Company, Competition Forecast & Opportunities, 2025” has evaluated the future growth potential of Asia-Pacific dairy products market and provides statistics and information on market structure, consumer behaviour and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities available in Asia-Pacific dairy products Market.
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