Market Trends of asia-pacific dairy Industry
Increasing consumer spending on healthy foods and beverages, along with the nutritional benefits associated with dairy products, is driving the growing demand for milk and milk products in developing countries like Japan, India, and Australia
- Demand for milk and milk products in developing countries is growing with increasing consumer spending on healthy food and beverage products and rising awareness of the nutritional benefits associated with consuming different types of dairy products. For example, fresh milk in Japan is expected to become popular over the coming decades in line with growth in the Japanese dairy farming industry owing to the increased import of dairy products. In 2021, Japan's annual per capita expenditure on milk products amounted to around USD 39 on average.
- With the growing adoption of Western culture and changing food habits, the demand for cheese has increased in India. There is strong demand from the fast-food industry as well, with foreign foodservice operators strategically expanding their presence. In 2021, India had 14,095 Domino's Pizza outlets, which had grown from 830 in 2014.
- Yogurt is referred to as curd in India. There is a high consumption of plain yogurt as it is typically consumed as part of a meal or refreshment by the Indian population in their daily routine. The per capita yogurt consumption in India increased by 5.2% in 2023-2024, whereas in Australia, it rose by 1.2% over the same period. The ice cream market in Asia is growing, with brands tapping into growing trends revolving around indulgence and a health perspective. For example, per capita consumption of ice cream in India grew by 5.90% in 2023-2024. Rising consumer expenditure in the food and beverage industry, the introduction of new flavors, increasing impulse purchasing, and strong demand for healthy ice cream products among consumers are some of the primary factors driving the consumption of ice cream.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Initiatives by government agencies across regional countries significantly driving butter production
- Support from various government agencies and increasing herd count in the region are boosting the production of milk
- Cheese production in countries such as Australia and Japan is driving the market segment
