Key regions: United States, Brazil, United Kingdom, Spain, Italy
The popularity of milk in Asia has been steadily increasing over the years, with a growing demand for dairy products across the region.
Customer preferences: Consumers in Asia have increasingly been incorporating milk and dairy products into their diets due to their perceived health benefits. Milk is seen as a good source of protein and calcium, which is important for maintaining strong bones and teeth. Additionally, there has been a rise in the popularity of Western-style cafes and coffee shops in many Asian countries, which has contributed to the increased consumption of milk and dairy products.
Trends in the market: China is the largest market for milk in Asia, with a rapidly growing middle class and increasing disposable income. As a result, there has been a shift in consumer preferences towards higher-quality and premium milk products. In Japan, there has been a trend towards low-fat and lactose-free milk products due to a growing awareness of health and wellness. In Southeast Asia, there has been a rise in demand for flavored and sweetened milk products, particularly among younger consumers.
Local special circumstances: In India, milk is a staple food item and is widely consumed in its traditional form as well as in processed products such as ghee and paneer. The Indian government has also been promoting the consumption of milk through various initiatives, such as the National Dairy Plan. In Indonesia, there has been a push towards self-sufficiency in the dairy industry, with the government implementing policies to increase local milk production.
Underlying macroeconomic factors: The growth of the milk market in Asia can be attributed to several macroeconomic factors, including population growth, rising disposable incomes, and urbanization. As more people move to cities and adopt Western-style diets, the demand for milk and dairy products is expected to continue to rise. Additionally, the increasing popularity of e-commerce and online grocery shopping has made it easier for consumers to access a wider variety of milk products, further contributing to the growth of the market.
Data coverage:
The data encompasses B2B. Figures are based on the value of gross production in the agriculture market, which values of production are calculated by multiplying gross production by output prices at the farm gate.Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting agriculture products due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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