Milk - China

China

Gross production value in Milk market is projected to amount to US$21.42bn in 2024. An annual growth rate of 5.15% is expected (CAGR 2024-2028), resulting in gross production value of US$26.19bn in 2028.
The import value in Milk market is projected to amount to US$1.4bn in 2024. An annual growth rate of 14.69% is expected (CAGR 2024–2028).
The export value in Milk market is projected to amount to US$30.8m in 2024. An annual growth rate of -4.39% is expected (CAGR 2024–2028).

Key regions: United States, Brazil, United Kingdom, Spain, Italy

Market

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Currency

Analyst Opinion

The demand for Milk in China has been on the rise in recent years, with a growing middle class and increased awareness of the health benefits of milk consumption.

Customer preferences: Chinese consumers have a strong preference for imported milk products, particularly from countries such as Australia and New Zealand. This is due to concerns about the safety and quality of domestic milk products, which were highlighted by a scandal in 2008 when melamine was found in Chinese milk powder, leading to several deaths and illnesses.

Trends in the market: The trend towards imported milk products has been driving growth in the Chinese milk market, with demand for premium and organic milk products increasing. In addition, there has been a shift towards online sales channels for milk products, with e-commerce platforms such as Alibaba's Tmall and JD.com becoming popular channels for purchasing milk.

Local special circumstances: The Chinese government has been promoting the development of the domestic milk industry, with a focus on improving safety and quality standards. This has led to the consolidation of the industry, with larger companies acquiring smaller ones and investing in technology and production facilities to improve efficiency and quality.

Underlying macroeconomic factors: The growth of the Chinese milk market is also being driven by broader macroeconomic factors, such as rising incomes and urbanization. As more Chinese consumers move into urban areas and become wealthier, they are increasingly looking for high-quality and safe food products, including milk. In addition, the Chinese government's push towards a healthier population has led to increased awareness of the health benefits of milk consumption, further driving demand.

Methodology

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.