1. Market Performance
Main fermented dairy products include fermented milk and cheese, both categories are growing rapidly. From 2005 to 2019, the sales amount proportion of yoghurt to liquid milk products increased from 14.7% to 36.5%. Mintel estimates that by 2024 the sales volume of yoghurt will reach 10.76 million tons, with the sales amount reaching approximately 35.2 billion USD. Due to short shelf live and high demand on cold chain transportation, market concentration of low-temperature yoghurt is lower than that of room-temperature yoghurt.
Consumption of cheese product in China was 38.4 thousand tons in 2018, showing that cheese consumption in China was still in its incubation period. According to OECD data, cheese consumption per capita in China was 0.28kg/person in 2018, while that of Japan and Korea, where consumption style was close to China, was 2.32kg/person and 2.91 kg/person. Currently, Chinese cheese market is dominated by overseas brands. Regarding countries of origin, China imported 55 thousand tons of cheese from New Zealand in 2018, which took up 50.7% of imported cheese; 19.7 thousand tons were from Australia, taking up 18.2%. 
Source: Qianzhan Industry Research
2. Future market trend of fermented dairy products
Plant-base eating is a highly discussed topic in 2020, both in the dairy industry and the meat industry. The first attempt in plant-based milk was driven by lactose intolerance and milk protein allergy. The consumer group grew from allergy sufferers only to eventually include specific religious believers and vegetarians. Based on special demands of the said groups, plant-based dairy products has started to develop.
According to Euromonitor statistic, the market size of global plant-based yoghurt was 974 million dollars in 2018. West Europe had the largest market scale, followed by the North America. In Asia-pacific, consumer acceptance of plant-based yoghurt was much lower, especially in China, where the market presented vacancy. Judging from CAGR, global CAGR of plant-based yoghurt from 2018 to 2023 is predicted to be 17.8%. The growth speed in North America, Latin America and Europe is relatively high, which reaches 38.5%. Growth speed of Asia-pacific is predicted to be only 3%.