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Yogurt Market Brief

From 2012 to 2018, China’s yogurt sales more than doubled, reaching USD 20 billion (CNY 140 billion) China’s yogurt market is dominated by three listed companies (combined 63% market share in 2018): Inner Mongolia Yili Group (SHA:600887), China Mengniu Dairy (HKG:2319), and Bright Dairy & Food (SHA:600597) Shelf-stable yogurt products have shown remarkable market growth, with Yili Group’s “Ambrosial Greek Yogurt”, Mengniu Dairy’s “Mengniu Pure”, and Bright Dairy’s “Bright Momchilovtsi” products leading the way

Yogurt Sales

China’s yogurt market has seen exceptional growth in recent years. From 2012 to 2017, yogurt sales in mainland China increased from approximately USD 8.14 billion to USD 16.95 billion, or by 108%. On average, Chinese yogurt sales increased at an annual rate of 17.4%. One factor that contributed to this rise in sales was increased urbanization. In 2012, yogurt accounted for approximately 30% of dairy consumption[1] in China’s tier-1 cities and roughly 25% of dairy consumption in its provincial level cities. The urbanization of China has steadily increased over the years. From 2006 to 2016, the percentage of its population living in urban centers of more than 1 million increased from 19% to 25%. Based on these figures, the per capita yogurt consumption of China’s urban population was significantly higher than their rural counterparts. An increase in urbanization enables e-commerce market connectivity and wider distribution channels for yogurt products.Though, as of 2015, online sales of yogurt only accounted for approximately 4% of its total sales.  Convenience stores, a key yogurt distributor, were also able to take advantage of rising urbanization. From 2015 to 2016, Chinese convenience stores’ revenue increased from CNY 118.1 billion to CNY 133.4 billion (~USD 18.2 billion to ~USD 19.3 billion) or by 13%, while the number of stores[2] rose from 91,000 to 98,000 (or by 9%).
Updates from Chemlinked:
According to ASKCI, China's yogurt market sales is predicted to grow from CNY 140 billion in 2018 to CNY 220 billion (from USD 20 billion to USD 31 billion) in 2022, with a CAGR of 12%.

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