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Dairy product prices to rise in China, study shows
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Ever-increasing demand for dairy products and slower growth in manufacturing are likely to push up prices of milk products in the mid- to long-term in China, a latest industry report shows today.
The per-capita milk consumption volume in China added 50 percent over the past five years to 24 liters per year in 2012, according to a report released by market research firm Mintel today.
Sales of cheese bricks are also estimated to grow to 1.7 billion yuan(US$274 million) this year from 328 million yuan in 2007, the report shows.
"Overall milk demand will see an 8.2 percent in compound annual growth rate between 2012 and 2017 while the domestic supply will only increase 1.2 percent over the same period, which is likely to push prices up in the future," said David Huang, senior research manager at Mintel.
The upgrading of reliable cold chain logistics system by dairy producers is another factor that might push up dairy prices, he pointed out.
Mintel study also shows that the more household income consumers have, the more willingness they tend to show to buy high-priced imported dairy products.
More than 40 percent of respondents with monthly income over 10,000 yuan said they're willing to buy higher-priced import milk, according to Mintel.
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