China Yogurt Market Trend 2026

FY2016 – FY2026 CHINA YOGURT MARKET FORECAST & OPPORTUNITIES www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

Scope of Report Product of Interest (POI): Yogurt Yogurt also spelled yoghurt, yogurt or yoghourt, is a food produced by bacterial fermentation of milk. The bacteria used to make yogurt are known as yogurt cultures. Fermentation of sugars in the milk by these bacteria produces lactic acid, which acts on milk protein to give yogurt its texture and characteristic tart flavor. Market Segmentation CHINA YOGURT MARKET TYPE PACKAGING • Flavored • Pouches Year Range • Non-Flavored • Plastic Bottles • Tetra Packs • Others Review Period FY2016 – FY2019 FAT CONTENT DISTRIBUTION CHANNEL • Regular • Supermarket/Hypermarket Base Year • Low Fat • Convenience Stores FY2020 • Fat Free • Independent Small Grocers • Online Channel Estimated Year FORM REGION FY2021 • Conventional Yogurt • North Forecast Period • Greek Yogurt • South • Set Yogurt • East FY2022 – FY2026 • Frozen Yogurt • West • Yogurt Drinks • Others 2

Table of Contents S. No. Contents 1. Product Overview 2. Research Methodology 3. Impact of COVID-19 on China Yogurt Market 4. Executive Summary 5. Voice of Customer 5.1. Factors Influencing Purchase Decision 5.2. Brand Awareness 6. China Yogurt Market Outlook 6.1. Market Size & Forecast 6.1.1. By Value 6.2. Market Share & Forecast 6.2.1. By Type (Flavored and Non-Flavored) 6.2.2. By Fat Content (Regular, Low Fat and Fat Free) 6.2.3. By Form (Conventional Yogurt, Greek Yogurt, Set Yogurt, Frozen Yogurt, Yogurt Drinks and Others) 6.2.4. By Packaging (Pouches, Plastic Bottles, Tetra Packs and Others) 6.2.5. By Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Independent Small Grocers, Online Channel) 6.2.6. By Region 6.2.7. By Company (2020) 6.3 Product Market Map 3

Table of Contents S. No. Contents 7. China Flavored Yogurt Market Outlook 7.1. Market Size & Forecast 7.1.1. By Value 7.2. Market Share & Forecast 7.2.1. By Fat Content 7.2.2. By Form 7.2.3. By Packaging 7.2.4. By Distribution Channel 8. China Non-Flavored Yogurt Market Outlook, FY2016-FY2026F 8.1. Market Size & Forecast 8.1.1. By Value 8.2. Market Share & Forecast 8.2.1. By Fat Content 8.2.2. By Form 8.2.3. By Packaging 8.2.4. By Distribution Channel 9. Market Dynamics 9.1. Drivers 9.2. Challenges 10. Trends & Developments 11. Pricing Analysis 12. Policy & Regulatory Landscape 4

Table of Contents S. N4. Contents 13. China Economic Profile 14. Competitive Landscape 14.1. Inner Mongolia Yili Industrial Group Company Limited 14.2. China Mengniu Dairy Company Limited. 14.3. Bright Dairy & Food Co. Ltd. 14.4. Xinjiang Tianrun Dairy Company Limited. 14.5. Shijiazhuang Junlebao Dairy Co., Ltd 14.6. Beijing Sanyuan Foods Co., Ltd. 14.7. Haocaitou Fujian Food Co., Ltd. 14.8. Huaxia Dairy Farm Ltd. 14.9. Nestle China Ltd. 14.10. Kowloon Dairy Limited 15. Strategic Recommendations 16. About Us & Disclaimer 5

RESEARCH METHODOLOGY

Research Methodology Market Formulating Developing List Data Data Data Profiling Questionnaire of Respondents Collection Validation Analysis In-depth secondary In order to conduct List of industry TechSci conducted Data obtained as a The data was scrutinized research was conducted to industry experts’ players and industry interviews with result of primary using MS-Excel, statistical determine top players in interviews, TechSci specialists was industry experts and and secondary tools and internal the China yogurt market, formulated a detailed developed. industry players for research was proprietary database to overall market size and discussion guide. data collection and validated through obtain qualitative and segmental market size. verification. rigorous quantitative insights about triangulation. the China yogurt market. Primary Research Desk Research Company Analysis ✓ Identifying Key Opinion ✓ Recent Developments ✓ Market Participants Data Data Filter Research & Actionable Business ✓ Market Changing ✓ Key Strengths Collection & Analysis Intelligence Insights Solution Leaders Aspects/Dynamics ✓ Questionnaire Design ✓ Government Policies ✓ In-depth Interviews ✓ Conclusion Primary Research Secondary Paid Sources Research ✓ LinkedIn ✓ Company Websites ✓ Factiva ✓ TechSci Internal ✓ Company Annual ✓ Hoovers Database Reports ✓ White Paper Study ✓ Financial Reports ✓ Investor Presentations ✓ Regulatory Body ✓ Associations, etc. 7

Research Methodology Baseline Methodology OurdedicatedteamofindustryexpertshasmonitoredandanalyzedvariousaspectsofChinayogurtmarket.Theteamhasanalyzedthe outlook of various segments of this market, while considering the major influencing factors such as increasing number of easy availability of raw materials like milk and starter culture. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in China yogurt market. MethodologyFollowedforCalculationofMarketSize: • Market Size by Value: Market size, in terms of value, for the year FY2020 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as yogurt manufacturers, channelpartners,marketinfluencers&endusers,industryexperts,andotherindustryparticipants. • The team interviewed more than 15 – 20 yogurt companies, 100 – 120 end users, and 15 – 20 industry experts and other value chain stakeholders in the China yogurt market to obtain the overall market size from FY2016-FY2020, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data from FY2016-FY2020. 8

Research Methodology • Respondentswereaskedaboutthecurrentandfuturemarketgrowthrates,marketsharesbytype,byfatcontent,byform,bypackaging,by distribution channel, by company and by each region. Removing the outlier responses, the geometric mean of growth estimates and provider wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders. Methodology Followed forCalculation of Market Shares: • Market shares by type, by fat content, by form, by packaging, by distribution channel, by region and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various product types of yogurt markets. The final shares were calculated by taking the geometric mean of the responsesgathered fromkeyopinionleadersafter eliminating the outliers. Methodology Followed forForecasting: • TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in SPSS/TableauSoftware. • Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast China yogurt market, TechSciResearchused variousforecasttechniques suchas: ✓ Moving Average ✓ Time Series Analysis ✓ Regression Analysis ✓ Econometric and Judgmental Analysis 9

Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It should be noted that the figures compiled are only for the organized market including market share data. The currency used in the report is the United States Dollar (USD), with the market size indicated in USD million. Partial List of Companies Interviewed Key Secondary Sources ▪ Inner Mongolia Yili Industrial Group Company ▪ World Bank Limited ▪ International Monetary Fund (IMF) ▪ China MengniuDairyCompanyLimited. ▪ TechSci Research Proprietary Database & Knowledge ▪ Bright Dairy & Food Co. Ltd. Repository ▪ Xinjiang Tianrun Dairy Company Limited. ▪ Company Annual Reports ▪ Shijiazhuang Junlebao Dairy Co., Ltd ▪ Industry Magazines ▪ Beijing SanyuanFoods Co., Ltd. ▪ Industry Reports ▪ HaocaitouFujian Food Co., Ltd. ▪ News Dailies ▪ HuaxiaDairyFarmLtd. ▪ Credible Paid Databases ▪ NestleChina Ltd. ▪ Kowloon DairyLimited 10

Industry Brief According to TechSci Research report, “China Yogurt Market, By Type (Non-Flavored, Flavored), By Fat Content (Regular, Low Fat, Fat-Free), By Form (Conventional Yogurt, Set Yogurt, Greek Yogurt, Frozen Yogurt, Yogurt Drinks and Others), By Packaging (Pouches, Plastic Bottles, Tetra Packs and Others), By Distribution Channel (Convenience Stores, Independent Small Grocers, Supermarket/Hypermarket, Online Channel), By Region, Competition, Forecast & Opportunities, 2026”, China is the largest consumer of yogurt in the Asia Pacific region and is expected to reach approximately USD30 billion by the end of the forecast period. Yogurt market in China is driven by the large population and increasing incidence of lactose intolerance among the Chinese population. Furthermore, increasing demand for flavored yogurts such as almond and honey will drive the yogurt market in China. However, honey yogurt is already used in traditional cuisines in Beijing and this is expected to boost the yogurt market in China. Furthermore, increasing demand for yogurt made from soy milk, coconut milk, cow’s milk and sheep milk is in demand among Chinese consumers. Also, sports coaches and health professionals in China are also recommending the consumption of cow’s milk yogurt by athletes to strengthen the body and develop muscle mass faster. All these health benefits of yogurt are expected to further lead to optimistic growth in the China Yogurt Market during the forecast period. China Yogurt Market is further segmented into type, fat content, form, packaging, distribution channel and region. On the basis of type the China Yogurt Market is fragmented into flavored and non flavored yogurt. In the base year 2020, the flavored type yogurt held the market share of 83.45% in the China Yogurt Market, which was majorly driven by the increasing product offering by the companies in different type of flavored yogurt segment and yogurt drink segment. Further, China Yogurt Market is segmented based on the fat content comprising of regular, low fat and fat free yogurt. In the base year 2020, regular type of yogurt held the largest market share of 63.54% in China Yogurt Market due to its low price and easy visibility on the shelves and online platforms. However, consumers in China are now showing preference for low fat and fat free yogurt types due to the increasing western influence and their enhanced benefits over regular yogurt. Onthebasis of packaging type, China Yogurt Market can be divided into pouches, tetra packs, plastic bottles, and others. In the base year 2020, plastic bottles and Others segment together held 80.27% market share in the China Yogurt Market, which is majorly driven by the higher consumption of yogurt drinks and availability of various yogurt flavors in small cup size. consumers in China also prefer yogurt as an on the go drink which can be consumed anytime and anywhere. Based on the distribution channel China Yogurt Market is segmented into convenience stores, independent small grocers, supermarket/hypermarket and online. In the base year 2020, convenience stores held the largest market share of 47.74% in the China Yogurt Market because of the intense reach of the local stores among Chinse consumers as they prefer to buy fresh dairy at the trusted and nearby stores. Furthermore, the online segment is the fastest growing mode of buying among the Chinese consumers due to the increasing reach of traditional e-commerce channels like Tmall, Taobao, and JD. Also, availability of various yogurt varieties, discounts, fast delivery, and better marketing techniques on social media platforms such as WeChat by the leading companies is expected to further drive the China Yogurt Market in the forecast period. Some of the leading companies in the China Yogurt Market include Inner Mongolia Yili Industrial Group Company Limited, China Mengniu Dairy Company Limited., Bright Dairy & Food Co. Ltd., Xinjiang Tianrun Dairy Company Limited., Shijiazhuang Junlebao Dairy Co., Ltd., Beijing Sanyuan Foods Co., Ltd., Haocaitou Fujian Food Co., Ltd., Huaxia Dairy Farm Ltd., Nestle China Ltd., Kowloon Dairy Limited and other local and international players. “China Yogurt Market is already a huge market and still growing due to increasing population and business expansion by national and international companies. Chinese consumers are more experimental in their eating preferences and are opting for different types of yogurts. This is likely to further propel growth in the China Yogurt Market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. 11

Sample Data -Snapshot China Yogurt Market, Market Size, By Value (USD Million), FY2016–FY2026F 15.00 12.00 13.00 14.00 9.00 10.00 11.00 6.00 7.00 8.00 5.00 FY2016 CAGR BY VALUE: XX% FY2020 FY2021E CAGR BY VALUE: XX% FY2026F By Value (USD Million) China Yogurt Market Share, By Type, By Value, FY2016–FY2026F Non-Flavored 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% Flavored 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% FY2016 FY2017 FY2018 FY2019 FY2020 FY2021E FY2022F FY2023F FY2024F FY2025F FY2026F China Flavored Yogurt Market Share, By Packaging, By Value, FY2016–FY2026F Tetra Packs 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% Plastic Bottles 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% Others 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% Pouches 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% FY2016 FY2017 FY2018 FY2019 FY2020 FY2021E FY2022F FY2023F FY2024F FY2025F FY2026F 12

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