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Global Dairy Products Industry

  • September 2016
  • -
  • Global Industry Analysts
  • -
  • 771 pages

This report analyzes the worldwide markets for Dairy Products in US$ Million by the following Product Segments: Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products, and Cream. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Annual estimates and forecasts are provided for the period 2015 through 2022. Also, a six-year historic analysis is provided for these markets. Market data and analytics are derived from primary and secondary research. Company profiles are primarily based on public domain information including company URLs. The report profiles 337 companies including many key and niche players such as -

Agropur Cooperative
AMUL
Arla Foods amba
Dairy Farmers of America, Inc.
Danone

Table Of Contents

Global Dairy Products Industry


I. INTRODUCTION, METHODOLOGY and PRODUCT DEFINITIONS

Study Reliability and Reporting Limitations I-1 Disclaimers.............. I-2 Data Interpretation and Reporting Level I-2 Quantitative Techniques and Analytics I-3 Product Definitions and Scope of Study I-3 Fluid Milk.............. I-3 Milk Powder.............. I-3 Butter.............. I-4 Cheese.............. I-4 Ice Creams.............. I-4 Yogurt.............. I-4 Cream.............. I-4

II. EXECUTIVE SUMMARY

1. INDUSTRY OUTLOOK.............. II-1 Current and Future Analysis..............II-2 Churning Out New Opportunities II-2 Summary of Opportunities and Growth Markets II-3 Growth Drivers.............. II-4 Developing Countries in the Spotlight II-4 China and India to be at the Forefront of the Global Dairy Products Industry.............. II-4 Trends Shaping the Industry..............II-5

2. MARKET DYNAMICS and TRENDS..............II-6 Futures Markets - A Forthcoming Phenomenon in Dairy Trade II-6 Global Fluid Milk Volume Consumption Rises II-6 Yogurt Functional Benefits and Unique Flavors Gain Popularity II-6 Yogurt Drinks: A Market with High Growth Potential II-6 New Products Boost Market Prospects II-7 GanedenBC30 Addresses the Issue of Probiotics to Survive Pasteurization.............. II-7 Longer Shelf Life Attribute Drives Market for Milk Powders II-7 Increasing Milk Powder Prices Open New Avenues for Processors II-8 Changing Eating Habits..............II-8 Change in Traditional Meal Configuration II-8 Snacking Around.............. II-8 Spurt in Fast Food Restaurants..............II-8 Waning of Home Cooking..............II-9 Rise in Dining Out of Home and Trial of Foreign Foods II-9 Fruit Juices and Carbonated Beverages: Tough Competition for Flavored Milks.............. II-9 Healthy Eating Versus Indulgence II-9 Organic Dairy Products Gain Prominence II-10 Corporate Strategies: An Overview II-10 Innovative Packaging and Target Based Promotions to Drive Dairy Products Demand..............II-11 globalDairyTrade - A Means to Tackle Volatility II-11 Increase in Functionality..............II-11 Spread of Umbrella Branding..............II-12 Improving Storage of Dairy Products II-12 Whey Rides on Changing Perceptions II-12 Expanding Middle Class Population in Emerging Markets Offer Increased Growth Prospects..............II-12 Table 1: Global Middle Class Population (in Million) by Geographic Region: 2010, 2020P and 2030P (includes corresponding Graph/Chart)..............II-13 Rising Disposable Incomes Propel Market Growth II-13 Table 2: Global Per Capita Disposable Income (2011-2015) (includes corresponding Graph/Chart) II-14

Table 3: Annual Disposable I¬ncomes in US$ ‘000 for Select Countries (2012) (includes corresponding Graph/Chart) II-14 Expanding Urban Population Spurs Growth II-14 Table 4: Urban Population as a % of Total Population by Geographic Region for the Years 1990, 2014 and 2050 (includes corresponding Graph/Chart)..............II-15

Table 5: Percentage of Urban Population in Select Countries (2010 and 2050) (includes corresponding Graph/Chart) II-16 Dairy Products Market Turns Attention to Address the Unique Needs of Millennials..............II-17 Table 6: Millennial Population in Select Countries (2015) (includes corresponding Graph/Chart) II-18

3. DAIRY PRODUCTS INDUSTRY - SEGMENT ANALYSIS II-19 MILK.............. II-19 Key Snapshots.............. II-19 Global Fluid Milk Market Overview II-19 World Milk Production Poised for Growth II-19 Fluid Milk Production and Consumption Statistics II-19 Table 7: World Milk Production by Type (2015): Percentage Share Breakdown of Production Volume for Cow Milk, Buffalo Milk, Goat Milk, Sheep Milk and Others (includes corresponding Graph/Chart)..............II-20

Table 8: World Cow Milk Production Volume in Thousand Metric Tons (2012-2016E) (includes corresponding Graph/Chart) II-20 Leading Milk Producing Countries II-21 Table 9: World Leading Cow Milk Producing Countries (2014-2016E): Production Volume in Thousand Metric Tons for European Union, United States, India, China, Russia, Brazil, New Zealand, Mexico, Argentina and Ukraine (includes corresponding Graph/Chart)..............II-21

Table 10: World Leading Cow Producing Countries (2014-2016E): Fluid Milk - Cow Numbers in Thousand Heads for India, European Union, Brazil, United States, China, Russia, Mexico, New Zealand, Ukraine, and Argentina (includes corresponding Graph/Chart)..............II-22 Leading Milk Consuming Countries II-23 Table 11: World Leading Cow Milk Consuming Countries (2014-2016E): Consumption Volume in Thousand Metric Tons for India, European Union, United States, China, Brazil, Russia, Ukraine, Mexico, Japan and Canada (includes corresponding Graph/Chart).............. II-23

Table 12: Global Fluid Milk Market (2014): Annual Per Capita Consumption (in Litres) by Select Country/Region (includes corresponding Graph/Chart)..............II-24 Market Trends/Growth Drivers..............II-24 Emerging Markets and Packaged Milk: Key Growth Drivers II-24 Flavored Milk: Still the Favorite II-24 Organic and Other Value Added Milk Make Cash Registers Ring II-25 Growing Consumer Preference for Packaged White Milk II-25 Increasing Demand for Ultra High Temperature Processed Milk II-25 Soymilk as Milk Alternative..............II-25 MILK POWDER.............. II-26 Current and Future Analysis..............II-26 Production and Consumption..............II-26 Table 13: World Whole Milk Powder (WMP) Production Volume in Thousand Metric Tons (2012-2016E) (includes corresponding Graph/Chart).............. II-26

Table 14: Global Leading Whole Milk Powder (WMP) Producing Countries (2014-2016E): Production Volume in Thousand Metric Tons for China, New Zealand, European Union, Brazil and Argentina (includes corresponding Graph/Chart) II-27

Table 15: World Leading Whole Milk Powder (WMP) Consuming Countries (2014-2016E): Consumption Volume in Thousand Metric Tons for China, Brazil, European Union, Algeria and Mexico (includes corresponding Graph/Chart) II-27

Table 16: World Nonfat Dry Milk Production Volume in Thousand Metric Tons (2012-2016E) (includes corresponding Graph/Chart).............. II-28

Table 17: Global Leading Nonfat Dry Milk Producing Countries (2014-2016E): Production Volume in Thousand Metric Tons for European Union, United States, India, New Zealand, Australia and Brazil (includes corresponding Graph/Chart) II-28

Table 18: World Leading Nonfat Dry Milk Consuming Countries (2014-2016E): Consumption Volume in Thousand Metric Tons for European Union, India, United States, Mexico, China and Indonesia (includes corresponding Graph/Chart) II-29 Exports and Imports..............II-30 Table 19: World Exports of Milk Powder (
Table 20: World Imports of Milk Powder (
Table 22: World Leading Butter Producing Countries (2014-2016E): Production Volume in Thousand Metric Tons for India, European Union, United States, New Zealand, Russia, Mexico, Belarus, Australia, Ukraine, and Canada (includes corresponding Graph/Chart)..............II-32

Table 23: Global Butter Consuming Countries (2014-2016E): Consumption Volume in Thousand Metric Tons for India, European Union, United States, Russia, Mexico, Canada, Australia, Ukraine, Brazil and Japan (includes corresponding Graph/Chart).............. II-33

Table 24: Global Butter Market (2014): Annual Per Capita Consumption (in Kg) by Select Country (includes corresponding Graph/Chart)..............II-34 Exports and Imports..............II-34 Table 25: World Exports of Butter (2014 and 2015): Breakdown of Exports Value in US$ Thousand by Destination Country (includes corresponding Graph/Chart) II-34

Table 26: World Imports of Butter (2014 and 2015): Breakdown of Imports Value in US$ Thousand by Country of Origin (includes corresponding Graph/Chart) II-35 Cheese.............. II-35 Current and Future Analysis..............II-36 Global Market for Cheese Powders II-36 Production and Consumption Scenario II-37 Table 27: World Cheese Production Volume in Thousand Metric Tons (2012-2016E) (includes corresponding Graph/Chart) II-37

Table 28: World Leading Cheese Producing Countries (2014-2016E): Production Volume in Thousand Metric Tons for European Union, United States, Russia, Brazil, Argentina, Canada, Australia, New Zealand, Mexico, and Belarus (includes corresponding Graph/Chart) II-38 Cheese Consumption.............. II-39 Table 29: World Leading Cheese Consuming Countries (2014-2016E): Consumption Volume in Thousand Metric Tons for European Union, United States, Russia, Brazil, Argentina, Canada, Mexico, Japan, Australia and South Korea (includes corresponding Graph/Chart)..............II-39

Table 30: Global Cheese Market (2014): Annual Per Capita Consumption (in Kg) for Select Countries (includes corresponding Graph/Chart)..............II-40 World Cheese Trade.............. II-40 Table 31: World Exports of Cheese (Grated/Powdered) (2014 and 2015): Breakdown of Exports Value in US$ Thousand by Destination Country (includes corresponding Graph/Chart) II-40

Table 32: World Imports of Cheese (Grated/ Powdered) (2014 and 2015): Breakdown of Imports Value in US$ Thousand by Country of Origin (includes corresponding Graph/Chart) II-41 New Marketing Strategies in the Offing II-41 Organic Cheese Grow in Popularity II-42 Ice Creams.............. II-42 Global Ice Cream Market - An Overview II-42 Artisanal Ice Creams Gaining Popularity II-43 Private Label Brands to Drive Growth for the Ice Creams Market II-43 Lactose Free Varieties Bolster Market Growth II-43 Ice Cream Manufacturers Create Better-For-You Products II-43 Innovations Drive the Ice Cream Market II-44 Major Players.............. II-44 Table 33: World Leading Ice Cream Manufacturers (2015): Percentage Market Shares Breakdown of Value Sales for General Mills Inc., Inner Mongolia Yili Industrial Group Co., Nestle S.A., Unilever and Others (includes corresponding Graph/Chart)..............II-44

Table 34: World Ice Cream Market (2015): Percentage Market Shares Breakdown of Value Sales by Category for Artisanal, Frozen Yogurt, Impulse Ice Cream, and Take-Home (includes corresponding Graph/Chart)..............II-45 Yogurt.............. II-45 Overview.............. II-45 Current and Future Analysis..............II-45 Per Capita Consumption..............II-46 Table 35: Global Yogurt Market (2015): Annual Per Capita Consumption (in Kg) for Netherlands, Turkey, France, Germany, Saudi Arabia, Spain, Austria, Czech Republic, Poland, and Russia (includes corresponding Graph/Chart) II-46 Leading Players.............. II-46 Table 36: World Yogurt Market by Leading Players (2015): Percentage Market Share Breakdown of Value Sales for Danone, Yakult, General Mills, Nestle, and Others (includes corresponding Graph/Chart)..............II-47 World Yogurt Trade.............. II-47 Table 37: World Exports of Yogurt (2014 and 2015): Breakdown of Exports Value in US$ Thousand by Destination Country (includes corresponding Graph/Chart) II-47

Table 38: World Imports of Yogurt (2014 and 2015): Breakdown of Imports Value in US$ Thousand by Country of Origin (includes corresponding Graph/Chart) II-48 Key Market Trends..............II-48 Fat Reduction - A Key Challenge for Product Developers II-48 Probiotic Products - Beneficial for Children's Health II-49 Table 39: Annual Household Spend on Probiotics in Asia (2015E): Unfurling the Market Potential (includes corresponding Graph/Chart)..............II-50

Table 40: Leading Probiotic Companies Worldwide (2014): Percentage Breakdown of Market Share for Chr Hansen, Danisco, Danone, Nestle, Yakult, and Others (includes corresponding Graph/Chart)..............II-50

Table 41: Leading Probiotic Yogurt Brands Worldwide (2015E): Percentage Breakdown of Share for Actimel, Activia, Bio Danone, Chamyto, Chobani, Private Label, R 1, Wahaha and Yakult (includes corresponding Graph/Chart) II-51 Biotechnology Improves Functional Profile of Yogurt II-51 Manufacturers Use Health as Positioning Strategy II-51 Promotional Programs and Innovations in Flavors Spur Growth II-52

4. COMPETITIVE LANDSCAPE..............II-53 Leading Global Players..............II-53 Table 42: Leading Dairy Companies in the World (2015): Dairy Turnover (US$ Billion) for Nestle, Lactalis (including Parmalat), Danone, Fonterra, Dairy Farmers of America, FrieslandCampina, Arla Foods, Saputo, Dean Foods, and Yili (includes corresponding Graph/Chart) II-53 Leading Dairy Product Manufacturers and their Presence in Key Dairy Segments.............. II-54 Consolidation Activity in the Dairy Market II-55 MandA Activity in the Dairy Products Industry: 2016-2014 II-55

5. DAIRY PRODUCTS TRADE SCENARIO..............II-56 Table 43: World Exports of Dairy Spreads (2014 and 2015): Breakdown of Exports Value in US$ Thousand by Destination Country (includes corresponding Graph/Chart) II-56

Table 44: World Imports of Dairy Spreads (2014 and 2015): Breakdown of Imports Value in US$ Thousand by Country of Origin (includes corresponding Graph/Chart) II-56

6. DISTRIBUTION AND MARKETING DYNAMICS II-57 Distribution.............. II-57 Retail Distribution.............. II-57 Growth of Grocery Multiples..............II-57 Discount Merchandisers..............II-57 Convenience Stores/CTNs/Kiosks..............II-57 Doorstep Delivery..............II-58 A Peek into the Distribution Dynamics of the Developing Regions II-58 Asia-Pacific.............. II-58 Latin America.............. II-58 Africa.............. II-59 Purchasing Trend.............. II-59 Retailer Strategies.............. II-59

7. DAIRY PRODUCTS - AN OVERVIEW..............II-60 A. Milk.............. II-60 Milk Processing.............. II-60 Pasteurization and Homogenization II-61 Ultra Heat Treatment (UHT)..............II-61 Flavored Milk.............. II-61 Cultured Milk.............. II-61 B. Milk Powders.............. II-61 Instant Milk Powders..............II-61 Importance of Milk in the Diet..............II-62 Table 45: Conversion of Whole Milk (includes corresponding Graph/Chart).............. II-62 Vital Lactic Acid Bacteria Used in the Dairy Industry II-63 Presence of Calcium in Dairy Products II-63 Standards Applied in Differentiating/ Classifying Milk II-63 US.............. II-63 International.............. II-63 Kinds of Milk.............. II-64 Fluid Whole Milk..............II-64 Reduced Fat/Low Fat Milk..............II-64 Fat-Free Milk.............. II-64 Nonfat Dry Milk.............. II-64 Flavored Milk.............. II-64 Specialty Milk.............. II-64 Reduced Lactose Milk..............II-64 Imitation and Substitute Milks II-65 Certified Milk.............. II-65 Organic Milk.............. II-65 Evaporated Milk.............. II-65 Condensed Milk.............. II-66 Cultured Milk.............. II-66 Nutrient Content of Milk..............II-66 Table 46: Composition of Whole, Semi-Skimmed and Skimmed Milks (per pint/568ml)..............II-67 C. Butter.............. II-67 Significance of Butter..............II-68 Key Features to Consider..............II-68 Manufacturing Process and Types of Butter II-68 Clarified Butter.............. II-69 D. Cheese.............. II-70 Art of Cheese Making..............II-70 1) Milk Preparation..............II-70 2) Starter Culture..............II-70 3) Coagulation of Milk..............II-70 4) Removal of Moisture from Curd II-70 5) Texturing of Curd..............II-70 6) Milling and Salting..............II-71 7) Molding, Pressing, and Hooping II-71 8) Maturing.............. II-71 Classification of Cheese..............II-71 Cottage Cheese.............. II-71 Varieties.............. II-71 Plain Cottage Cheese..............II-71 Low Fat Cottage Cheese..............II-72 Dry Curd Cottage Cheese..............II-72 Baker's Cheese/Pot/Hoop Cheese II-72 Flavored Cottage Cheese..............II-72 Process Cheese.............. II-72 Nutritional Information..............II-72 Table 47: Calories, Milk fat and Nutrient Value per ½-cup Serving.............. II-73 E. Yogurt.............. II-73 Introduction.............. II-73 Stirred Yogurt.............. II-73 Set Yogurt.............. II-74 Greek Yogurt.............. II-74 Recommended Compositions for Yogurts: II-74 Commercial Varieties of Yogurt..............II-74 F. Cream.............. II-74 Table 48: Types of Cream and their Fat Content - Clotted Cream, Double Cream, Whipping Cream, Sterilized Cream, Cream or Single Cream, Sterilized Half Cream, and Half Cream (includes corresponding Graph/Chart) II-75 Cream Kinds by Homogenization II-76 Half Cream and Single Cream..............II-76 Whipping Cream.............. II-76 Creams by Butterfat Content..............II-76 Clotted Cream.............. II-76 Whipping and Double Cream..............II-76 Sterilized Cream..............II-76 Half cream.............. II-76 Extra Thick Double Cream..............II-76 Aerosol Cream.............. II-76 Soured Cream.............. II-76 Varieties of Sour Cream..............II-77 Acidified sour cream..............II-77 Sour half-and-half..............II-77 Acidified sour half-and-half II-77 G. Ice Cream.............. II-77 Production Process.............. II-77 Different Varieties of Ice cream II-78 H. Other Dairy Products..............II-78 Whey.............. II-78 Composition.............. II-78 Uses.............. II-78 Cultured Dairy Products..............II-79 Buttermilk.............. II-79

8. PRODUCT INTRODUCTIONS/INNOVATIONS II-80 Arla Introduces Arla Farmers Milk II-80 Gujarat Co-operation Milk Marketing Federation Rolls Out Pouch Milk.............. II-80 Lotito Foods Unveils Folios™..............II-80 Arla Introduces Big Yogs..............II-80 Malta Dairy Releases Lactose Free Fresh Milk and Light Yogurt II-80 Swizzels Develops Parma Violets Cheese II-80 Blue Bell Rolls Out Cookie Two Step II-80 Arla Foods Releases Arla Farmers Milk II-80 Patanjali Introduces More Dairy Products II-81 FARMI Launches Pure-Pak® Yoghurt Smoothies and Rjaženka II-81 FrieslandCampina WAMCO Rolls Out Peak 456 II-81 Mother Dairy Introduces Cow Milk Variant II-81 Arla Foods Unveils Naifu Cheese..............II-81 Arla Foods Unveils Arla Protein Cottage Cheese II-81 Connage Highland Dairy Unveils Dunlop Cheese II-81 Nuestro Queso Releases Oaxaca Shredded Cheese II-81 Fage Rolls Out Yoghurt with Sweet and Savoury Toppings II-81 Minioti Introduces Premium Ice Creams II-82 Saputo Rolls Out Stella® Fresh Mozzarella II-82 Friendly's Ice Cream and Pop Tart Unveil New Ice Cream Sandwiches II-82 Danone Releases Light and Free..............II-82 Nestle India Rolls Out Nestle a+ Grekyo II-82 Mother Dairy Introduces Nolen Gur-Flavoured Ice Cream II-82 General Mills Releases Häagen-Dazs II-82 Sargento Launches Cheese Snack Bites II-82 Unilever Releases 17 New Frozen Treats II-82 China Ingredients Roll Out NZMP Gold Skim Milk Powder II-83 Arla Releases Arla Skyr..............II-83 Unilever Australia Introduces Flora with Butter and Bertoli with Butter.............. II-83 Parmalat Rolls Out Cottage Cheese Range II-83 Perfetti Van Melle and Unilever Launch Individually Wrapped Ice -Creams.............. II-83 Patanjali Unveils Indian Cow's Milk Powder II-83 Al Ain Dairy Introduces Camelait Brand Camel Milk Ice Cream and Powdered Milk.............. II-83 Stonyfield Launches Yogurts and New Whole Milk Offerings II-83 Fonterra Unveils Anchor Milk with Extended Shelf Life II-83 Arla Releases Range of Cream and Fresh Cheese II-84 The Collective Unveils Three New Luxury Range Yoghurts II-84 Unilever Rolls Out Twister, Feast, Cornetto and Magnum II-84 Tillamook and Bob's Red Mill Develop Six Varieties of Farmstyle Greek Yogurt.............. II-84 Bel Group's Laughing Cow Rolls Out Creamy Asiago Cheese and Cheese Dippers.............. II-84 Danone Releases Ready-To-Eat Custard II-84 Amul Develops Lactose-Free Milk..............II-84 Amul Rolls Out Poly-Pack Milk..............II-84 Amul Releases Super-Premium Range of Ice Cream II-84 Yuengling's Unveils Cinnamon Churro and Three New Ice Cream Flavours.............. II-85 Nuestro Queso Releases Oaxaca Shredded Strips II-85 Primula Unveils Heatable Cheese Dips II-85 Lantmännen Unibake Introduces Cheese Swirl II-85 Crystal Farms Rolls Out Bacon Cheddar Cheese II-85 Fonterra Releases Anchor Kids' Golden Milk II-85 FrieslandCampina Unveils Optiwell II-85 Arla Rolls Out Arla Protein Drinks and Flavoured Milk II-85 Land O'Lakes Launches LAND O LAKES® European Style Butter II-85 Crave Brothers Unveils Three New Cheese Selections II-86 Müller Wiseman Dairies Introduces Butter in 250g Packs II-86 Creambell Rolls Out Maxxum Mini..............II-86 Müller Develops Butter Packs..............II-86 Arla Develops Arla Big Milk..............II-86 Arla Introduces Arla® Skyr..............II-86 Unilever Rolls Out New Ice Cream Lines II-86 Sartori Unveils Citrus Ginger BellaVitano II-86 Parmalat Introduces Galbani Fresh Mozzarella and Mascarpone II-87 Ben and Jerry's Unveils Three New Flavours of Milk-And-Cookie Ice Creams.............. II-87 Saputo Cheese Releases Seven New Cheese Items and Enhancements for Nikos®.............. II-87 Amul Introduces Amul Creme Rich..............II-87 Unilever Rolls Out MAGNUM® Infinity Ice Cream Bars II-87 Häagen-Dazs Develops Tomato-Cherry and Carrot-Orange Flavours Ice Creams.............. II-87 Mikawaya Releases Five New Ice Cream Flavors II-87 HP Hood Introduces Cottage Cheese with Two New Flavours II-87 Hindustan Unilever Unveils Magnum Ice Creams II-88 FAGE Rolls Out Three New Flavours of Fruyo Greek Yoghurt II-88 Häagen-Dazs Launches Ice Creams in Two New Flavours II-88

9. RECENT INDUSTRY ACTIVITY..............II-89 Lactalis Snaps Up Fromagerie E. Graindorge II-89 Cowgirl to Merge with Swiss Dairy Food II-89 Friendly's Ice Cream Divests its Retail Ice Cream and Manufacturing Business..............II-89 Lactalis to Acquire Dairy Business of Anik Industries II-89 Parmalat Acquires Fonterra's Yogurt and Dairy Dessert Business II-89 Ornua Snaps Up Ambrosia Dairy..............II-89 Grupo LALA Enters into an Agreement with Laguna Dairy II-89 Arla to Form a Join Joint Venture with Dairy Farmers of America II-89 Arla Opens Distribution Facility II-90 Muller Plans to Close its Production Plants II-90 Blue Bell Creameries to Expand Distribution Area II-90 Amul Opens a Manufacturing Facility at Rohtak II-90 Friesland Campina to Expand Dairy Operations in China II-90 Arthur Schuman Announces a New Name Schuman Cheese II-90 Dairy Crest Sells Dairies Operations to Müller UK and Ireland Group II-90 General Mills Takes Over Carolina II-90 Godrej Agrovet Takes Over Controlling Stake in Creamline Dairy II-91 Parmalat Snaps Up Tamar Valley Dairy from Fonterra II-91 YASHILI to Acquire Dumex China II-91 Dairy Farmers of America to Acquire DairiConcepts II-91 Saputo Snaps Up Woolwich Dairy II-91 Century Park Takes Over Mikawaya II-91 Warrnambool Takes Over Everyday Cheese II-91 Murray Goulburn Takes Over Tasmanian Dairy II-91 Agropur Acquires Sobeys Dairy Manufacturing Facility and Certain Assets.............. II-92 Royal Frieslandcampina Forms a Join Joint Venture with China Huishan Dairy.............. II-92 Fonterra Enters into a Partnership with Faffa Foods II-92 Pepsico to Exit Joint Venture with Müller Quaker II-92 Lion Opens Production Plant..............II-92 Agropur Closes StBrunodeMontarville Production Plant II-92 Bongrain Renames as SAVENCIA Fromage and Dairy II-92 Meiji Opens a New Ice Cream Production Plant in China II-92 Unilever Opens Ice-Cream Manufacturing Unit in Africa II-92 Parmalat Takes Over Longwarry Food Park II-93 Agropur to Acquire Dairy Processing Assets of Davisco II-93 Agropur to Acquire Assets of Northumberland Dairy II-93 Dairytown to Merge with Agropur..............II-93 Parmalat Takes Over Harvey Fresh II-93 Dairylea to Merge with Dairy Farmers of America II-93 Saputo Wins Majority Control in Warrnambool II-93 Dairy Farmers of America Snaps Up Oakhurst Dairy II-93 Groupe Lactalis Takes Over Tirumala Milk II-94 First Milk Enters into a Partnership with Adams Food II-94 Agropur Inks an Agreement with Sobeys II-94

10. FOCUS ON SELECT PLAYERS..............II-95 Agropur Cooperative (Canada)..............II-95 AMUL (India).............. II-95 Arla Foods amba (Denmark)..............II-96 Dairy Farmers of America, Inc. (USA) II-96 Danone (France).............. II-96 Dean Foods Company (USA)..............II-97 Fonterra Co-Operative Group Limited (New Zealand) II-97 Groupe Lactalis SA (France)..............II-97 Parmalat S.P.A. (Italy)..............II-98 Megmilk Snow Brand Co., Ltd. (Japan) II-98 Meiji Co., Ltd. (Japan)..............II-98 Nestle SA (Switzerland)..............II-98 Royal FrieslandCampina N.V. (The Netherlands) II-99 SanCor Cooperativas Unidas Limitada (Argentina) II-99 Saputo, Inc. (Canada)..............II-100 Savencia Fromage and Dairy (France) II-100 The Kraft Heinz Company (US)..............II-100 Unilever NV (The Netherlands)..............II-101

11. GLOBAL MARKET PERSPECTIVE..............II-102 Table 49: World Recent Past, Current and Future Analysis for Dairy Products by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2015 through 2022 (includes corresponding Graph/Chart) II-102

Table 50: World Historic Review for Dairy Products by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2009 through 2014 (includes corresponding Graph/Chart)..............II-103

Table 51: World 14-Year Perspective for Dairy Products by Geographic Region - Percentage Breakdown of Dollar Sales for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets for Years 2009, 2016 and 2022 (includes corresponding Graph/Chart) II-104 Dairy Products Market by Product Segment II-105 Table 52: World Recent Past, Current and Future Analysis for Fluid Milk by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2015 through 2022 (includes corresponding Graph/Chart) II-105

Table 53: World Historic Review for Fluid Milk by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2009 through 2014 (includes corresponding Graph/Chart).............. II-106

Table 54: World 14-Year Perspective for Fluid Milk by Geographic Region - Percentage Breakdown of Dollar Sales for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets for Years 2009, 2016 and 2022 (includes corresponding Graph/Chart) II-107

Table 55: World Recent Past, Current and Future Analysis for Milk Powder by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2015 through 2022 (includes corresponding Graph/Chart) II-108

Table 56: World Historic Review for Milk Powder by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2009 through 2014 (includes corresponding Graph/Chart).............. II-109

Table 57: World 14-Year Perspective for Milk Powder by Geographic Region - Percentage Breakdown of Dollar Sales for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets for Years 2009, 2016 and 2022 (includes corresponding Graph/Chart) II-110

Table 58: World Recent Past, Current and Future Analysis for Butter by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2015 through 2022 (includes corresponding Graph/Chart) II-111

Table 59: World Historic Review for Butter by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2009 through 2014 (includes corresponding Graph/Chart).............. II-112

Table 60: World 14-Year Perspective for Butter by Geographic Region - Percentage Breakdown of Dollar Sales for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets for Years 2009, 2016 and 2022 (includes corresponding Graph/Chart) II-113

Table 61: World Recent Past, Current and Future Analysis for Cheese by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2015 through 2022 (includes corresponding Graph/Chart) II-114

Table 62: World Historic Review for Cheese by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2009 through 2014 (includes corresponding Graph/Chart).............. II-115

Table 63: World 14-Year Perspective for Cheese by Geographic Region - Percentage Breakdown of Dollar Sales for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets for Years 2009, 2016 and 2022 (includes corresponding Graph/Chart) II-116

Table 64: World Recent Past, Current and Future Analysis for Ice Cream and Related Products by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2015 through 2022 (includes corresponding Graph/Chart) II-117

Table 65: World Historic Review for Ice Cream and Related Products by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2009 through 2014 (includes corresponding Graph/Chart) II-118

Table 66: World 14-Year Perspective for Ice Cream and Related Products by Geographic Region - Percentage Breakdown of Dollar Sales for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets for Years 2009, 2016 and 2022 (includes corresponding Graph/Chart) II-119

Table 67: World Recent Past, Current and Future Analysis for Yogurt and Related Products by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2015 through 2022 (includes corresponding Graph/Chart) II-120

Table 68: World Historic Review for Yogurt and Related Products by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2009 through 2014 (includes corresponding Graph/Chart) II-121

Table 69: World 14-Year Perspective for Yogurt and Related Products by Geographic Region - Percentage Breakdown of Dollar Sales for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets for Years 2009, 2016 and 2022 (includes corresponding Graph/Chart) II-122

Table 70: World Recent Past, Current and Future Analysis for Cream by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2015 through 2022 (includes corresponding Graph/Chart) II-123

Table 71: World Historic Review for Cream by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2009 through 2014 (includes corresponding Graph/Chart) II-124

Table 72: World 14-Year Perspective for Cream by Geographic Region - Percentage Breakdown of Dollar Sales for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East and Africa, and Latin American Markets for Years 2009, 2016 and 2022 (includes corresponding Graph/Chart) II-125

III. MARKET

1. THE UNITED STATES.............. III-1 A.Market Analysis.............. III-1 The US Dairy Sector - A Mature Market III-1 Cheese Dominates the US Dairy Sector III-1 Per Capita Consumption of Dairy Products III-3 Table 73: The US Per Capita Consumption of Select Dairy Products: 2014 (includes corresponding Graph/Chart) III-3 Dairy Farming Overview..............III-4 Table 74: Number of Dairy Plants in the US for the Years 2011 through 2015 (includes corresponding Graph/Chart) III-4 Market Outlook.............. III-5 Success Factors..............III-5 Ice Cream Sales to Continue Growth III-5 Organic and Natural Dairy Products Continue to Attract More Consumers.............. III-6 New Sweeteners Make a Mark..............III-6 New Flavors Find Way into Dairy Products III-6 Flavors in Select Dairy Products Segment III-7 Production Scenario..............III-7 Table 75: The US Dairy Products Production (2014 and 2015): Production Volume (in Thousand Pounds) for Cheese (excluding Cottage Cheese), Yogurt (Plain and Flavored), Butter, Cottage Cheese, and Sour Cream (includes corresponding Graph/Chart)..............III-7 Trans-Pacific Partnership Poised to Benefit US Exporters III-8 Review of Select Dairy Product Segments III-8 Milk.............. III-8 Milk Production in the US..............III-8 Table 76: The US Cow Milk Production in Thousand Metric Tons for Years 2012-2016E (includes corresponding Graph/Chart).............. III-9

Table 77: The US Milk Production by Leading Milk Producing States (2016E): Volume Production (in Thousand Metric Tons) for California, Idaho, Michigan, Minnesota, New Mexico, New York, Pennsylvania, Texas, Washington and Wisconsin (includes corresponding Graph/Chart) III-9 Key Market Trends..............III-10 rBST Free Milk: A Lucrative Point of Differentiation III-10 Milk Consumption Trends in North America III-10 Surplus Organic Milk Drives Product Innovation III-10 Popularity of Pasteurized Milk Increases III-11 Children - At the Core of Milk Consumption III-11 Flavored Milk - Undergoing a Revolution III-11 Powdered Milk Demand Surges in the US III-11 Fermented Products..............III-11 Skimmed Milk.............. III-11 Competitive Landscape..............III-12 Table 78: The US Refrigerated Flavored Milk/Eggnog/Buttermilk Market by Leading Brands (2015): Market Share Breakdown of Value Sales for Borden, Creamland TruMoo, Darigold, Dean's Country Fresh TruMoo, Hilland, Horizon Organic, Prairie Farms, Purity, TruMoo, Private Label, and Others (includes corresponding Graph/Chart).............. III-12

Table 79: The US Refrigerated Low Fat/Skim Milk Market by Leading Brands (2015): Market Share Breakdown of Value Sales for Country Fresh, Dean Food's Dairy, Hiland, Hood, Hood Lactaid, Horizon Organic, Kemps Select, Organic Valley, Prairie Farms, Private Label, and Others (includes corresponding Graph/Chart) III-12 Cream.............. III-13 Table 80: The US Sour Cream Market by Leading Players (2015): Market Share Breakdown of Value Sales for Daisy Brand, Dean Foods, Friendship Dairies, H.P. Hood, Kemps, The Kraft Heinz Company, Tillamook County Creamery, Private Label, and Others (includes corresponding Graph/Chart).............. III-13 Butter.............. III-14 Table 81: The US Butter Production in Thousand Metric Tons for Years 2012-2016E (includes corresponding Graph/Chart) III-14 Market Trends for Butter..............III-15 Leading Brands..............III-15 Table 82: The US Refrigerated Butter Market by Leading Brand (2016E): Market Share Breakdown of Value Sales for Breakstone's, Cabot, Challenge Butter, Crystal Farms, Kerrygold, Land O'Lakes, Tillamook, Private Label, and Others (includes corresponding Graph/Chart) III-15

Table 83: The US Margarine/Spread/Butter Blends Market by Leading Brand (2015): Percentage Share Breakdown of Value Sales for Blue Bonnet, Brummel and Brown, Earth Balance, I Can't Believe It's Not Butter, I Can't Believe It's Not Butter Light, Imperial, Parkay, Shedd's Country Crock, Smart Balance, Private Label, and Others (includes corresponding Graph/Chart)..............III-16 Cheese.............. III-16 Market Overview.............. III-17 Cheese Consumption on the Rise III-17 Pricing Scenario..............III-18 Major Trends in the Cheese Market III-18 Natural, Low-Fat Cheese Gains Popularity III-18 Advertising Pushes Up Cheese Visibility III-18 Domestic Substitutes (Artisan) Competes with EU PDO Cheeses III-19 Growing Demand Drives Innovation in Artisan Cheese Marketing III-19 Camel Cheese: The New Fad III-20 Growing Popularity of Specialty/Exotic Cheese III-20 Snacking Drives Cheese Sales III-20 Flavored Cheese Finds Favor Among Consumers III-20 Production Scenario..............III-20 Table 84: The US Cheese Production by Type (2014 and 2015): Breakdown of Production Volume (in Thousand Pounds) for American Types (Cheddar and Other American Types), Blue and Gorgonzola, Brick, Cream and Neufchatel, Feta, Gouda, Hispanic, Italian Types (Mozzarella, Parmesan, Provolone, Ricotta, Romano and Other Italian Types), Muenster, Swiss, and Other Types (includes corresponding Graph/Chart).............. III-21

Table 85: The US Italian Cheese Market by Type (2014 and 2015): Percentage Breakdown of Production Volume for Mozzarella, Provolone, Parmesan, Ricotta, Romano, and Other Italian Varieties (includes corresponding Graph/Chart).............. III-22

Table 86: The US Cheese Market by State (2014 and 2015): Breakdown of Production Volume (in Thousand Pounds) for California, Idaho, Iowa, Minnesota, New Mexico, New York, Ohio, Pennsylvania, South Dakota, Vermont, Wisconsin and Other States (includes corresponding Graph/Chart) III-23

Table 87: The US Cottage Cheese Production by Type (2014 and 2015): Breakdown of Production Volume (in Thousand Pounds) for Curd, Creamed and Low Fat (includes corresponding Graph/Chart)..............III-23 An Overview of Various Cheese Types III-24 Cottage Cheese.............. III-24 Processed Cheese..............III-24 Hard Cheese.............. III-24 Soft Cheese.............. III-24 Competitive Landscape..............III-24 Table 88: The US Natural Shredded Cheese Market by Leading Player (2015): Market Share Breakdown of Value Sales for Crystal Farms, Dairy Farmers of America, Saputo Cheese USA Inc., Sargento Food Co., The Kraft Heinz Company and Others (includes corresponding Graph/Chart)..............III-25

Table 89: The US Natural Cheese Chunk Market by Leading Player (2015): Market Share Breakdown of Value Sales for Bel Brands, Belgioioso, Boar's Head/Brunckhorst, Cabot Creamery, Cacique, Crystal Farms, The Kraft Heinz Company, Tillamook County Creamery, Private Label, and Others (includes corresponding Graph/Chart) III-26 Major Brands..............III-26 Table 90: The US Natural Slice Cheese Market by Leading Brand (2015): Market Share Breakdown of Value Sales for Borden, Crystal Farms, Kraft, Kraft Cracker Barrel, Land O'Lakes, Sargento, Tillamook, Private Label, and Others (includes corresponding Graph/Chart) III-26

Table 91: The US Natural Chunk Cheese Market by Leading Brand (2015): Market Share Breakdown of Value Sales for Belgioioso, Cabot, Cacique Rancehro, Crystal Farms, Kraft, Kraft Cracker Barrel, The Laughing Cow Mini BabyBel, Tillamook, Private Label, and Others (includes corresponding Graph/Chart) III-27

Table 92: The US Natural Shredded Cheese Market by Leading Brand (2015): Market Share Breakdown of Value Sales for American Heritage, Borden, Crystal Farms, Kraft, Kraft Philadelphia, Sargento, Private Label and Others (includes corresponding Graph/Chart) III-27

Table 93: The US Cottage Cheese Market by Leading Brand (2015): Market Share Breakdown of Value Sales for Breakstones, Daisy, Kraft Simply, Knudsen, Private Label, and Others (includes corresponding Graph/Chart) III-28

Table 94: The US Soft Cream Cheese Market by Leading Brand (2015): Market Share Breakdown of Value Sales for Challenge, Crystal Farms, Dutch Farms, Kraft Philadelphia, Private Label, and Others (includes corresponding Graph/Chart) III-28 Ice Cream.............. III-28 Production and Consumption Scenario III-29 Table 95: The US Regular Ice Cream Production Volume (2012-2015) in Thousand Gallons (includes corresponding Graph/Chart).............. III-29

Table 96: The Frozen Dessert Production by Category (2014 and 2015): Breakdown of Production Volume (In Thousand Gallons) for Ice Creams (Regular Ice Cream, Low-fat Ice Cream, and Non-Fat Ice Cream), Frozen Yogurt, Sherbet, Water and Juice Ices, and Others (includes corresponding Graph/Chart).............. III-30 Traditional Flavors Dominate the Ice Cream Market III-30 Competitive Landscape..............III-31 Table 97: The US Ice Cream Market by Leading Player (2015): Market Share Breakdown of Value Sales for Ben and Jerry's, Blue Bell Creameries, Dean Foods, Friendly's IceCream, Good Humor/Breyers, Nestle Dreyer's IceCream, Talenti, Turkey Hill Dairy, Wells Enterprises, Private Label, and Others (includes corresponding Graph/Chart) III-31 Major Brands.............. III-32 Table 98: The US Ice Cream Market by Leading Brands (2015): Market Share Breakdown of Value Sales for Ben and Jerry's, Blue Bell, Breyer's, Dreyer's/Edy's, Friendly's, Häagen-Dazs, Talenti, Turkey Hill, Wells Blue Bunny, Private Label, and Others (includes corresponding Graph/Chart) III-32 Yogurt.............. III-32 Table 99: The US Yogurt Market by Leading Players (2015): Percentage Breakdown of Value Sales for Agro Farma, Danone, General Mills, Lactalis, and Others (includes corresponding Graph/Chart) III-32 Nutritional Profile and Convenience Bolster Yogurt Products Demand..............III-33 Greek-Style Yogurt - The New Growth Buzzword III-33 Greek Yogurt Market Outlook..............III-34 Product Innovations and Investments to Propel Demand for Frozen Yogurts.............. III-34 Low Consumption - Enormous Growth Opportunities III-34 Health Benefits Boost Demand for Yogurt Drinks III-35 Innovative Products Driving Sales III-35 Yogurt Flavors - Expanding Range III-35 Major Brands.............. III-35 Table 100: The US Yogurt Market by Leading Brand (2015): Market Share Breakdown of Value Sales for Chobani, Dannon, Yoplait, and Others (includes corresponding Graph/Chart).............. III-35 Competitive Landscape in the Dairy Products Market III-36 A Consolidating Market..............III-36 Private Label - Growing in Significance III-36 Retail Sector.............. III-36 Export-Import Trade Scenario III-37 Dairy Export Incentive Program III-37 Exports Statistics..............III-37 Table 101: The US Exports of Fermented Milk Products (2015 and 2016 (Jan-Jun)): Breakdown of Exports Value in US$ Thousand by Destination Country (includes corresponding Graph/Chart)..............III-37

Table 102: The US Exports of Cheese and Curd (2015 and 2016 (Jan-Jun)): Breakdown of Exports Value in US$ Million by Destination Country (includes corresponding Graph/Chart) III-38

Table 103: The US Exports of Milk/Cream (Concentrated/Powdered) (2015 and 2016 (Jan-Jun)): Breakdown of Exports Value in US$ Million by Destination Country (includes corresponding Graph/Chart) III-38

Table 104: The US Exports of Butter, Dairy Spreads and Other Fats and Oils Derived from Milk (2015 and 2016 (Jan-Jun)): Breakdown of Exports Value in US$ Thousand by Destination Country (includes corresponding Graph/Chart) III-39

Table 105: The US Exports of Yogurt (2015 and 2016 (Jan-Jun)): Breakdown of Exports Value in US$ Thousand by Destination Country (includes corresponding Graph/Chart) III-39

Table 106: The US Exports of Ice Cream and Other Edible Ice (2015 and 2016 (Jan-Jun)): Breakdown of Exports Value in US$ Million by Destination Country (includes corresponding Graph/Chart)..............III-40 Imports Statistics..............III-40 Table 107: The US Imports of Fermented Milk Products (2015 and 2016 (Jan-Jun)): Breakdown of Imports Value in US$ Thousand by Country of Origin (includes corresponding Graph/Chart).............. III-40

Table 108: The US Imports of Cheese and Curd (2015 and 2016 (Jan-Jun)): Breakdown of Imports Value in US$ Million by Country of Origin (includes corresponding Graph/Chart) III-41

Table 109: The US Imports of Milk/Cream (Concentrated/Powdered) (2015 and 2016 (Jan-Jun)): Breakdown of Imports Value in US$ Thousand by Country of Origin (includes corresponding Graph/Chart) III-41

Table 110: The US Imports of Butter, Dairy Spreads and Other Fats and Oils Derived from Milk (2015 and 2016 (Jan-Jun)): Breakdown of Imports Value in US$ Thousand by Country of Origin (includes corresponding Graph/Chart) III-42

Table 111: The US Imports of Yogurt (2015 and 2016 (Jan-Jun)): Breakdown of Imports Value in US$ Thousand by Country of Origin (includes corresponding Graph/Chart) III-42

Table 112: The US Imports of Ice Cream and Other Edible Ice (2015 and 2016 (Jan-Jun)): Breakdown of Imports Value in US$ Million by Country of Origin (includes corresponding Graph/Chart)..............III-43 Product Launches..............III-44 Strategic Corporate Developments III-47 Select Key Players..............III-48 B.Market Analytics..............III-50 Table 113: The US Recent Past, Current and Future Analysis for Dairy Products by Product Segment - Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products, and Cream Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2015 through 2022 (includes corresponding Graph/Chart) III-50

Table 114: The US Historic Review for Dairy Products by Product Segment - Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products, and Cream Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2009 through 2014 (includes corresponding Graph/Chart)..............III-51

Table 115: The US 14-Year Perspective for Dairy Products by Product Segment - Percentage Breakdown of Dollar Sales for Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products, and Cream Markets for Years 2009, 2016 and 2022 (includes corresponding Graph/Chart).............. III-52

2. CANADA.............. III-53 A.Market Analysis.............. III-53 Outlook.............. III-53 Canadian Dairy Industry- An Overview III-53 Table 116: Canadian Dairy Market (2010-11 to 2014-15): Breakdown of Number of Farms, Number of Cows (Thousand), and Milk Production (Million Kg Butterfat) (includes corresponding Graph/Chart)..............III-55 Health Concerns Promote Consumption of Low-Fat Dairy Products III-55 An Expanding Canadian Organic Dairy Industry III-55 Table 117: Certified Organic Milk Production (in Hectolitres) and Number of Farms in Canada (2010/11 to 2014/15) (includes corresponding Graph/Chart) III-56

Table 118: Canadian Organic Milk Production (2014/15): Percentage Share Breakdown of Production for Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, and Quebec (includes corresponding Graph/Chart) III-56 Efficient Supply Chain Management of Dairy Industry III-57 Dairy Genetics.............. III-57 Quality and Safety..............III-57 Production Scenario..............III-58 Table 119: Production of Select Dairy Products in Canada (2014-2016E): Annual Output in Thousand Metric Tons for Cow Milk, Cheese, and Butter (includes corresponding Graph/Chart).............. III-58 Per Capita Consumption of Dairy Products III-59 Table 120: Dairy Products Consumption in Canada by Type (2015): Per Capita Consumption in Litres for Milk, Cream, Yogurt, and Ice Cream (includes corresponding Graph/Chart) III-59 Review of Select Product Segments III-59 Cheese.............. III-59 Table 121: Cheese per Capita Consumption in Canada by Type (2015): Per Capita Consumption in Kg for Cheddar Cheese, Specialty Cheese, Cottage Cheese, Processed Cheese, and Butter (includes corresponding Graph/Chart) III-60

Table 122: Canadian Cheese Market by Category: Distribution of Cheese by Moisture Content for Firm Cheese, Semi-Soft Cheese, Soft Cheese, Hard Cheese, Blue-Veined Cheese, and Fresh Cheese (includes corresponding Graph/Chart) III-61 Fluid Milk.............. III-61 Table 123: Fluid Milk Sales in Canada by Select Category (in Thousand Litres) for the Years 2013-2016 (Jan-Jun) (includes corresponding Graph/Chart) III-61 Butter.............. III-62 Yogurt.............. III-62 Ice Cream.............. III-62 Consumer Demand for Traditional Options to Support Ice Cream Production Industry III-62 Strategic Locations of Plants III-62 Regulatory Environment..............III-63 Milk Sharing Quota System..............III-63 Distribution.............. III-63 Export and Import Scenario..............III-64 Exports.............. III-64 Table 124: Canadian Exports of Fermented Milk Products (2015 and 2016 (Jan-Jun)): Breakdown of Exports Value in US$ by Destination Country (includes corresponding Graph/Chart).............. III-64

Table 125: Canadian Exports of Milk/Cream (Concentrated/Powdered) (2015 and 2016 (Jan-Jun)): Breakdown of Exports Value in US$ Thousand by Destination Country (includes corresponding Graph/Chart) III-65

Table 126: Canadian Exports of Cheese and Curd (2015 and 2016 (Jan-Jun)): Breakdown of Exports Value in US$ Thousand by Destination Country (includes corresponding Graph/Chart).............. III-65

Table 127: Canadian Exports of Butter, Dairy Spreads and Other Fats and Oils Derived from Milk (2015 and 2016 (Jan-Jun)): Breakdown of Exports Value in US$ Thousand by Destination Country (includes corresponding Graph/Chart) III-66

Table 128: Canadian Exports of Yogurt (2015 and 2016 (Jan-Jun)): Breakdown of Exports Value in US$ Thousand by Destination Country (includes corresponding Graph/Chart) III-66 Imports.............. III-67 Table 129: Canadian Imports of Fermented Milk Products (2015 and 2016 (Jan-Jun)): Breakdown of Imports Value in US$ by Country of Origin (includes corresponding Graph/Chart) III-67

Table 130: Canadian Imports of Milk/Cream (Concentrated/Powdered) (2015 and 2016 (Jan-Jun)): Breakdown of Imports Value in US$ Thousand by Country of Origin (includes corresponding Graph/Chart) III-67

Table 131: Canadian Imports of Cheese and Curd (2015 and 2016 (Jan-Jun)): Breakdown of Imports Value in US$ Thousand by Country of Origin (includes corresponding Graph/Chart).............. III-68

Table 132: Canadian Imports of Butter, Dairy Spreads and Other Fats and Oils Derived from Milk (2015 and 2016 (Jan-Jun)): Breakdown of Imports Value in US$ Thousand by Country of Origin (includes corresponding Graph/Chart) III-68

Table 133: Canadian Imports of Yogurt (2015 and 2016 (Jan-Jun)): Breakdown of Imports Value in US$ Thousand by Country of Origin (includes corresponding Graph/Chart) III-69 Product Launch.............. III-69 Strategic Corporate Developments III-69 Select Key Players..............III-70 B.Market Analytics..............III-72 Table 134: Canadian Recent Past, Current and Future Analysis for Dairy Products by Product Segment - Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products, and Cream Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2015 through 2022 (includes corresponding Graph/Chart) III-72

Table 135: Canadian Historic Review for Dairy Products by Product Segment - Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products, and Cream Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2009 through 2014 (includes corresponding Graph/Chart)..............III-73

Table 136: Canadian 14-Year Perspective for Dairy Products by Product Segment - Percentage Breakdown of Dollar Sales for Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products, and Cream Markets for Years 2009, 2016 and 2022 (includes corresponding Graph/Chart).............. III-74

3. JAPAN.............. III-75 A.Market Analysis.............. III-75 Outlook.............. III-75 Table 137: Japanese Dairy Production by Select Product Type (2013 - 2015 (Jan-Aug)): Production Volume for Butter, Cream, Whole Milk Powder, Prepared Milk Powder and Skim Milk Powder in Metric Tons (includes corresponding Graph/Chart).............. III-75

Table 138: Japanese Ice Cream Production in Kilo Liters (2012 - 2015 (Jan-Aug)) (includes corresponding Graph/Chart).............. III-76 Review of Select Segments..............III-76 Fluid Milk.............. III-76 Megmilk Snow Brand Emerges as a Leading Player III-76 Yogurt.............. III-76 Competition.............. III-77 Cheese.............. III-77 Major Trends.............. III-77 Artisanal Cheese in Vogue III-77 Innovative Marketing: A Road Widely Travelled III-78 Rising Consumption of Wine Boosts Cheese Demand III-78 Calcium Consumption Benefits Boost Dairy Demand III-78 Freshness Pervades Milk Market III-78 Coffee Drives Cream..............III-78 Changing Tastes Mark the Cheese Sector III-79 Competition.............. III-79 Megmilk Snow Commands Dominating Value Share III-79 Trade Scenario.............. III-79 Table 139: Japanese Imports of Butter (2014 and 2015): Breakdown of Imports Volume in Metric Tons by Country of Origin (includes corresponding Graph/Chart) III-79

Table 140: Japanese Imports of Cheese (2014 and 2015): Breakdown of Imports Volume in Metric Tons by Country of Origin (includes corresponding Graph/Chart) III-80 Regulatory Environment..............III-80 Labeling Requirements..............III-81 Product Launch.............. III-81 Strategic Corporate Development III-82 Select Key Players..............III-82 B.Market Analytics..............III-83 Table 141: Japanese Recent Past, Current and Future Analysis for Dairy Products by Product Segment - Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products, and Cream Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2015 through 2022 (includes corresponding Graph/Chart) III-83

Table 142: Japanese Historic Review for Dairy Products by Product Segment - Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products, and Cream Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2009 through 2014 (includes corresponding Graph/Chart)..............III-84

Table 143: Japanese 14-Year Perspective for Dairy Products by Product Segment - Percentage Breakdown of Dollar Sales for Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products, and Cream Markets for Years 2009, 2016 and 2022 (includes corresponding Graph/Chart).............. III-85

4. EUROPE.............. III-86 A.Market Analysis.............. III-86 Outlook.............. III-86 Drinking Milk Products..............III-86 Consumption Patterns..............III-87 Trade.............. III-87 Market Intervention Measures III-87 Western Europe Presents Huge Opportunities for Dairy Operators III-87 Table 144: Western European Yogurt Market by Leading Player (2015): Market Share Breakdown of Value Sales for Danone, General Mills, Muller, and Others (includes corresponding Graph/Chart).............. III-88 Distribution Landscape..............III-88 Review of Select Dairy Product Segments III-89 Fluid Milk.............. III-89 Table 145: Milk Production and Consumption in the European Union in Thousand Metric Tons for the Years 2014-2016 (includes corresponding Graph/Chart) III-90 Abolition of Milk Quota System III-90 Milk Policy Reforms Underway III-90 Cheese.............. III-90 Table 146: Cheese Production in the European Union in Thousand Metric Tons for Years 2014-2016 (includes corresponding Graph/Chart) III-91

Table 147: European Cheese Market (2014): Annual Per Capita Consumption (in Kg) for Select Countries (includes corresponding Graph/Chart) III-92 Exports and Imports..............III-92 Table 148: Cheese Exports and Imports in the European Union in Thousand Metric Tons for Years 2014-2016 (includes corresponding Graph/Chart) III-92 Butter.............. III-93 Table 149: Butter Production in the European Union in Thousand Metric Tons for Year 2014-2016 (includes corresponding Graph/Chart) III-93

Table 150: EU Butter Exports and Imports in Thousand Metric Tons for Years 2014-2016 (includes corresponding Graph/Chart).............. III-93

Table 151: European Butter Market (2014): Annual Per Capita Consumption (in Kg) by Select Country (includes corresponding Graph/Chart) III-94 B.Market Analytics..............III-95 Table 152: European Recent Past, Current and Future Analysis for Dairy Products by Geographic Region - France, Germany, Italy, UK, Spain, Russia, and Rest of Europe Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-95

Table 153: European Historic Review for Dairy Products by Geographic Region - France, Germany, Italy, UK, Spain, Russia, and Rest of Europe Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2009 through 2014 (includes corresponding Graph/Chart) III-96

Table 154: European 14-Year Perspective for Dairy Products by Geographic Region - Percentage Breakdown of Dollar Sales for France, Germany, Italy, UK, Spain, Russia, and Rest of Europe Markets for Years 2009, 2016 and 2022 (includes corresponding Graph/Chart)..............III-97

Table 155: European Recent Past, Current and Future Analysis for Dairy Products by Product Segment - Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products, and Cream Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2015 through 2022 (includes corresponding Graph/Chart) III-98

Table 156: European Historic Review for Dairy Products by Product Segment - Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products, and Cream Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2009 through 2014 (includes corresponding Graph/Chart)..............III-99

Table 157: European 14-Year Perspective for Dairy Products by Product Segment - Percentage Breakdown of Dollar Sales for Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products, and Cream Markets for Years 2009, 2016 and 2022 (includes corresponding Graph/Chart).............. III-100

4a. FRANCE.............. III-101 A.Market Analysis.............. III-101 Outlook.............. III-101 Dairy Products Consumption: Affected by Changing Food Habits III-101 Healthy and Enriched Products to Drive Demand III-101 French Dairy Goes the Organic Way III-102 Review of Select Dairy Product Segments III-102 Fluid Milk.............. III-102 Trends.............. III-102 Cheese.............. III-102 Cheese Types.............. III-103 Groupe Lactalis Retains Leading Position III-103 Cream and Butter.............. III-103 Ice Cream, Yogurt and Chilled Desserts III-104 Yoghurt Continues to Lose Market Share III-104 Competitive Landscape..............III-104 Major Players in the Dairy Products Market III-104 Private Label Benefits from Low Brand Loyalty III-105 Product launches..............III-105 Strategic Corporate Developments III-105 Select Key Players..............III-106 B.Market Analytics..............III-108 Table 158: French Recent Past, Current and Future Analysis for Dairy Products by Product Segment - Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products, and Cream Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2015 through 2022 (includes corresponding Graph/Chart) III-108

Table 159: French Historic Review for Dairy Products by Product Segment - Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products, and Cream Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2009 through 2014 (includes corresponding Graph/Chart)..............III-109

Table 160: French 14-Year Perspective for Dairy Products by Product Segment - Percentage Breakdown of Dollar Sales for Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products, and Cream Markets for Years 2009, 2016 and 2022 (includes corresponding Graph/Chart).............. III-110

4b. GERMANY.............. III-111 A.Market Analysis.............. III-111 Outlook.............. III-111 Germany Catches Up with Organic Wave III-111 Review of Select Dairy Product Segments III-111 Butter.............. III-111 Ice Cream, Yogurt and Chilled Desserts III-112 Cheese.............. III-112 Competitive Landscape..............III-112 Strategic Corporate Development III-112 B.Market Analytics..............III-113 Table 161: German Recent Past, Current and Future Analysis for Dairy Products by Product Segment - Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products, and Cream Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2015 through 2022 (includes corresponding Graph/Chart) III-113

Table 162: German Historic Review for Dairy Products by Product Segment - Fluid Milk, Milk Powder, Butter, Cheese, Ice Cream and

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