Drinking Milk Products in Japan

Drinking Milk Products in Japan
Euromonitor International
August 2019
DRINKING MILK PRODUCTS IN JAPAN Passport i
LIST OF CONTENTS AND TABLES

Headlines ..................................................................................................................................... 1
Prospects ..................................................................................................................................... 1
Rising Health-awareness Supporting Growth in Milk ................................................................ 1
Growing Interest in Taste Boosts Demand for Full-fat Milk ....................................................... 1
Soy Drinks Benefiting From Health Trend and Manufacturer Efforts To Diversify Consumption1
Competitive Landscape ................................................................................................................ 2
Meiji Looks To Build on Reputation for Quality ......................................................................... 2
Soy Drinks Leader Seeks To Expand Range of Consumption ................................................. 2
Major Players Raise Prices ....................................................................................................... 2
Category Data .............................................................................................................................. 2
Table 1 Sales of Drinking Milk Products by Category: Volume 2014-2019 ............... 2
Table 2 Sales of Drinking Milk Products by Category: Value 2014-2019 .................. 3
Table 3 Sales of Drinking Milk Products by Category: % Volume Growth 2014-
2019 ............................................................................................................. 4
Table 4 Sales of Drinking Milk Products by Category: % Value Growth 2014-
2019 ............................................................................................................. 4
Table 5 NBO Company Shares of Drinking Milk Products: % Value 2015-2019 ....... 5
Table 6 LBN Brand Shares of Drinking Milk Products: % Value 2016-2019 ............. 5
Table 7 Distribution of Drinking Milk Products by Format: % Value 2014-2019 ........ 6
Table 8 Forecast Sales of Drinking Milk Products Products by Category:
Volume 2019-2024 ....................................................................................... 7
Table 9 Forecast Sales of Drinking Milk Products Products by Category:
Value 2019-2024 .......................................................................................... 7
Table 10 Forecast Sales of Drinking Milk Products Products by Category: %
Volume Growth 2019-2024 .......................................................................... 8
Table 11 Forecast Sales of Drinking Milk Products Products by Category: %
Value Growth 2019-2024 ............................................................................. 9
© Euromonitor International
DRINKING MILK PRODUCTS IN JAPAN Passport 1
DRINKING MILK PRODUCTS IN JAPAN

HEADLINES
▪ Drinking milk products sees 2% current value growth in 2019 to reach JPY751 billion
▪ Consumers displaying growing interest in the quality and taste of milk
▪ Other milk alternatives is the most dynamic category in 2019, with 18% current value growth
▪ Unit prices rise significantly across most categories
▪ Meiji Co Ltd is the largest player in 2019, with a 12% value share
▪ Drinking milk products is expected to see a 2% current value CAGR (0.4% at constant 2019
prices) over the forecast period, reaching JPY820 billion (JPY766 billion in constant terms) in
2024
PROSPECTS
Rising Health-awareness Supporting Growth in Milk

While the production of raw milk was slightly affected by natural disasters in 2018, fresh milk
saw growth in the final year of the review period on the back of the ongoing healthy living trend
amongst consumers. Although the nutritional value of milk in contributing to bone health has
been well known for a long time, its health benefits are gaining renewed attention as consumers
become generally more health-conscious. Moreover, milk is benefiting from increasing media
exposure. With nutritional benefits other than bone health being reported on some Japanese TV
programmes, people are now consuming milk for a variety of purposes, such as for muscle
growth and for beauty. This has served to attract younger consumers, as well as the older
people most concerned about bone health.
Growing Interest in Taste Boosts Demand for Full-fat Milk

The end of the review period saw consumers display a growing interest in the taste and
quality of milk, reducing the prominence of pricing in purchasing decisions. Consumers are now
opting for better quality fresh milk, for which they are willing to pay slightly higher prices. As a
result, consumption of full-fat fresh milk continues to register moderate growth, while other types
of milk including low fat milk, which is perceived as less tasty, continue to see falling sales.
Soy Drinks Benefiting From Health Trend and Manufacturer Efforts To

Diversify Consumption
Milk alternatives continued to see strong growth in 2019, driven by the consumer trend
towards healthy living. Soy drinks continued to account for the bulk of milk alternatives sales at
the end of the review period. Soybeans have been a staple in Japanese diets for hundreds of
years, so soy drinks products are easily available everywhere. Moreover, thanks to an
expanding range of products and media exposure, the soy drinks category has been gaining
renewed attention as a good source of isoflavone and soy protein, especially amongst health-
conscious female consumers. The importance of this consumer group means that the category
is in a strong position to benefit from the growing number of women entering the paid workforce.
In order to create further demand, manufacturers are trying to promote the idea of eating, as
well as drinking, soy drinks. This has involved actively promoting the use of soy drinks in home
cooking and introducing a variety of new styles of consumption, such as freezing soy drinks to
eat like ice cream, which became a hot topic on social media at the end of the review period.
The health and wellness trend is also driving the diversification of the milk alternatives category,
with other milk alternatives seeing rapid growth, albeit from a low base, in 2019.
COMPETITIVE LANDSCAPE
Meiji Looks To Build on Reputation for Quality

Meiji maintained a narrow lead over Megmilk Snow Brand in 2019. Meiji’s lead is founded on
its powerful Oishii Gyunyu brand. While most store-based channels also offer private label
brands, which are usually lower in unit price compared with Oishii Gyunyu, consumers show
strong loyalty towards the brand as it is renowned for its quality. This reputation for quality
places Meiji in a strong position to benefit from the growing role of taste and quality in consumer
purchasing decisions. Moreover, the company looked to reinforce its advantage in this respect
through new product development at the end of the review period, introducing new low-fat and
fortified/functional (FF) milk under Oishii Gyunyu. The new products target health-conscious
consumers who are also concerned with taste, claiming that they offered a rich and fresh flavour
unlike that of other low-fat and FF milk.
In 2018, the Oishii Gyunyu brand was selected as an official product for the Tokyo 2020
Olympic and Paralympic Games, and the company launched a new promotional strategy,
“Oishiku Seityo Project”, or “Grow-Up With Taste Project”. Founded on the concept of
supporting the healthy growth of children, it introduced recipes using Oishii Gyunyu on its
website, as well as handicrafts utilising milk cartons in order to help children develop both
physically and intellectually. By focusing on children’s wellbeing, the company aims to appeal to
parents, who are willing to pay a premium price for products supporting their children’s
development. With the approach of the Tokyo 2020 Olympic and Paralympic Games, more
promotional activities are expected.
Soy Drinks Leader Seeks To Expand Range of Consumption

Kikkoman Inryo Co Ltd, the leading player in soy drinks, is at the forefront of efforts to
diversify consumption in the category. In 2019, the company’s soy drinks range saw the
introduction of the new grape and azuki beans flavours, which are designed to be frozen and
consumed as ice cream. Kikkoman also opened a pop-up store where consumers can enjoy
frozen soy drinks during the year.
Major Players Raise Prices

The top three players in drinking milk products, Meiji Co Ltd, Megmilk Snow Brand Co Ltd and
Morinaga Milk Industry Co Ltd, all raised the prices of popular brands to address the issue of the
rising cost of production at the end of the review period. In combination with an upmarket trend
in consumer demand, this led to a significant increase in unit prices across fresh milk in 2019.
CATEGORY DATA
Table 1 Sales of Drinking Milk Products by Category: Volume 2014-2019
'000 tonnes
2014 2015 2016 2017 2018 2019
Flavoured Milk Drinks 119.9 119.6 119.6 116.0 112.9 109.6
- Dairy Only Flavoured 61.1 62.3 63.1 61.7 60.6 59.3

Milk Drinks
- Flavoured Milk Drinks 58.8 57.3 56.5 54.3 52.4 50.3
with Fruit Juice
Milk 2,241.1 2,164.8 2,102.8 2,127.2 2,122.5 2,096.4
- Cow's Milk 2,241.1 2,164.8 2,102.8 2,127.2 2,122.5 2,096.4
-- Fresh Milk 2,209.6 2,134.3 2,073.5 2,098.7 2,094.1 2,068.6
--- Fat-free Fresh Milk 160.9 155.4 150.9 152.0 145.1 137.7
--- Semi Skimmed Fresh 485.3 473.0 458.8 460.5 441.2 420.8
Milk
--- Full Fat Fresh Milk 1,563.5 1,506.0 1,463.8 1,486.2 1,507.9 1,510.1
-- Shelf Stable Milk 31.5 30.5 29.3 28.4 28.3 27.8
--- Fat-free Shelf - - - - - -
Stable Milk
--- Semi Skimmed Shelf - - - - - -
Stable Milk
--- Full Fat Shelf 31.5 30.5 29.3 28.4 28.3 27.8
Stable Milk
- Goat Milk - - - - - -
Powder Milk 7.4 7.5 7.4 7.4 7.1 7.1
Milk Alternatives 290.1 312.8 321.5 348.4 374.3 396.9
- Soy Drinks 287.4 307.6 313.7 339.7 364.0 384.8
- Other Milk Alternatives 2.7 5.2 7.8 8.7 10.3 12.1
Drinking Milk Products 2,658.5 2,604.7 2,551.2 2,599.0 2,616.8 2,610.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 2 Sales of Drinking Milk Products by Category: Value 2014-2019
JPY billion
2014 2015 2016 2017 2018 2019

Milk Drinks
with Fruit Juice
Milk 580.4 577.3 569.8 574.1 572.5 583.3
- Cow's Milk 580.4 577.3 569.8 574.1 572.5 583.3
-- Fresh Milk 569.8 566.8 559.5 564.2 562.6 573.4
Milk
--- Full Fat Fresh Milk 422.5 419.0 414.2 418.1 422.5 435.8
Stable Milk
Stable Milk
--- Full Fat Shelf 10.6 10.5 10.3 10.0 9.9 9.9
Stable Milk
- Goat Milk - - - - - -
Powder Milk 15.1 15.4 15.4 15.8 15.4 15.6
- Soy Drinks 69.0 74.5 77.0 83.0 89.2 94.6
Drinking Milk Products 720.1 724.6 721.7 730.9 734.2 750.8
Table 3 Sales of Drinking Milk Products by Category: % Volume Growth 2014-2019
% volume growth
2018/19 2014-19 CAGR 2014/19 Total
Flavoured Milk Drinks -2.9 -1.8 -8.5

- Dairy Only Flavoured Milk Drinks -2.1 -0.6 -2.9
- Flavoured Milk Drinks with Fruit Juice -3.9 -3.1 -14.4
Milk -1.2 -1.3 -6.5
- Cow's Milk -1.2 -1.3 -6.5
-- Fresh Milk -1.2 -1.3 -6.4
--- Fat-free Fresh Milk -5.0 -3.1 -14.4
--- Semi Skimmed Fresh Milk -4.6 -2.8 -13.3
--- Full Fat Fresh Milk 0.1 -0.7 -3.4
-- Shelf Stable Milk -2.0 -2.5 -11.7
--- Fat-free Shelf Stable Milk - - -
--- Semi Skimmed Shelf Stable Milk - - -
--- Full Fat Shelf Stable Milk -2.0 -2.5 -11.7
- Goat Milk - - -
Powder Milk 0.1 -0.8 -3.8
Milk Alternatives 6.0 6.5 36.8
- Soy Drinks 5.7 6.0 33.9
- Other Milk Alternatives 17.4 35.0 349.1
Drinking Milk Products -0.3 -0.4 -1.8
Table 4 Sales of Drinking Milk Products by Category: % Value Growth 2014-2019
% current value growth

2018/19 2014-19 CAGR 2014/19 Total

- Dairy Only Flavoured Milk Drinks -0.1 0.2 1.1
Milk 1.9 0.1 0.5
- Cow's Milk 1.9 0.1 0.5
-- Fresh Milk 1.9 0.1 0.6
--- Full Fat Fresh Milk 3.2 0.6 3.1
-- Shelf Stable Milk 0.0 -1.2 -6.1
--- Full Fat Shelf Stable Milk 0.0 -1.2 -6.1
- Goat Milk - - -
Powder Milk 1.3 0.7 3.5
- Soy Drinks 6.0 6.5 37.2
Drinking Milk Products 2.3 0.8 4.3
Table 5 NBO Company Shares of Drinking Milk Products: % Value 2015-2019
% retail value rsp

Company 2015 2016 2017 2018 2019
Meiji Co Ltd 13.2 13.1 12.9 12.4 12.4

Megmilk Snow Brand Co Ltd 11.5 11.6 11.4 11.3 11.4
Morinaga Milk Industry 8.7 8.5 8.2 7.6 7.6
Co Ltd
Kikkoman Inryo Co Ltd 4.8 4.9 5.4 5.8 6.0
Marusanai Co Ltd 3.0 3.0 3.2 3.4 3.5
Ezaki Glico Co Ltd 2.7 2.9 2.8 2.8 2.8
Takanashi Dairy Co Ltd 1.7 1.7 1.6 1.6 1.6
Kyodo Milk Industry Co 1.5 1.5 1.4 1.4 1.3
Ltd
Nagoya Seiraku Co Ltd 1.1 1.2 1.2 1.3 1.3
Koiwai Dairy Products 1.1 1.1 1.0 1.0 1.0
Co Ltd
Otsuka Chilled Foods Co 0.7 0.7 0.7 0.8 0.8
Ltd
Ohayo Dairy Products Co 0.8 0.8 0.8 0.7 0.7
Ltd
Pokka Sapporo Food & 0.4 0.4 0.4 0.5 0.5
Beverage Ltd
Snow Brand Milk - - - - -
Products Co Ltd
Glico Dairy Products Co - - - - -
Ltd
Toraku Co Ltd - - - - -
Meiji Dairies Corp - - - - -
Nippon Milk Community - - - - -
Co Ltd
Private Label 4.4 4.4 4.7 4.9 5.0
Others 44.2 44.3 44.4 44.6 44.2
Total 100.0 100.0 100.0 100.0 100.0
Table 6 LBN Brand Shares of Drinking Milk Products: % Value 2016-2019
% retail value rsp

Brand (GBO) Company (NBO) 2016 2017 2018 2019
Megmilk Megmilk Snow Brand Co Ltd 8.1 8.0 8.0 8.0

Meiji (Meiji Meiji Co Ltd 7.7 7.5 7.3 7.3
Holdings Co Ltd)
Kikkoman (Kikkoman Kikkoman Inryo Co Ltd 4.9 5.4 5.8 6.0
Corp)
Marusan Marusanai Co Ltd 2.9 3.1 3.4 3.5
Morinaga Morinaga Milk Industry 3.3 3.3 3.1 3.1
Co Ltd
Glico Ezaki Glico Co Ltd 2.1 2.0 1.9 1.9
Mainichi Honebuto Megmilk Snow Brand Co Ltd 1.4 1.4 1.4 1.4
Takanashi Dairy Takanashi Dairy Co Ltd 1.5 1.5 1.4 1.4
Kyodo Kyodo Milk Industry Co Ltd 1.5 1.4 1.4 1.3
Meiji Love (Meiji Meiji Co Ltd 1.3 1.2 1.2 1.2
Holdings Co Ltd)
Koiwai (Kirin Koiwai Dairy Products 1.1 1.0 1.0 1.0
Holdings Co Ltd) Co Ltd
Yuki Tonyu (Meiraku Nagoya Seiraku Co Ltd 0.8 0.8 0.8 0.8
Co Ltd)
Piknik Morinaga Milk Industry 0.9 0.8 0.8 0.8
Co Ltd
Snow Brand Coffee Megmilk Snow Brand Co Ltd 0.9 0.8 0.8 0.8
Ohayo Ohayo Dairy Products Co 0.8 0.8 0.7 0.7
Ltd
Almond Koka Ezaki Glico Co Ltd 0.4 0.5 0.6 0.7
Sukkiri CaTetsu Megmilk Snow Brand Co Ltd 0.6 0.6 0.6 0.6
Sugoi Daizu (Otsuka Otsuka Chilled Foods Co 0.4 0.4 0.5 0.5
Holdings Co Ltd) Ltd
Pokka Sapporo Pokka Sapporo Food & 0.4 0.4 0.4 0.5
(Sapporo Holdings Beverage Ltd
Ltd)
Snow Brand Hokkaido Megmilk Snow Brand Co Ltd 0.4 0.4 0.4 0.4
Milk No Youni Otsuka Chilled Foods Co 0.3 0.3 0.3 0.3
Yasashii Daizu Ltd
(Otsuka Holdings Co
Ltd)
Yuki Gyunyu Takanashi Dairy Co Ltd 0.2 0.2 0.2 0.2
Snow Brand Megmilk Snow Brand Co Ltd 0.1 0.2 0.1 0.1
Ichigo Au Lait Ezaki Glico Co Ltd 0.2 0.2 0.2 0.1
Calcium no Ooi Milk Ezaki Glico Co Ltd 0.2 0.2 0.2 0.1
Almond Breeze (Blue Marusanai Co Ltd 0.1 0.1 - -
Diamond Growers)
Calcium no Ooi Milk Glico Dairy Products Co - - - -
(Ezaki Glico Co Ltd) Ltd
Glico (Ezaki Glico Glico Dairy Products Co - - - -
Co Ltd) Ltd
Ichigo Au Lait Glico Dairy Products Co - - - -
(Ezaki Glico Co Ltd) Ltd
Calcium no Tatsujin Morinaga Milk Industry - - - -
Co Ltd
Private label Private Label 4.4 4.7 4.9 5.0
Others Others 53.1 52.9 52.7 52.3
Total Total 100.0 100.0 100.0 100.0
Table 7 Distribution of Drinking Milk Products by Format: % Value 2014-2019
% retail value rsp

2014 2015 2016 2017 2018 2019
Store-Based Retailing 93.4 93.3 93.3 93.1 93.0 92.8

- Grocery Retailers 56.8 57.2 57.7 57.7 57.8 57.8
-- Modern Grocery 55.1 55.4 56.1 56.1 56.2 56.3
Retailers
--- Convenience Stores 13.9 13.9 14.0 14.0 14.1 14.2
--- Discounters - - - - - -
--- Forecourt Retailers - - - - - -
--- Hypermarkets - - - - - -
--- Supermarkets 41.2 41.5 42.1 42.1 42.1 42.1
-- Traditional Grocery 1.8 1.8 1.6 1.6 1.6 1.5
Retailers
--- Food/drink/tobacco 0.3 0.3 0.3 0.3 0.3 0.4
specialists
--- Independent Small 0.8 0.8 0.7 0.7 0.7 0.6
Grocers
--- Other Grocery 0.6 0.6 0.6 0.6 0.6 0.6

Retailers
- Non-Grocery Specialists 7.0 7.2 7.4 7.6 7.8 8.0
-- Health and Beauty 7.0 7.2 7.4 7.6 7.8 8.0
Specialist Retailers
-- Other Foods Non- - - - - - -
Grocery Specialists
- Mixed Retailers 29.6 29.0 28.1 27.8 27.4 27.0
Non-Store Retailing 6.6 6.7 6.7 6.9 7.0 7.2
- Vending 0.9 0.9 0.9 0.9 0.9 0.9
- Homeshopping 3.6 3.6 3.6 3.7 3.7 3.7
- Internet Retailing 1.1 1.2 1.2 1.3 1.5 1.6
- Direct Selling 1.0 1.0 1.0 0.9 0.9 0.9
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 8 Forecast Sales of Drinking Milk Products Products by Category: Volume 2019-
2024
'000 tonnes
2019 2020 2021 2022 2023 2024

Milk Drinks
with Fruit Juice
Milk 2,096.4 2,074.1 2,054.9 2,038.4 2,024.1 2,011.7
- Cow's Milk 2,096.4 2,074.1 2,054.9 2,038.4 2,024.1 2,011.7
-- Fresh Milk 2,068.6 2,046.8 2,028.1 2,012.0 1,998.1 1,985.9
Milk
--- Full Fat Fresh Milk 1,510.1 1,512.1 1,513.9 1,515.5 1,516.9 1,518.2
Stable Milk
Stable Milk
--- Full Fat Shelf 27.8 27.3 26.8 26.4 26.1 25.8
Stable Milk
- Goat Milk - - - - - -
Powder Milk 7.1 7.1 7.1 7.1 7.1 7.1
- Soy Drinks 384.8 404.6 423.4 441.0 457.6 473.0
Drinking Milk Products 2,610.0 2,606.4 2,605.0 2,605.1 2,606.0 2,607.5
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 9 Forecast Sales of Drinking Milk Products Products by Category: Value 2019-
2024
JPY billion
2019 2020 2021 2022 2023 2024

Milk Drinks
with Fruit Juice
Milk 583.3 580.9 579.0 577.4 576.1 575.1
- Cow's Milk 583.3 580.9 579.0 577.4 576.1 575.1
-- Fresh Milk 573.4 571.1 569.3 567.8 566.7 565.7
Milk
--- Full Fat Fresh Milk 435.8 439.0 441.9 444.5 446.9 449.0
Stable Milk
Stable Milk
--- Full Fat Shelf 9.9 9.8 9.7 9.6 9.5 9.4
Stable Milk
- Goat Milk - - - - - -
Powder Milk 15.6 15.8 15.9 16.0 16.1 16.3
- Soy Drinks 94.6 99.7 104.6 109.1 113.4 117.4
Drinking Milk Products 750.8 754.0 757.2 760.5 763.5 766.4
trade sources
Table 10 Forecast Sales of Drinking Milk Products Products by Category: % Volume

Growth 2019-2024
% volume growth
2019/20 2019-24 CAGR 2019/24 Total

Milk -1.1 -0.8 -4.0
- Cow's Milk -1.1 -0.8 -4.0
-- Fresh Milk -1.1 -0.8 -4.0
- Goat Milk - - -
Powder Milk -0.1 -0.1 -0.3
- Soy Drinks 5.1 4.2 22.9
Drinking Milk Products -0.1 0.0 -0.1
trade sources
Table 11 Forecast Sales of Drinking Milk Products Products by Category: % Value

Growth 2019-2024
% constant value growth

2019/2020 2019-24 CAGR 2019/24 Total

Milk -0.4 -0.3 -1.4
- Cow's Milk -0.4 -0.3 -1.4
-- Fresh Milk -0.4 -0.3 -1.3
- Goat Milk - - -
Powder Milk 1.0 0.8 4.2
- Soy Drinks 5.4 4.4 24.1
Drinking Milk Products 0.4 0.4 2.1
trade sources

Drinking Milk Products in Japan

Hochgeladen von

Dokumentinformationen

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Drinking Milk Products in Japan

Hochgeladen von

Copyright:

Verfügbare Formate

Drinking Milk Products in Japan

LIST OF CONTENTS AND TABLES

DRINKING MILK PRODUCTS IN JAPAN

Rising Health-awareness Supporting Growth in Milk

Growing Interest in Taste Boosts Demand for Full-fat Milk

Soy Drinks Benefiting From Health Trend and Manufacturer Efforts To

Meiji Looks To Build on Reputation for Quality

Soy Drinks Leader Seeks To Expand Range of Consumption

Major Players Raise Prices

Flavoured Milk Drinks 119.9 119.6 119.6 116.0 112.9 109.6

- Dairy Only Flavoured 61.1 62.3 63.1 61.7 60.6 59.3

Table 2 Sales of Drinking Milk Products by Category: Value 2014-2019

Flavoured Milk Drinks 54.2 54.8 55.7 53.8 52.2 51.5

Table 3 Sales of Drinking Milk Products by Category: % Volume Growth 2014-2019

Flavoured Milk Drinks -2.9 -1.8 -8.5

Table 4 Sales of Drinking Milk Products by Category: % Value Growth 2014-2019

% current value growth

Flavoured Milk Drinks -1.3 -1.0 -5.1

Table 5 NBO Company Shares of Drinking Milk Products: % Value 2015-2019

% retail value rsp

Meiji Co Ltd 13.2 13.1 12.9 12.4 12.4

Table 6 LBN Brand Shares of Drinking Milk Products: % Value 2016-2019

% retail value rsp

Megmilk Megmilk Snow Brand Co Ltd 8.1 8.0 8.0 8.0

Table 7 Distribution of Drinking Milk Products by Format: % Value 2014-2019

% retail value rsp

Store-Based Retailing 93.4 93.3 93.3 93.1 93.0 92.8

--- Other Grocery 0.6 0.6 0.6 0.6 0.6 0.6

Flavoured Milk Drinks 109.6 106.7 104.2 101.9 100.0 98.2

Flavoured Milk Drinks 51.5 50.9 50.4 49.9 49.5 49.1

Table 10 Forecast Sales of Drinking Milk Products Products by Category: % Volume

Flavoured Milk Drinks -2.7 -2.2 -10.4

Table 11 Forecast Sales of Drinking Milk Products Products by Category: % Value

% constant value growth

Flavoured Milk Drinks -1.2 -1.0 -4.7

Das könnte Ihnen auch gefallen