The increasing popularity of high-priced yoghurt in China has become a saviour for the country’s biggest dairies, with revenues of the fermented dairy product set to overtake milk sales for the first time.
China’s dairy market, which generates $55bn in annual sales, is the world’s second biggest after the US, according to consultancy Euromonitor. But dairies have been struggling with slowing milk demand growth and reduced prices since 2013 because of oversupply — a situation that contributed to the stock-price implosion this year of Hong Kong-listed Huishan Dairy.
Enter high-profit yoghurt products, the sale of which have salvaged dairy groups’ sales and profits in recent years.
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