168Report-China Market Research Reports
2009-2010 China Dairy Market Review & Outlook Hard copy : 1750 USD Electronic copy (PDF) : 1750USD Hard and Electronic copy : 2000USD Pages:120 Tables and figures : Published date : Mar, 2010 Publisher: 168Report Contact: Mr. Peter Lee +86-10-82965190 +86-13161572746 sales@168report.com Summary: 2009 is one of the most unusual years of China’s diary industry in nearly 10 years. The melamine incident in 2008 and the negative impact of the world financial crisis are still in continuity, although at a somewhat reduced level. The online quote price of the natural whole milk powder, the “barometer” in the world diary market, sustained downturn, which brought a major impact on China’s milk powder and even the entire diary industry. Facing tough market conditions, under the impact of various support and regulate policies, China’s diary industry is struggling to pick up, at a recovery speed faster than the expectations of internal and external expectations. Viewing from the international market environment, the international financial crisis is still exerting a negative impact on global diary market in 2009. Due to insufficient demand for diary products, diary industry in developed countries, especially the EU and the USA, raw milk prices continued to slump, leading to decline in diary herds and reduction in aggregate supply. Bulk diary products like skim milk, cheese, butter, whey power in the world market fall into the valley of recent years in the first quarter of 2009, although slowly began to rebound in the second quarter, the price had a significant decline compared with the second half of 2007. For example, in the US, food-grade nonfat dry milk bottom-price is USD 1795/mt (factory price), down 60.6% compared with the peak price of USD 4559/mt. The bottom price of butter is USD 2358/mt, down 60.69% compared with the peak time price of USD 3789/mt. The bottom price of dry whey is USD 338/mt, down 80.56% compared with the peak time price of USD 1739/mt. 40pound block of cheddar cheese bottom price is USD 2461/mt, down 49.51% compared with the peak time price of USD 4874/mt. Since natural whole milk powder quotation system online started in August 2008, a total of 13 rounds of trading are transacted. In the first three quarters of 2009, full cream milk powder factory prices are roughly around USD 2200. Even though in the first half of 2010 the online transaction prices had risen considerably, the average CIF price of full-fat light milk powder imported by China from New Zealand in 2009 is at approximately USD 2200-2500/mt, roughly half the price of the peak time in recent years. Low price seriously blew the world cattle breeding industry and diary product prices.
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From domestic market environment, China’s diary industry faces a very severe environment. Domestic diary industry is under a major impact and challenges of the world market. As diary prices in the international market are low, especially full-cream light milk powder and whey products that have a greater impact on China’s market prices are low, full-cream light milk powder and whey products imported by China from the world market soared. According to China Customs data, from 1-10 months in 2009, China has imported 136,189 tons of full-cream light milk powder from abroad, 484.42% up compared with the same period of last year. Imported whey products reached 241,530 tons, an increase of 42.08%. In addition, due to the melamine incident impact as well as the lack of cost advantage, China’s milk powder export shrunk dramatically. Exports volume in the first 10 months of 2009 dropped by nearly 80% compared with the same period of last year. Blocked exports and soared imports brought great impact on the production of China’s raw milk powder and raw milk. Milk stock once reached 300,000 tons. The lowest price of raw milk powder had reached RMB 15000/mt, much lower than the cost of RMB 28,000/mt. In the first three quarters of 2009, the average price of China’s raw milk showed a downward trend, fell about 15% year on year, resulting in decline of diary cattle herds and raw milk production. Facing the severe market conditions, the Chinese government issued a series of supporting policies for diary industry development, such as the extension of central government loans for the acquisition of raw milk on the discount, the central budget subsidies for seed cows, milk station machinery and development, the expansion of state purchasing and storage size and so forth. Diary processing enterprises, especially the major enterprises, have more investment in the quality of raw milk and diary products, the consumer confidence in milk consumption significantly increased, these factors promote China’s diary market gradually pick up, the recovery is faster than expected. According to the data provided by the National Bureau of Statistics, in the first 10 months of 2009, China’s diary production increased by 10.2%, more than the same period of last year, in which liquid milk output rose by 10.6%; per capita diary consumption of urban residents in the first three quarters respectively increased 15.84% and 4.07% compared with the fourth quarter of 2008 and the first quarter of 2009, broadly in line with the second quarter. From the point of market competition and industry consolidation, the trend of the private turning to the state is strengthened. Formula milk, especially infant formula milk powder industry became the most competitive sub-sector in 2009. Many brands compete for market space left over by Sanlu. Meanwhile domestic brands launched new impact to the high-end market. In 2009 the melamine incident has brought a profound lesson to the entire industry. The industry is having reflection and criticism. A growing number of diary companies are rethinking the way for survival and development, especially major diary companies are adjusting their corporate strategies and tactics in order to respond to new market and policy environment. In 2010 China’s diary industry will face a market environment very different form 2009. High raw milk price and milk products prices will be the most important market features. In addition, the issuance of the new diary safety and quality standards will bring an important impact on cattle breeding farmers, diary companies and government regulatory authorities. This report presents a panoramic view of China’s diary industry in 2009, including raw milk and diary production, diary products consumption, diary products trade, raw milk and dairy products 168Report Mr.Peter Lee sales@168report.com 13161572746 8610-82965190
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price trends, the running of China’s diary industry, competition situation of China’s diary market, operating performance, investment of diary companies, the world diary market trends, the production, consumption and trade of main diary producing and trading countries, the impact of the world diary market on China’s diary industry, and predict of the development trend of China’s diary industry in 2010. The report especially conducted a comprehensive analysis on the impact of the melamine incident on China’s diary industry. This report is the result of collective wisdom of the diary research group of BOABC. The senior diary analysts of BOABC diary research group are members of relevant government sectors and association think tank, maintaining a good relationship with relevant government departments and a good relationship with national key diary companies, associated industries and enterprises. These resource advantages provide a unique and valuable professional support for the writing of the report, and ensure the data cited are accurate, authorized, scientific and forward-looking. BOABC believes that the report is an important reference for domestic and foreign investment companies, diary companies, diary ingredient suppliers, relevant equipment suppliers to make strategic decisions, and an important reference for industry associations, research institutions and other organizations.
Table of Contents: CHAPTER ONE OVERALL DEVELOPMENT OF DAIRY INDUSTRY IN CHINA IN 2009 1.1 Raw Milk Production 1.1.1 Slowing Down of Growth of Dairy Cattle Inventory, 1.1.2 Slight decline of raw milk production 1.2 Dairy Processing 1.2.1 Significant recovery of Liquid Milk Production, 1.2.2 Recovery of Output of Solid Dairy Products are better than expected 1.3 Dairy Products Trade 1.3.1 Significant Growth of Dairy Import 1.3.2 Export of Dairy Products stayed at low level 1.4 Dairy Products Consumption 1.4.1 China’s Per Capita Possession Volume of Milk stayed stable 1.4.2 Slight recovery of Per Capita Dairy Consumption by Urban Residents 1.5 Dairy Product Prices 1.6 Dairy Industry Developments 1.7 Restructuring of Dairy Industry 1.8 Policy on Dairy Industry CHAPTER TWO POLICY ENVIRONMENT OF DAIRY INDUSTRY IN CHINA, 2009 2.1 Overall Situation of Relevant Laws, Policies and Standards 2.2 Law 168Report Mr.Peter Lee sales@168report.com 13161572746 8610-82965190
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2.2.1 Background of the issuance of the Food Safety Law 2.2.2 Major Contents of the Food Safety Law 2.2.3 Effects on domestic diary industry of the Food Safety Law 2.3 Policies 2.3.1 Main contents of the “Industrial Policy for Diary Industry” (2009 version) and the impact on China’s diary industry development 2.3.2 Main contents of the “Central Finance Loan Discount for Raw Milk Acquisition” and the impact on China’s diary industry development 2.3.3 Main contents of the “Central Government Susidies for Diary Cattle Seed Project” and the Impacts on China Dairy Industry Development 2.3.4 Main contents of the “State Milk Purchasing and Storage” policy and the Impacts on China Dairy Industry Development 2.3.5 Main contents of the “Machinery Purchase Subsidy for Milk Collection station” and the Impacts on China Dairy Industry Development 2.3.6 Main contents of the “Regulations on Strengthening the Management of Antibiotic Residues of Fresh Dairy Products” and the Impacts on China Dairy Industry Development 2.3.7 Main contents of the “Technology Standardization for Standard Management of Milk Collection Station” and the Impacts on China Cow Industry Development 2.3.8 Main contents of the “Automatic Import Licensing Management on Milk, Milk Powder and whey” and the Impacts on China Dairy Industry Development 2.3.9 Main contents of the “China-ASEAN Investment Agreement” and the Impacts on China Dairy Industry Development 2.4 Standard 2.4.1 Background of the Amendments to the Milk Quality and Safety Standard 2.4.2 Major Contents of the “Diary Products Quality and Safety Standards(Draft)” 2.4.3 Impacts of the new “Diary Quality and Safety Standards” on the development of China’s Dairy Industry CHAPTER THREE ANALYSIS OF DAIRY PRODUCTION IN CHINA IN 2009 3.1 Raw Milk Production 3.1.1 General Situation 3.1.2 Dairy Cattle Inventory 3.1.3 Milk Output 3.1.4 Regional Layout of Raw Milk Production 3.1.5 Cow breeding Mode 3.1.6 Raw Milk Procurement Prices 3.2 Dairy Processing 3.2.1 Liquid Milk 3.2.2 Solid Dairy Products 3.2.3 Raw milk powder 3.2.4 Output of other solid diary products
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CHAPTER FOUR CHINA DAIRY PRODUCTS TRADE ANALYSIS IN 2009 4.1 Analysis of Dairy Product Imports 4.1.1 General Situation 4.1.2 Import Structure 4.2 Analysis of Milk Powder Imports 4.2.1 Import Volume 4.2.2 Import Structure 4.2.3 Source of Import 4.2.4 Import Destinations 4.2.5 Import Prices 4.2.6 Analysis of Whole milk powder Online quotatoin 4.4 Analysis of Milk Fat Products Import 4.4.1 Import Volume 4.4.2 Source of Import 4.4.3. Import Prices 4.5 Analysis of Cheese Import 4.5.1 Import Volume 4.5.2 Source of Import 4.5.3 Import Prices 4.6 Analysis of Fresh Milk & Cream Imports 4.6.1 Import Volume 4.6.2 Import Source 4.6.3 Import Prices 4.7 Analysis of Yogurt Imports 4.7.1 Import Volume 4.7.2 Source of Import 4.7.3 Import Prices 4.8 Analysis of Dairy Product Exports 4.8.1 General Export Status 4.8.2 Structure analysis of diary products export 4.8.3 Fresh milk exports 4.8.4 Milk powder exports CHAPTER FIVE ANALYSIS OF DAIRY CONSUMPTION IN CHINA IN 2009 5.1 Overall Situation of Dairy Consumption 5.2 Structure of Dairy Consumption of Urban Residents 5.3 Regional Analysis of Dairy Consumption of Urban Residents 5.4.Price analysis of raw milk powder 5.5 Retail Prices of Dairy Products 5.4.1 Fresh Milk Prices 5.4.2 Yogurt Prices 5.4.3 Small-package Milk Powder Prices 168Report Mr.Peter Lee sales@168report.com 13161572746 8610-82965190
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5.4.4 Mikl sugar Prices 5.4.5 White sugar Prices 5.4.6 Feed Prices CHAPTER SIX CHINA DAIRY MARKET COMPETITON ANALYSIS 2009 6.1 China’s Dairy Market Competition 6.2 Competition of Raw Milk Market 6.3 Competition of Milk Powder Market 6.3.1 Environment of Milk Powder Market 6.3.2 Market Share of Main Competitive Brands 6.4 Competition of Liquid Milk Market 6.4.1 Common white milk 6.4.2 High-end normal temperature milk 6.4.3 Acidic milk drinks 6.4.4 Functional milk CHAPTER SEVEN CHINA LEADING DAIRY ENTERPRISES ANALYSIS 2009 8.1 Yili Group 7.1.1 Business Revenue Analysis 7.1.2 Status in Market Competition 7.1.3 Yili adjusted strategies after the melamine scandal 7.1.4 Business Forecast of Yili Group 7.2 Mengniu Group 8.2.1 Business Revenue 8.2.2 Status in Market Competition 8.2.3 Background and influence of COFCO’s taking up Mengniu 8.2.4 Business Forecast of Mengniu Group 8.3 Bright Dairy 8.3.1 Business Revenue 8.3.2 Status in Market Competition 8.3.3 Bright Diary adjusted strategies after the melamine scandal 8.3.4Business Forecast of Bright Dairy 8.5 Sanyuan Foods 8.5.1 Business Revenue 8.5.2 Status in Market Competition 8.5.3 Business performance evaluation of Hebei Sanyuan 8.5.4 Business Forecast of Sanyuan Foods 8.6 Wandersun Dairy 8.6.1 Business Revenue 8.6.2 Status in Market Competition 8.6.3 Wandersun adjusted strategies after the melamine scandal 8.6.4 Business Forecast of Wandersun Dairy 8.7 Yinqiao Dairy 168Report Mr.Peter Lee sales@168report.com 13161572746 8610-82965190
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8.7.1 Business Revenue 8.7.2 Status in Market Competition 8.7.3 Yinqiao Diary adjusted strategies after the melamine scandal 8.7.4 Business Forecast of Yinqiao Dairy 8.8 New Hope Dairy 8.8.1 Business Revenue 8.8.2 Status in Market Competition 8.8.3 Effects of Melamine Scandal 8.8.4 Business Forecast of New Hope Dairy 8.9 Nestle 8.9.1 Business Revenue 8.9.2 Status in Market Competition 8.9.3 Business Forecast of Nestle Dairy 8.10 Dumex 8.10.1 Business Revenue of Dumex 8.10.2 Status in Market Competition 8.10.3 Business Forecast of Dumex CHAPTER EIGHT CHINA DIARY-RELATED ENTERPRISES ANALYSIS 2009 9.1 Analysis of Tetra Pak’s Main Business in China and other activities 8.1.1 Tetra Pak’s main business in China 9.2 Tetra Pak’s public relationship activities in China 9.3 Forecast of Tetra Pak’s Business in China in 2009 CHAPTER NINE CHINA DAIRY INDUSTRY DEVELOPMENT ANALYSIS IN 2009 10.1 Overall Situation of Dairy Industry 10.2 Analysis of Running Ability of China Dairy Industry CHAPTER TEN ANALYSIS OF THE WORLD DAIRY MARKET IN 2009 11.1 Analysis of the Overall Situation of the World Dairy Market in 2009 11.1.1 Overall Situation of the World Dairy Market in 2009 10.1.2 Milk and milk products production 10.1.3 Milk products trade 10.1.4 World Diary prices 11.2 Analysis of Dairy Market Situations of Leading Production & Trade Countries (or Regions) in the World in 2009 11.2.1 New Zealand 11.2.2 Australia 11.2.3 United States 11.2.4 EU-27 11.2.5 India CHAPTER ELEVEN PREDICTIONS FOR CHINA'S DAIRY INDUSTRY IN 2009 11.1 General predictions 168Report Mr.Peter Lee sales@168report.com 13161572746 8610-82965190
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11.2 Milk source production predictions 11.2.1 Cow Inventory 11.2.2 Milk output 11.2.3 Milk source layouts 11.3 Prospect of Dairy Product Process 11.3.1 Main diary products 11.3.2 Other diary products 11.3.3 Marginal diary products 11.4 Prospect of Dairy Product Trade 11.4.1 Import trade 11.4.2 Export Trade 11.5 Prospect of Prices of Raw Milk and Dairy Products 11.5.1 Raw Milk Prices 11.5.2 Dairy Product Prices 11.6 Prospect of Dairy Product Consumption 11.7 Prospect of Dairy Industrial Competition Pattern Tables and Figures Annex One: China Raw Milk Balance Sheet, 2008-2010 Annex Two: China WMP Balance Sheet, 2008-2010 Figures & Tables Figure 1-1 Cow Inventory Growth Trend in China, 1999-2009 Figure 1-2 Raw Milk Output Growth Trend in China, 1999-2009 Figure 1-3 Liquid Milk Output Trend in China, 2000-2009 Figure 1-4 Solid Milk Products Output Trend in China, 2000-2009 Figure 1-5 Dairy Products Import Trend in China, by Month, 2004-2009 Table 1-1 Dairy Products Exports from China, 2009 Figure 1-6 Growing Trend of Per Capita Milk Possession Volume in China, 1992-2009 Figure 1-7 Percapita Consumption of Dairy Products in Urban Regions of China，1992-2009 Table 1-2 Average Retail Price of Dairy Products at Urban Market in China, by Quarter, 20052009 Table 1-3 Growth of Average Retail Price of Dairy Products at Urban Market in China, by Quarter, 2007-2009 Table 1-4 Indices of Dairy Industry in China, 2002-2009 Figure 3-1 China Cow Inventory Growth Trend, 1999-2009 Table 3-1 Dairy Cattle Inventory, Cow Milk Production and Growth, 1999-2009 Figure 3-2 Changes of Dairy Cattle Inventory of Different Provinces and Regions in China, 2009 Figure 3-3 Status of Provincial Dairy Cattle Inventory in China, 2009 Figure 3-4 Changes of Provincial Cow Milk Output, 2009 Figure 3-5 Status of Provincial Cow Milk Output in China, 2009 Figure 3-6 Change of Raw Milk Procurement Prices in Different Regions of China, 2006-2009 Figure 3-2 Raw milk price of China’s main milk producing regions, 2006-2009 168Report Mr.Peter Lee sales@168report.com 13161572746 8610-82965190
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Figure 3-7 Liquid Milk Production and Growth in China, 2000-2009 Figure 3-9 Liquid Milk Production and Proportion in Total of Dairy Products in China, 2009 Figure 3-10 Liquid Milk Production of Various Regions in China, 2009 Figure 3-11 Liquid Milk Structure in China, 2000-2009 Figure 3-12 UHT Milk Output & Its Growth Rate in China, 2001-2009 Figure 3-13 Pasteurized Milk Output & Its Growth Rate in China, 2001-2009 Figure 3-14 Yogurt Output & Its Growth Rate in China, 2001-2008 Figure 3-15 Solid Dairy Products Output & Its Growth Trend in China, 1999-2009 Figure 3-16 Solid Dairy Products Output & Its Growth Trend in China by month, 2006-2009 Figure 3-18 Solid Dairy Products Output in Different Regions in China, 1999-2009 Figure 3-19 Solid Dairy Products Output in Main Production Provinces in China, 2003-2009 Figure 3-20 Solid Dairy Products Output & Change trends of its Proportion in Total Dairy Products in China, 2003-2009 Figure 3-21 Solid Dairy Products Output in main provinces & Its Proportion in Total Dairy Products in China, 2009 Figure 3-22 Trend of Milk Powder Production Growth in China, 1991-2009 Figure 3-23 Trend of WMP Production in China, 1999-2009 Figure 3-23 Trend of WMP Production in China, 1999-2009 Figure 3-25 Milk powder production structure, 2009 Table 4-1 Dairy Products Imports of China, 2006-2009 Table 4-2 Import Structure Change of Dairy Products in China, 2007-2009 Figure 4-1 SMP Imports Trend in China, by Month, 2005-2009 Figure 4-2 WMP Not Containing Added Sugar Imports Trend, by Month in China, 2005-2009 Figure 4-3 WMP Containing Added Sugar Imports Trend, by Month in China, 2005-2009 Figure 4-4 Change of Milk Powder Import Structure of China, by Volume, 2003-2009 Table 4-3 Milk Powder Import Sources & Change in China, by Volume, 2007-2009 Figure 4-5 SMP Import Destinations of China, by Volume, 2009 Figure 4-6 WMP Not Containing Added Sugar Import Destinations of China, by Volume, 2009 Figure 4-7 WMP Containing Added Sugar Import Destinations of China, by Volume, 2009 Figure 4-8 SMP Import Prices (CIF) in China, by month, 2003-2009 Figure 4-9 China WMP Not Containing Added Sugar Import Prices (CIF) Trend, 2003-2009 Table 4-4 Change of Natural WMP online quotation price, 2009-2010 Figure 4-10 China Whey Products Import Trend, by month, 2003-2009 Table 4-5 Whey Products Import Origines & Shares Change in China, 2007-2009 Figure 4-6 Whey Products Import Destinations in China, by Volume, 2007-2009 Figure 4-11 Whey Products Import Prices ( CIF) Trend in China, 2003-2009 Figure 4-12 Butter &Dehydrolyzed Cream Import Trend in China, by Volume, 2004-2009 Figure 4-13 Milk Fats & Oils Import Sources & Shares Change in China, 2003-2009 Figure 4-14 Butter &Dehydrolyzed Cream Import Prices (CIF) Trend in China, 2004-2009 Figure 4-15 Cheese Imports Trend in China, by Volume, 2004-2009 Table 4-6 Main Cheese Import Sources in China, 2009 Figure 4-16 China’s cheese import price (CIF) trend, 2004-2009 Figure 4-17 China’s fresh milk import trend, by volume, 2004-2009 168Report Mr.Peter Lee sales@168report.com 13161572746 8610-82965190
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Figure 4-18 Main Fresh Milk & Cream Import Sources in China, 2009 Figure 4-19 Fresh Milk & Cream Import Prices (CIF) Trend in China, 2004-2009 Figure 4-20 Yogurt Import Trend, by Volume in China, 2004-2009 Figure 4-21 Yogurt Import Source in China, 2009 Figure 4-22 Yogurt Import Prices (CIF) Trend in China, by month, 2004-2009 Table 4-7 Diary products export of China, 2009 Figure 4-23 China Dairy Products Export Structure, by Volume, 2009 Figure 4-24 China’s Fresh Milk Export Trend, by month, 2007-2009 Table 4-8 Comparsion of Exp & Imp Prices of Fresh Fresh Dairy Products of China, by Month, 2008 Figure 4-25 China’s Milk Powder Export Trend, by month, 2007-2009 Table 4-9 Export and Import Price Differences of China’s Milk Powder, 2007-2009 Table 4-10 China WMP Not Containing Added Sugar Export Market Table, 2009 Table 5-1 China Percapita Possession Volume of Milk & Prospects, 1992-2009 Table 5-2 China Percapita Consumption of Dairy Products of Urban Residents, 1992-2009 Table 5-3 China Percapita Consumption Expenditures of Dairy Products, by Quarter, 2006-2009 Figure 5-1 China Rural Residents Percapita Consumption of Milk & Dairy Products, 1992-2009 Figure 5-3 China Urban Resident Percapita Consumption Structure of Dairy Products, by Value & Quarter, 2005-2009 Table 5-4 Change of China Percapita Consumption of Dairy Products of Urban Residents in Different Regions, 2006-2009 Table 5-5 Comparison of per capital diary consumption of urban residents in 36 large and medium cities, 2009 Table 5-6 Change of China’s Percapita Consumption of fresh milk of Urban Residents in Different Regions, 2006-2009 Table 5-7 Comparison of per capital fresh milk consumption of urban residents of 36 large and medium cities, 2009 Table 5-8 Change of China’s Percapita Consumption of Yogurt of Urban Residents in Different Regions, 2006-2009 Table 5-9 Comparison of per capital Yogurt consumption of urban residents of 36 large and medium cities, 2009 Table 5-10 Change of China’s Percapita Consumption of milk powder of Urban Residents in Different Regions, 2006-2009 Table 5-11 Comparison of per capital milk powder consumption of urban residents of 36 large and medium cities, 2009 Table 5-12 China Average Retail Prices of Dairy Products in Urban Regions, by Quarter, 20052009 Table 5-13 Growth of China Average Retail Prices of Dairy Products in Urban Regions, by Quarter, 2007-2009 Table 5-14 Comparison of average retail prices of diary product of urban residents of 36 large and medium cities, 2009 Figure 5-4 China lactose import price (CIF), by month, 2005-2009 Figure 5-5 Spot price of white sugar in main producing and selling areas, by month, 1998-2009 168Report Mr.Peter Lee sales@168report.com 13161572746 8610-82965190
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Figure 5-6 China Average Corn Spot Prices Trend in Different Regions, 2006-2009 Figure 5-7 China Average Soymeal Spot Prices Trend in Different Regions, by month, 2006-2009 Figure 5-8 China Average Wheat Bran Coat Spot Prices Trend in Different Regions, 2006-2009 Figure 7-1 China Main Brands’ Market Shares of Milk Powder, 2009 Figure 7-2 China Main Brands’ Market Shares Change of white Milk, 2009 Figure 7-3 China Main Brands’ Market Shares Change of UHT Milk, 2009 Figure 7-4 China Main Brands’ Market Shares Change of Yogurt, 2006-2009 Figure 7-5 China Main Brands’ Market Shares Change of functional milk, 2009 China Main Brands’ Market Shares Change of Yogurt, 2009 Table 7-1 Yili Group Business Revenue, 1st half of 2009 Table 7-2 Yili Group Business Achievements, 1st Three Quarters 2008 Table 7-3 Yili Group Business Achievements, 2009 Table 7-4 Yili Group Holdings subsidiary List, 2009 Table 7-5 Yili raised Capital Investment project, 1st half of 2009 Table 7-6 Yili non-fund raising Investment project, 2009 Figure 7-1 Yili stock market trend, by month, 2007-2009 Table 7-7 Mengniu Group Business Achievements, 2009 Figure 7-2 Mengniu Group product structure (by sales), 2009 Table 7-8 Mengniu Group Economic Benefit , 2009 Table 7-9 Share structure change after COFCO taking in Mengniu Group Table 7-10 Bright Dairy Business Achievements, 2009 Table 7-11 Bright Dairy Economic Benefits, 3rd quarter of 2009 Table 7-12 Bright Dairy Business Achievements, 2009 Figure 7-5 Bright Diary stock market trend, by month, 2007-2009 Table 7-13 Sanyuan Main Business Achievements, 2009 Table 7-14 Sanyuan’s Main Business Income Growth Trend in Different Regions, 2009 Table 7-15 Sanyuan Main Business Achievements, 3rd quarter of 2009 Table 7-16 Sanyuan Main Business Achievements, 2009 Figure 7-6 Sanyuan Foods stock market trend, by month, 2007-2009 Table 7-17 Wandersun Dairy Main Dairy Products Output Sheet, 2009 Table 7-18 Yinqiao Dairy Main Dairy Products Output Sheet, 2007-2009 Table 7-19 New Hope Group Main Business Achievements, 1st half of 2009 Table 7-20 New Hope Group Business Achievements, 1st three quarters of 2009 Table 7-21 New Hope Group Business Achievements, 2008 Table 9-1 China Dairy Industry Main Development Index, 2002-2009 Table 9-2 China Dairy Industry Assets Management Rate, 2002-2009 Figure 10-1 New Zealand average diary prices (FOB), 2006-2009 Table 10-1 Cow Inventory Change of Leading Countries of the World, 2001-2009 Table 10-2 Cow Milk Output Change of Leading Countries of the World, 2001-2009 Figure 10-2 Proportion of Liquid Milk Consumption vs Raw Milk of Leading Countries of the World, 2009 Table 10-3 Production & Trade of WMP of Leading Countries of the World, 2008-2009 Table 10-4 Production & Trade of SMP of Leading Countries of the World, 2008-2009 168Report Mr.Peter Lee sales@168report.com 13161572746 8610-82965190
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Table 10-5 Production & Trade of Butter & Ghee of Leading Countries of the World, 2008-2009 Table 10-6 Production & Trade of Cheese of Leading Countries of the World, 2008-2009 Table 10-7 New Zealand Raw Milk Balance Sheet, 2008-2010 Table 10-8 New Zealand Butter Balance Sheet, 2008-2010 Table 10-9 New Zealand Butter Export Destinations, by countries, 2005-2009f Table 10-10 New Zealand AMF （HS040590）Export Destinations, by countries, 2005-2009 Table 10-11 New Zealand Cheese Balance Sheet, 2008-2010 Figure 10-3 New Zealand Cheese Export Trends, 1992-2009 Table 10-12 New Zealand Cheese and Curd Export Destinatoin, by countries, 2005-2009 Table 10-13 New Zealand Dry Whole Milk Powder Balance Sheet, 2008-2010 Table 10-14 New Zealand SMP (HS040221) Export Destinations, by countries, 2005-2009 Table 10-15 New Zealand WMP Balance Sheet, 2008-2010 Figure 10-4 New Zealand WMP and SMP Export Trends, 1992-2009 Table 10-16 New Zealand WMP (HS040221) Export Destinations, by countries, 2005-2009 Figure 10-5 New Zealand Diary Products Price Trend (USD/mt), 1994-2009 Figure 10-6 New Zealand monthly average diary price (NZD/kg) Export Trends, 2006-2009 Table 10-17 Australia Raw Milk Powder Balance Sheet, 2008-2010 Table 10-18 Australia Cheese Balance Sheet, 2008-2010 Figure 10-7 Australia Cheese output and Export Trends, 98/99-08/09 Table 10-19 Australia Cheese Balance Sheet, 2008-2010 Table 10-20 Australia SMP Balance Sheet, 2008-2010 Table 10-21 Australia WMP Balance Sheet, 2008-2010 Table 10-22 Cow Inventory Change and Cow Milk Output Change Trend of US, 2008-2009 Figure 10-8 America Total Cheese Output Trend, by Month, 2005-2009 Figure 10-9 America Cheddar Cheese Prices (FAS) Trend, 2005-2009 Figure 10-10 America Whey Powder Output Trend, by Month, 2005-2009 Figure 10-11 America Whey Powder Prices (FAS) Trend, by month, 2005-2009 Figure 10-12 America SMP (human) Output Trend, by Month, 2005-2009 Figure 10-13 America SMP (human) Prices (FAS) Trend, 2005-2009 Figure 10-14 America Butter Output Trend, by Month, 2005-2009 Figure 10-15 America Butter Prices (FAS) Trend, 2005-2009 Figure 10-16 Processing Gains Comparison of different Combinations of EU Cheese/Whey Powder, SMP/Butter and WMP/Butter Table 10-23 EU-27 Raw Milk Balance Sheet, 2008-2010 Table 10-24 EU-25 Butter Balance Sheet, 2008-2010 Table 10-25 EU-27 Cheese Balance Sheet, 2008-2010 Table 10-26 EU-27 WMP Balance Sheet, 2008-2010 Table 10-27 EU-27 SMP Balance Sheet, 2008-2010 Table 10-28 India Raw Milk Balance Sheet, 2008-2010 Table 10-29 India SMP Balance Sheet, 2008-2010 Table 10-30 India Butter Balance Sheet, 2008-2010 Figure 10-17 India Dairy Product Exports, 2008/09 Table 10-30 India Tariff Structure for Various Dairy Products 168Report Mr.Peter Lee sales@168report.com 13161572746 8610-82965190
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