From January To August 2024, China'S Dairy Product Imports Declined, And Some Categories Showed Differentiation

According to statistics, from January to August 2024, China imported a total of 1.7493 million tons of dairy products, a decrease of 13.2% compared with the same period last year. At the same time, the import volume reached 7.381 billion US dollars, down 16.1% year on year. This data reveals the overall weakness of China's dairy product import market in the first eight months of this year.

Specifically, both dry dairy products and liquid milk showed a downward trend. Among them, the import volume of dry dairy products was 1.2923 million tons, a year-on-year decrease of 12.3%; The import volume of liquid milk was 457000 tons, a year-on-year decrease of 15.6%. This shows that the import demand of dairy products, both as raw materials and as direct consumer goods, has weakened.

Among all kinds of dairy products, the import volume of infant formula milk powder, packaged milk powder, packaged milk and yogurt declined significantly year on year, and the decline was close to or significantly more than 20%. In particular, the import volume of yoghurt declined significantly year on year, reaching about 31%, indicating that the demand of domestic consumers for this category may be changing. The import volume of infant formula powder also dropped 19.4% year on year, which may be related to the intensified competition in the domestic milk powder market and the increased trust of consumers in domestic milk powder.

At the same time, although the import volume of dairy products such as whey powder, cream and cheese declined slightly year on year, the decline was relatively small, indicating the stability of these categories in the market. However, it is worth mentioning that the import volume of cheese continued the downward trend in July, and the decline in August was further expanded, which may mean that the domestic cheese market is facing certain challenges.

While the performance of some categories was poor, the import volume of some dairy products maintained year-on-year growth. The import volume of condensed milk, protein and cream all increased year on year, especially the import volume of protein, which increased significantly year on year, reaching about 9.5%. This growth may reflect the rising demand of domestic consumers for healthy and high protein foods.

From the month on month comparison of the import volume of various dairy products in August, the import volume of other dairy products fell year on year, except for infant formula, whey, protein and yogurt. Among them, the import volume of large bags of flour dropped by 28.3% year on year, the import volume of cheese dropped by 20.1% year on year, and the import volume of cream dropped significantly year on year, reaching about 39.9%. The month on month decline of these data further exacerbated the market's concern.

In terms of price, only the average import price of infant formula powder, cream and yogurt increased year on year, while the average import price of other dairy products declined by different degrees year on year. The average import price of whey decreased significantly, reaching 14.4%, followed by protein, with a decrease of 13.1%. This price trend may reflect the changes in the supply and demand relationship in the international dairy market and the competitive situation in the domestic market.

In general, China's dairy product import market showed an overall downward trend from January to August 2024, but the performance of various dairy products was significantly differentiated. Facing this situation, domestic dairy enterprises need to pay close attention to the market dynamics, strengthen product research and development and market expansion to cope with the increasingly fierce market competition. At the same time, relevant government departments should also strengthen policy guidance and support to promote the healthy development of domestic dairy industry.