【名 称】China Dairy Market Review & Outlook 2010-2011
【出版日期】2011年2月
【价 格】RMB 12800元
【联系方式】010-80882775
Research Background
2010 is an unusual year of China's dairy market. The cost of dairy cattle forage, fuel power and labor are general on the increase which leading to a higher raw milk prices. By the cost-effective point of view, China has become one of the countries having the highest raw milk prices in the world. An extravagant price of raw milk not only weakened the competitive of Chinese dairy industry in the international market, but also brought enormous cost pressure to the domestic dairy processing enterprises. Gross margin of the dairy industry is declining. According to the financial reports of listed companies, both corporate grass margin and sales profit have decreased in varying degrees. The melamine incident in 2008 and the world financial crisis led to global raw milk and dairy prices fell to a new bottom of recent years in 2009. In 2010, the global economic began recovery, consumer demand for milk and dairy products quickly picked up. Strong demand and short supply drove raw milk and dairy products prices continue to rise. Domestic raw milk and milk-based raw material prices remained high, processors began to seek for greater recourse in the international market. In 2010, the whole milk powder and skim milk powder China imported from New Zealand is expected to exceed 0.4 million MT, bringing a major impact on milk powder industry and even the entire dairy industry of China, which is facing tough market environment. The resurgence of the melamine incident in 2010 sounded the alarm to dairy quality and safety once again, directly impacting on the sustainable and healthy development of domestic market consumption and the industry. The Chinese government has increased efforts to regulate the industry and the industry significantly increased barriers to entry. In view of policies introduced of the year, the government support and preferential policies tilted for the scale farming; the needs of dairy products processing enterprises for controlled milk origin is further enhanced, enterprises entirely dependent on imports of foreign brands are facing unprecedented challenges, the unreasonable "national treatment" policy for foreign investment is cancelled, all these will enhance the competitiveness of domestic enterprises and foreign enterprises and "the right to speak" impact of foreign investments in high-end formula milk powder market will be affected.
In 2010, domestic and international market environment that China's dairy industry faces experienced major changes. The industry is reflecting and a growing number of dairy companies are rethinking of the survival and development ways, particularly major dairy companies are adjusting their corporate strategies to respond to new market and policy environment. In 2011, the Chinese dairy industry will face more severe market environment, raw milk prices and dairy prices will continue to rise on the current high level. With the newly introduced policies implemented in 2011, a large number of dairy processing companies are expected to withdraw under the improved threshold for the industry. The industry concentration will increase.
This report presents a panoramic view of China’s dairy industry in 2010, including raw milk and dairy production, dairy products consumption, dairy products trade, raw milk and dairy products price trends, the running of China’s dairy industry, competition situation of China’s dairy market, operating performance, investment of dairy companies, the world dairy market trends, the production, consumption and trade of main dairy producing and trading countries, the impact of the world dairy market on China’s dairy industry, and predict of the development trend of China’s dairy industry in 2011.
This report is the result of collective wisdom of the dairy research group of BOABC. The senior dairy analysts of BOABC dairy 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 dairy 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, dairy companies, dairy ingredient suppliers, relevant equipment suppliers to make strategic decisions, and an important reference for industry associations, research institutions and other organizations.
CONTENTS
Chapter 1 Overview of China’s Dairy Industry in 2010 1
1.1 Raw Milk Production 1
1.1.1 Slight Slip of Dairy Cattle Inventory 1
1.1.2 Minor Growth of Raw Milk Production 1
1.2 Dairy Processing 1
1.2.1 Continual Fast Growth of Liquid Milk Production 1
1.2.2 Continual Rally of Solid Dairy Production 1
1.3 Dairy Trade 2
1.3.1 Continual Marked Growth of Dairy Import 2
1.3.2 Continual Sluggishness of Dairy Export 2
1.4 Dairy Consumption 2
1.4.1 Rally of Per Capita Possession Volume of Milk 2
1.4.2 Steady Per Capita Dairy Consumption by Urban Residents 2
1.5 Dairy Price 3
1.6 Operation of the Dairy Industry 3
1.7 Restructuring of the Industry 3
1.8 Dairy Industry Policy 4
Dairy Industry Policy 4
Chapter 2 Policy Environment for China’s Dairy Industry in 2010 5
2.1 Overview of Relevant Policies, Standards and Plans 5
2.2 Policy 5
2.2.1 Major Content of the “Circular on Further Strengthening Dairy Quality and Safety Work from the General Office of the State Council” and Impact on Dairy Industry 5
2.2.2 Major Content of the “Examination Rules on Prerequisites for Dairy Production of Companies (2010 version)” and Impact on Dairy Industry 6
2.2.3 Major Content of “Examination Rules on Prerequisites for Production of Infant/young Child’s Formula Milk Powder of Companies (2010 version)” and Impact on Dairy Industry 7
2.2.4 Major Content of the “Special Fund from Central Finance for Animal Breed Improvement in 2010” 8
2.3 Standards 8
2.3.1 Major Contents of 66 National Standards on Dairy Quality and Safety 8
2.3.2 Impact from the New National Standard on Dairy Quality and Safety to Dairy Industry 9
2.3.3 Stipulations of the “General Requirements on Labels of Edible Essence” 10
2.3.4 Stipulations of the New “Food Nutrition Enriching Agents” 10
2.4 Plans 11
2.4.1 Major Content of the “National Dairy Farming Development Plan” (2009-2013) 11
2.4.2 Impact on Dairy Industry from the Plan 12
Chapter 3 Dairy Production in China in 2010 13
3.1 Raw Milk Production 13
3.1.1 Overview 13
3.1.2 Dairy Cattle Inventory 13
3.1.3 Raw Milk Production 14
3.1.4 Regional Layout of Dairy Farming 15
3.1.5 Raw Milk Procurement Price 15
3.1.6 Dairy Farming Modes 16
3.1.7 Dairy Farming Profit 16
3.1.8 Feed Price 17
3.2 Dairy Processing 19
3.2.1 Liquid Milk 19
3.2.2 Solid Dairy Products 23
3.2.3 Milk Powder 25
3.2.4 Other Solid Dairy Products 26
Chapter 4 China’s Trade of Dairy Products in 2010 28
4.1 Dairy Import 28
4.1.1 Overview 28
4.1.2 Import Structure 28
4.2 Milk Powder Import 29
4.2.1 Import Quantity 29
4.2.2 Import Structure 30
4.2.3 Source of Import 31
4.2.4 Destination of Import 31
4.2.5 Importation Price 32
4.2.6 Web Quote of Fonterra Full-cream Milk Powder 33
4.3 Whey Import 34
4.3.1 Import Quantity 34
4.3.2 Source of Import 34
4.3.3 Destination of Import 35
4.3.4 Importation Price 36
4.4 Import of Milk Fat 36
4.4.1 Import Quantity 36
4.4.2 Source of Import 37
4.4.3 Importation Price 37
4.5 Cheese Import 38
4.5.1 Import Quantity 38
4.5.2 Source of Import 39
4.5.3 Importation Price Analysis 40
4.5.3 Importation Price 40
4.6 Import of Fresh Dairy Products 41
44.6.1 Import Quantity 41
4.6.2 Source of Import 41
4.6.3 Importation Price 41
4.7 Yogurt Import 42
4.7.1 Import Quantity 42
4.7.2 Importation Price 42
4.8 Lactose Import 43
4.9 Import of Infant/young Child’s Formula Milk Powder 44
4.10 Import of Dairy Cattle and Their Bio Products 45
4.10.1 Import Quantity 45
4.10.2 Importation Price 46
4.11 Alfalfa Import 46
4.11 Dairy Export 47
4.11.1 Overview 47
4.11.2 Structure of Dairy Export 47
4.11.3 Fresh Dairy Export 48
4.11.4 Milk Powder Export 50
Chapter 5 Dairy Consumption in China in 2010 54
5.1 Overview 54
5.2 Structure of Dairy Consumption by Urban Residents 57
5.3 Dairy Consuming Regions of Urban Residents 58
5.4 Dairy Consumption by Rural Residents 63
5.5 Retail Price of Dairy Products 63
5.5.1 Fresh Milk Price 63
5.5.2 Yogurt Price 64
5.5.3 Price of Formula Milk Powder 64
5.6 Prices of Dairy Ingredients 65
5.6.1 Lactose Price 65
5.6.2Whit Sugar Price 66
Chapter 6 Competitiveness of Dairy Market in China in 2010 67
6.1 Overview 67
6.2 Market Competition of Raw Milk 67
6.3 Market Competition of Infant/young Child’s Formula Milk Powder 68
6.3.1 Market Environment 68
6.3.2 Market Share of Major Competitive Brands 69
6.4 Market Competition of Liquid Milk 70
6.4.1 UHT Milk 70
6.4.2 Yogurt 71
6.4.3 Pasteurized Milk 71
6.4.4 Yogurt Drinks 72
Chapter 7 Main Dairy Processing Companies in 2010 73
7.1 Yili 73
7.1.1 Business Revenue 73
7.1.2 Market Competition Status 76
7.1.3 Operational Strategy and Measures of Yili in 2010 76
7.1.4 Prospect of Yili 77
7.2 Mengniu 77
7.2.1 Operating Revenue 77
7.2.2 Market Competition Status 78
7.2.3 Background and Impact from Mengniu’s Acquisition of Junlebao 79
7.2.4 Prospect of Business Revenue of Mengniu 80
7.3 Bright Dairy 81
7.3.1 Operating Revenue 81
7.3.2 Market Competition Status 83
7.3.3 Operational Strategy and Measures of Bright Dairy in 2010 84
7.3.4 Prospect of Bright Dairy 84
7.4 Sanyuan Dairy 84
7.4.1 Operating Revenue 84
7.4.2 Market Competition Status 87
7.4.3 Evaluation of Hebei Sanyuan Operating Revenue 87
7.4.4 Prospect of Sanyuan Dairy 88
7.5 Wondersun 88
7.5.1 Operating Revenue 88
7.5.2 Market Competition Status 90
7.5.3 Prospect of Wondersun 90
7.6 Yinqiao 90
7.6.1 Operating Revenue 90
7.6.2 Market Competition Status 91
7.6.3 Prospect of Yinqiao 91
7.7 Feihe 91
7.7.1 Operating Revenue 91
7.7.2 Market Competition Status 93
7.7.3 Prospect of Feihe 93
7.8 New Hope Dairy 94
7.8.1 Operating Revenue 94
7.8.2 Market Competition Status 96
7.8.3 Prospect of New Hope Dairy 99
7.9 Nestle 100
7.9.1 Operating Revenue 100
7.9.2 Prospect of Nestle 101
7.10 Dumex 101
7.10.1 Operating Revenue 101
7.10.2 Prospect of Dumex 102
Chapter 8 Development of Dairy Processing Industry in China in 2010析 103
8.1 Overview 103
8.2 Operational Capability of Dairy Processing Industry 104
Chapter 9 Status of World Dairy Market in 2010 106
10.1 10.1 Overview 106
10.1.1 Production of Milk and Dairy Products 106
10.1.2 Trade of Dairy Products 106
10.1.3 World Dairy Price 107
10.2 Dairy Market Status of Main Dairy Producing and Trade Countries in 2010 109
10.2.1 New Zealand 109
10.2.2 Australia 116
10.2.3 USA 123
10.2.4 EU 129
10.2.5 10.2.5 India 140
Chapter 10 Outlook of China’s Dairy Industry in 2011 149
10.1 Overview 149
10.2 Raw Milk Production 151
10.2.1 Dairy Cattle Inventory 151
10.2.2 Milk Production 151
10.2.3 Raw Milk Layout 151
10.3 Dairy Processing 152
10.3.1 Main Dairy Products 152
10.3.2 Other Dairy Products 153
10.3.3 Marginal Dairy Products 154
10.4 Forecast on Dairy Trade 155
10.4.1 Import 155
10.4.2 Export 156
10.5 Price Trend of Raw Milk and Dairy Products 156
10.5.1 Raw Milk Price 156
10.5.2 Dairy Price 156
10.6 Forecast on Dairy Consumption 157
10.7 Forecast on Dairy Competition Pattern 157
Annexes 158
Annex I: Raw Milk Supply and Demand Balance of China, 2009-2011 158
Annex II: WMP Supply and Demand Balance of China, 2009-2011 158
Figures & Tables
Figure 3-1 Changing Trend of Dairy Cattle Inventory, 1997-2010 14
Figure 3-2 Changing Trend of Gross Raw Milk Production, 1996-2010 14
Figure 3-3 Average Price Trend of Raw Milk in the 10 Producing Provinces, 2008-2010 15
Figure 3-4 Cow Cattle Raising Efficency Change, by Month, 2009-2010 17
Figure 3-5 Trend of Average Corn Spot Price, by Month, 2008-2010 18
Figure 3-6 Average Trend of Soymeal Spot Price, by Month, 2008-2010 18
Figure 3-7 Output of Liquid Milk and the Trend, 2000-2009 19
Figure 3-8 Output of Liquid Milk and the Trend, by Month, 2005-2009 19
Figure 3-9 Shares of Main Liquid Milk Producing Provinces in the National Total, 2010 20
Figure 3-10 Comparison of Liquid Milk Output among Provinces, 2010 21
Figure 3-11 Composition of Liquid Milk, 2000-2010 21
Figure 3-12 UHT Milk Production and Growth Rate, 2001-2010 22
Figure 3-14 Pasteurized Milk Production and Growth Rate, 2001-2010 22
Figure 3-14 Yogurt Production and Growth Rate, 2001-2010 22
Figure 3-15 Changing Trend of Production of Solid Dairy Products, 1957-2010 23
Figure 3-16 Changing Trend of Production of Solid Dairy Products, by Month, 2006-2010 23
Figure 3-17 Output of Solid Dairy Products of Different Regions, 1998-2010 24
Figure 3-18 Production of Solid Dairy Products of Main Provinces, 2003-2010 25
Figure 3-19 Proportion of Production of Solid Dairy Products of Main Provinces in National Total, 2010 25
Figure 3-20 Changing Trend of Production of Milk Powder, 1997-2010 26
Figure 3-21 Proportion of Production of Milk Powder of Main Provinces in National Total, 2010 26
Figure 4-1 Trend of Import of Milk Powder, by Month, 2005-2010 30
Figure 4-2 Changes of Structure of Milk Powder Import (by Quantity), 2003-2010 30
Figure 4-3 Trend of CIF Price of Milk Powder, by Month, 2005-2010 33
Figure 4-4 Trend of Import Price (CIF) of Whey Product, by Month, 2005-2009 36
Figure 4-5 Trend of Import of Butter and Anhydrous Cream, by Volume, by Month, 2004-2010 36
Figure 4-6 Origins of Milk Fat Import and Changes, 2003-2010 37
Figure 4-7 Trend of Import Price (CIF) of Butter and Anhydrous Cream, 2005-2010 37
Figure 4-8 Structure of Cheese Import, by Quantity, 2010 38
Figure 4-9 Trend of Cheese Import, by Quantity, 2004-2010 39
Figure 4-10 Trend of Cheese Import, by Structure, 2004-2010 39
Figure 4-11 Trend of Import Price (CIF) of Cheese, 2004-2010 40
Figure 4-12 Origins of Fresh Milk (HS0401) Import, 2010 41
Figure 4-13 Trend of Import Price (CIF) of Fresh Dairy Products, by Month, 2005-2010 42
Figure 4-14 Trend of Import Price (CIF) of Yogurt, by Month, 2005-2010 43
Figure 4-15 Trend of Import Price (CIF) of Anhydrous Lactose, by Month, 2005-2010 44
Figure 4-16 Trend of Import Volume and Price (CIF) of Infants Formula Milk Powder, 2000-2010 45
Figure 4-17 Origins of Infants Formula Milk Powder (HS19011000) Import, 2010 45
Figure 4-18 Structure of Dairy Products Export (by Quantity), 2010 48
Figure 4-19 Changing Trend of Monthly Fresh Milk Export, by Month, 2007-2010 48
Figure 4-20 China Milk Powder Exports Trend, by Month, 2007-2010 51
Figure 4-21 Structure of Exported Milk Powder of China, by Volume, 2010 51
Figure 4-22 China Milk Powder Export Market Share, by Volume (Unit: MT), 2010 53
Figure 5-1 Structure of Dairy Consumption of Urban Residents, by Volume, by Quarter, 2005-2010 58
Figure 5-2 Structure of Dairy Consumption of Urban Residents, by Value, by Quarter, 2005-2010 58
Figure 5-3 Per Capita Consumption Amount of Milk and Dairy Products of Rural Resident, 1992-2010 63
Figure 5-4 Price Trend of Fresh Milk of Urban Market, by Quarter, 2005-2010 64
Figure 5-5 Price Trend of Yogurt of Urban Market, by Quarter, 2005-2010 64
Figure 5-6 Price Trend of Small-pack Milk Powder of Urban Market, by Quarter, 2005-2010 65
Figure 5-7 China Import Price (CIF) of Anhydrous Lactose, by Month, 2005-2010 66
Figure 5-8 Trend of Wholesale Spot Price of White Sugar, 2000-2010 66
Figure 6-1 Changes of Market Share of Foreign and Domestic Famous Brands of Infant Formula Milk Powder, by Sales Value, Jan-Jun, 2009-2010 70
Figure 6-2 Changes of Market Share of Domestic Famous Brands of UHT Milk, by Sales Value, Sep 2009 to Sep 2010 70
Figure 6-3 Changes of Market Share of Domestic Famous Brands of Yogurt, by Sales Value, Sep 2009 to Sep 2010 71
Figure 6-4 Changes of Production Share of Domestic Famous Brands of Pasteurized Milk, 2008-2009 72
Figure 6-5 Changes of Market Share of Domestic Famous Brands of Acidified Drinks, by Sales Value, Sep 2009 to Sep 2010 72
Figure 9-1 Cheddar Cheese Price (FOB), 2005-2010 107
Figure 9-2 Average Winning Price (FOB) of AMF, 2001-2010 108
Figure 9-3 Average Winning Price (FOB) of WMP, 2001-2010 108
Figure 9-4 Average Winning Price (FOB) of SMP, 2001-2010 109
Figure 9-5 Average Cow Numbers per Herd and Average Milk Fat Production per Cow (calendar year) 112
Figure 9-6 Milk Production, Cows in Milk and Average Farm Gate Prices 113
Figure 9-7 Average On-Farm Milk Solids Production Compared with Stocking Rates 113
Figure 9-8 Australia Dairy Cattle (000’ head), 2000/01-2010/2011 118
Figure 9-9 Australian Butter Production and Exports, 2001/02-2010/2011 121
Figure 9-5 American Milk Price Trend, 2000-2011($/cwt) 125
Figure 9-6 American Cheese Production, by Month, 2006-2010 126
Figure 9-7 American Cheddar Cheese Prices (FOB) Trend, 2005-2010 126
Figure 9-8 American Dried Whey Production, by Month, 2006-2010 126
Figure 9-9 American Dried Whey Prices (FOB) Trend, 2005-2010 127
Figure 9-10 American SMP (human) Production, by Month, 2006-2010 127
Figure 9-11 American SMP (human) Prices (FOB) Trend, 2005-2010 127
Figure 9-12 American Butter Production, by Month, 2006-2010 128
Figure 9-13 American Butter Prices (FOB) Trend, 2005-2010 128
Figure 9-14 American Lactose Production, by Month, 2006-2010 129
Table 4-1 Import of Dairy Products, 2009-2010 28
Table 4-2 Changes of Structure of Dairy Import, by Quantity, 2009-2010 29
Table 4-3 Source of Milk Powder Import and Changes, by Quantity, 2009-2010 31
Table 4-4 Flow of Milk Powder Import (Quantity), 2010 32
Table 4-5 Changes of Online Auction Price (1) of Whole Milk Powder from Fonterra, 2008-2010 33
Table 4-6 Origin of Whey Import and Changes of Proportion in Total Import, 2009-2010 35
Table 4-7 Destination of Imported Whey, by Volume, 2009-2010 35
Table 4-8 Origins of Cheese Import, by Volume, 2010 40
Table 4-9 China Import Volume of Quality Breeding Cattle and Biologic Products, 2007- 2010 46
Table 4-10 China Import Price of Quality Breeding Cattle and Biologic Products, 2007- 2010 46
Table 4-11 China Dairy Products Export, 2010 47
Table 4-12 Comparison of Monthly Import and Export Prices of Fresh Milk, 2007-2010 49
Table 4-13 Comparison of Export Prices & Import Prices of Milk Powder of China, 2007-2010 51
Table 5-1 Per Capita Dairy Possession Amount and Forecast, 1992-2010 54
Table 5-2 Per Capita Dairy Consumption of Urban Residents, 1992-2010 55
Table 5-3 Changes of Per Capita Expenditure on Dairy Consumption of Urban Residents, by Quarter, 2006-2010 56
Table 5-4 Changes of Per Capita Dairy Consumption of Urban Residents of Different Provinces, 2008-2010 59
Table 5-5 Changes of Per Capita Fresh Milk Consumption of Urban Residents of Different Provinces, 2008-2010 60
Table 5-5 Changes of Per Capita Yogurt Consumption of Urban Residents of Different Provinces, 2008-2010 61
Table 5-7 Changes of Per Capita Milk Powder Consumption of Urban Residents of Different Provinces, 2008-2010 62
Table 7-1 Total Profit of Yili, 1st half of 2010 74
Table 7-2 Total Profit of Yili, 1st Three Quaters of 2010 74
Table 7-3 Core Business of Yili, 1st half of 2010 75
Table 7-4 Core Business by Region of Yili, 1st half of 2010 75
Table 7-5 Total Profit of Mengniu, 1st half of 2010 78
Table 7-6 Revenue of Different Products of Mengniu, 1st half 2010 78
Table 7-7 Total Profit of Bright Dairy, 1st half 2010 82
Table 7-8 Total Profit of Bright Dairy, 1st Three Quarters 2010 82
Table 7-9 Core Sector of Bright Dairy, 1st half 2010 83
Table 7-10 Core Sector by Region of Bright Dairy, 1st half 2010 83
Table 7-11 Total Profit of Sanyuan Food, 1st half 2010 85
Table 7-12 Profit of Sanyuan Foods (Mother) 1st Three Quarters of 2010 86
Table 7-13 Core Sector of Sanyuan Food, 1st half 2010 86
Table 7-16 Core Sector by Region of Sanyuan Food, 1st half 2010 86
Table 7-15 Dairy Production of Wandersun Dairy, 2009-2010 89
Table 7-16 Dairy Production of Yinqiao Dairy, 2009-2010 91
Table 7-17 Total Profit of Feihe Dairy, by Quarter, 2010 92
Table 7-18 Total Profit of New Hope, 1st half 2010 94
Table 7-19 Total Profit of New Hope, 1st Three Quarters of 2010 95
Table 7-20 Core Sector of New Hope Agriculture, 1st half 2010 96
Table 7-21 Subsidairy Companies Equity-controlled by New Hope Dairy, 2010 96
Table 9-1 Development Indices of Dairy Industry, 2002-2010 103
Table 9-2 Asset Management Ratio of Dairy Industry, 2002-2010 104
Table 9-1 Profitability of Dairy Farming (NZ dollars per kilogram of milk solids) 114
Table 9-2 Payout Prices by NZ Dairy Cooperatives (Per Kg of Milk Solids) 114
Table 9-3 Supply and Demand of Raw Milk of New Zealand, 2009-2011 114
Table 9-4 Supply and Demand of Butter of New Zealand, 2009-2011 115
Table 9-5 Supply and Demand of Cheese of New Zealand, 2009-2011 115
Table 9-6 Supply and Demand of SMP of New Zealand, 2009-2011 116
Table 9-7 Supply and Demand of WMP of New Zealand, 2009-2011 116
Table 9-8 Supply and Demand of Raw Milk of Australia, 2009-2011 119
Table 9-9 Supply and Demand of Cheese of Australia, 2009-2011 120
Table 9-10 Supply and Demand of Butter of Australia, 2009-2011 121
Table 9-11 Supply and Demand of WMP of Australia, 2009-2011 122
Table 9-12 Supply and Demand of SMP of Australia, 2009-2011 123
Table 9-13 Trend of Dairy Cattle Inventory and Milk Production in the US, 2009-2010 124
Table 9-14 Changes of Milk Price of Certain States in the US 124
Table 9-15 Raw Milk Supply and Demand Balance of EU 27 Countries, 2009-2011 133
Table 9-16 Cheese Supply and Demand Balance of EU 27 Countries, 2009-2011 135
Table 9-17 Butter Supply and Demand Balance of EU 27 Countries, 2009-2011 137
Table 9-18 SMP Supply and Demand Balance of EU 27 Countries, 2009-2011 139
Table 9-19 WMP Supply and Demand Balance of EU 27 Countries, 2009-2011 140
Table 9-20 India's Milk Product Mix - 2009 145
Table 9-21 Raw Milk Supply and Demand Balance of India, 2009-2011 147
Table 9-22 Skimmed Milk Powder Supply and Demand Balance of India, 2009-2011 148
Table 9-23 Butter (Ghee) Supply and Demand Balance of India, 2009-2011 148
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