MarketLine Industry Profile

Global Dairy
October 2019

Reference Code: 0199-0711

Publication Date: October 2019

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Industry Profiles

1. Executive Summary

1.1. Market value

The global dairy market grew by 4% in 2018 to reach a value of $430,165.4 million.

1.2. Market value forecast

In 2023, the global dairy market is forecast to have a value of $520,343.6 million, an increase of 21% since 2018.

1.3. Market volume

The global dairy market grew by 1% in 2018 to reach a volume of 171,520.3 million units.

1.4. Market volume forecast

In 2023, the global dairy market is forecast to have a volume of 183,271.6 million units, an increase of 6.9% since
2018.

1.5. Category segmentation

Milk is the largest segment of the global dairy market, accounting for 36.3% of the market's total value.

1.6. Geography segmentation

Europe accounts for 38.3% of the global dairy market value.

1.7. Market share

Danone Group is the leading player in the global dairy market, generating a 6% share of the market's value.

1.8. Market rivalry

High fixed costs and exit barriers intensify rivalry in the market. Additionally, most regional markets remain
fragmented, with no dominance of a single retailer, which further increases competition. Moreover, despite their
diversified dairy portfolios, many players are similar to one another and this to boosts rivalry.

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1.9. Competitive Landscape

The global dairy market has experienced strong value growth and moderate volume growth in recent years. Robust
growth registered in the dairy sector by Asian countries such as Indonesia, China and India supported the strong
growth of the global dairy market. Danone Group is the leading market player in value terms and also accounted for
the highest value share during 2014–2018. Furthermore, Groupe Lactalis SA and Nestle SA accounted for the second
and third largest value shares, respectively, in 2018.

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TABLE OF CONTENTS
1. Executive Summary 2

1.1. Market value ................................................................................................................................. 2

1.2. Market value forecast ...................................................................................................................2

1.3. Market volume .............................................................................................................................. 2

1.4. Market volume forecast ................................................................................................................2

1.5. Category segmentation ................................................................................................................2

1.6. Geography segmentation .............................................................................................................2

1.7. Market share ................................................................................................................................ 2

1.8. Market rivalry ................................................................................................................................ 2

1.9. Competitive Landscape ................................................................................................................3

2. Market Overview 8

2.1. Market definition ........................................................................................................................... 8

2.2. Market analysis ............................................................................................................................ 8

3. Market Data 9

3.1. Market value ................................................................................................................................. 9

3.2. Market volume ............................................................................................................................ 10

4. Market Segmentation 11

4.1. Category segmentation ..............................................................................................................11

4.2. Geography segmentation ...........................................................................................................12

4.3. Market distribution ......................................................................................................................13

5. Market Outlook 14

5.1. Market value forecast .................................................................................................................14

5.2. Market volume forecast ..............................................................................................................15

6. Five Forces Analysis 16

6.1. Summary .................................................................................................................................... 16

6.2. Buyer power ............................................................................................................................... 17

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6.3. Supplier power ........................................................................................................................... 18

6.4. Degree of rivalry ......................................................................................................................... 19

7. Competitive Landscape 20

7.1. Market share .............................................................................................................................. 20

7.2. Who are the leading players in the global dairy market? ...........................................................20

7.3. Which companies have been most successful in increasing their market shares in the last five
years? 21

7.4. Which companies' market shares have suffered over the last five years?.................................21

7.5. What are the most popular brands in this market?.....................................................................21

7.6. How much M&A activity was evident in the global dairy sector between 2014 and 2018? ........21

8. Company Profiles 23

8.1. Danone SA ................................................................................................................................. 23

8.2. Groupe Lactalis S.A. ..................................................................................................................26

8.3. Inner Mongolia Mengniu Dairy (Group) Co Ltd ..........................................................................28

8.4. Nestle SA ................................................................................................................................... 30

9. Macroeconomic Indicators 34

9.1. Country data ............................................................................................................................... 34

Appendix 35

Methodology............................................................................................................................................ 35

9.2. Industry associations ..................................................................................................................36

9.3. Related MarketLine research .....................................................................................................36

About MarketLine .................................................................................................................................... 37

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LIST OF TABLES
Table 1: Global dairy market value: $ million, 2014–18 9

Table 2: Global dairy market volume: million units, 2014–18 10

Table 3: Global dairy market category segmentation: $ million, 2018 11

Table 4: Global dairy market geography segmentation: $ million, 2018 12

Table 5: Global dairy market distribution: % share, by value, 2018 13

Table 6: Global dairy market value forecast: $ million, 2018–23 14

Table 7: Global dairy market volume forecast: million units, 2018–23 15

Table 8: Global dairy market share: % share, by value, 2018 20

Table 9: Danone SA: key facts 23

Table 10: Danone SA: Annual Financial Ratios 24

Table 11: Danone SA: Key Employees 25

Table 12: Groupe Lactalis S.A.: key facts 26

Table 13: Groupe Lactalis S.A.: Key Employees 27

Table 14: Inner Mongolia Mengniu Dairy (Group) Co Ltd: key facts 28

Table 15: Inner Mongolia Mengniu Dairy (Group) Co Ltd: Key Employees 29

Table 16: Nestle SA: key facts 30

Table 17: Nestle SA: Annual Financial Ratios 31

Table 18: Nestle SA: Key Employees 32

Table 19: Nestle SA: Key Employees Continued 33

Table 20: Global exchange rate, 2014–18 34

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LIST OF FIGURES
Figure 1: Global dairy market value: $ million, 2014–18 9

Figure 2: Global dairy market volume: million units, 2014–18 10

Figure 3: Global dairy market category segmentation: % share, by value, 2018 11

Figure 4: Global dairy market geography segmentation: % share, by value, 2018 12

Figure 5: Global dairy market distribution: % share, by value, 2018 13

Figure 6: Global dairy market value forecast: $ million, 2018–23 14

Figure 7: Global dairy market volume forecast: million units, 2018–23 15

Figure 8: Forces driving competition in the global dairy market, 2018 16

Figure 9: Drivers of buyer power in the global dairy market, 2018 17

Figure 10: Drivers of supplier power in the global dairy market, 2018 18

Figure 11: Drivers of degree of rivalry in the global dairy market, 2018 19

Figure 12: Global dairy market share: % share, by value, 2018 20

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2. Market Overview

2.1. Market definition

The dairy market consists of retail sales of butter and spreadable fats, cheese, cream, dairy-based and soy-based
desserts, drinkable yogurt, milk, soymilk and soy drinks, yogurt and fromage frais and quark. The market is valued
according to retail selling price (RSP) and includes any applicable taxes. All currency conversions used in the creation
of this report have been calculated using constant annual average 2018 exchange rates.
For the purposes of this report, North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Colombia, and Venezuela.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the
Netherlands, Norway, Poland, Portugal, Romania, Russia, Spain, Sweden, Switzerland, Turkey, and the United
Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines,
Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Saudi Arabia and the United Arab Emirates.

2.2. Market analysis

The global dairy market registered strong growth during the review period (2014–2018). The growth of the market is
expected to decelerate over the forecast period (2018–2023).
Asian countries such as Indonesia, China and India registered robust growth in their dairy markets, which supported
the strong growth of the global dairy market. Increasing disposable incomes, rapid urbanization and busy lifestyles are
the primary growth divers contributing to the strong performance of these countries. Rising health consciousness
among consumers influenced manufacturers to launch healthy milk products. Producers are also focusing on
packaging, such as smaller variants with a lower price tag.
The global dairy market had total revenues of $430,165.4m in 2018, representing a compound annual growth rate
(CAGR) of 4.1% between 2014 and 2018. In comparison, the Asia-Pacific and US markets grew with CAGRs of 6.5% and
1% respectively, over the same period, to reach respective values of $115,157.2m and $58,989.1m in 2018.
Market consumption volume increased with a CAGR of 1.4% between 2014 and 2018, to reach a total of 171,520.3
million units in 2018. The market's volume is expected to rise to 183,271.6 million units by the end of 2023,
representing a CAGR of 1.3% for the 2018–2023 period.
Milk sales accounted for the highest value in the global dairy market in 2018, with total sales of $156,028.2m,
equivalent to 36.3% of the market's overall value. In comparison, sales of cheese reached a value of $114,019.3m in
2018, equating to 26.5% of the market total.
The performance of the market is forecast to decelerate, with an anticipated CAGR of 3.9% for the five-year period
2018–2023, which is expected to drive the market to a value of $520,343.6m by the end of 2023. Comparatively, the
Asia-Pacific and US markets will grow with CAGRs of 5.9% and 0.9% respectively, over the same period, to reach
respective values of $153,314.7m and $61,844.0m in 2023.

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3. Market Data

3.1. Market value

The global dairy market grew by 4% in 2018 to reach a value of $430,165.4 million.
The compound annual growth rate of the market in the period 2014–18 was 4.1%.

Table 1: Global dairy market value: $ million, 2014–18

Year $ million € million % Growth

2014 366,125.4 310,010.2
2015 381,542.2 323,064.1 4.2%
2016 398,690.5 337,584.1 4.5%
2017 413,480.8 350,107.5 3.7%
2018 430,165.4 364,234.9 4.0%

CAGR: 2014–18 4.1%

SOURCE: MARKETLINE MARKETLINE

Figure 1: Global dairy market value: $ million, 2014–18

SOURCE: MARKETLINE MARKETLINE

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3.2. Market volume

The global dairy market grew by 1% in 2018 to reach a volume of 171,520.3 million units.
The compound annual growth rate of the market in the period 2014–18 was 1.4%.

Table 2: Global dairy market volume: million units, 2014–18

Year million units % Growth

2014 162,069.0
2015 164,991.0 1.8%
2016 167,691.7 1.6%
2017 169,854.1 1.3%
2018 171,520.3 1.0%

CAGR: 2014–18 1.4%

SOURCE: MARKETLINE MARKETLINE

Figure 2: Global dairy market volume: million units, 2014–18

SOURCE: MARKETLINE MARKETLINE

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4. Market Segmentation

4.1. Category segmentation

Milk is the largest segment of the global dairy market, accounting for 36.3% of the market's total value.
The Cheese segment accounts for a further 26.5% of the market.

Table 3: Global dairy market category segmentation: $ million, 2018

Category 2018 %
Milk 156,028.2 36.3%
Cheese 114,019.3 26.5%
Yogurt 46,112.4 10.7%
Drinkable Yogurt 32,655.1 7.6%
Butter & Spreadable Fats 29,073.6 6.8%
Dairy-Based & Soy-Based Desserts 19,500.5 4.5%
Other 32,776.4 7.6%

Total 430,165.5 100%

SOURCE: MARKETLINE MARKETLINE

Figure 3: Global dairy market category segmentation: % share, by value, 2018

SOURCE: MARKETLINE MARKETLINE

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4.2. Geography segmentation

Europe accounts for 38.3% of the global dairy market value.
Asia-Pacific accounts for a further 26.8% of the global market.

Table 4: Global dairy market geography segmentation: $ million, 2018

Geography 2018 %
Europe 164,847.8 38.3
Asia-Pacific 115,157.2 26.8
United States 58,989.1 13.7
Middle East 11,812.5 2.7
Rest of the World 79,358.8 18.4

Total 430,165.4 99.9%

SOURCE: MARKETLINE MARKETLINE

Figure 4: Global dairy market geography segmentation: % share, by value, 2018

SOURCE: MARKETLINE MARKETLINE

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4.3. Market distribution

Hypermarkets & Supermarkets form the leading distribution channel in the global dairy market, accounting for a
58.1% share of the total market's value.
Convenience Stores accounts for a further 23.1% of the market.

Table 5: Global dairy market distribution: % share, by value, 2018

Channel % Share
Hypermarkets & Supermarkets 58.1%
Convenience Stores 23.1%
Food & drinks specialists 13.9%
“Dollar Stores” and Variety Stores 1.2%
Other 3.7%

Total 100%

SOURCE: MARKETLINE MARKETLINE

Figure 5: Global dairy market distribution: % share, by value, 2018

SOURCE: MARKETLINE MARKETLINE

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5. Market Outlook

5.1. Market value forecast

In 2023, the global dairy market is forecast to have a value of $520,343.6 million, an increase of 21% since 2018.
The compound annual growth rate of the market in the period 2018–23 is predicted to be 3.9%.

Table 6: Global dairy market value forecast: $ million, 2018–23

Year $ million € million % Growth

2018 430,165.4 364,234.9 4.0%
2019 446,506.4 378,071.3 3.8%
2020 465,309.5 393,992.5 4.2%
2021 483,627.3 409,502.8 3.9%
2022 502,009.1 425,067.3 3.8%
2023 520,343.6 440,591.7 3.7%

CAGR: 2018–23 3.9%

SOURCE: MARKETLINE MARKETLINE

Figure 6: Global dairy market value forecast: $ million, 2018–23

SOURCE: MARKETLINE MARKETLINE

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5.2. Market volume forecast

In 2023, the global dairy market is forecast to have a volume of 183,271.6 million units, an increase of 6.9% since
2018.
The compound annual growth rate of the market in the period 2018–23 is predicted to be 1.3%.

Table 7: Global dairy market volume forecast: million units, 2018–23

Year million units % Growth

2018 171,520.3 1.0%
2019 173,676.1 1.3%
2020 176,376.0 1.6%
2021 178,890.5 1.4%
2022 181,176.0 1.3%
2023 183,271.6 1.2%

CAGR: 2018–23 1.3%

SOURCE: MARKETLINE MARKETLINE

Figure 7: Global dairy market volume forecast: million units, 2018–23

SOURCE: MARKETLINE MARKETLINE

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6. Five Forces Analysis

The dairy market will be analyzed taking manufacturers/packagers of dairy products as players. The key buyers will be
taken as food retailers, and dairy farmers as the key suppliers.

6.1. Summary
Figure 8: Forces driving competition in the global dairy market, 2018

SOURCE: MARKETLINE MARKETLINE

High fixed costs and exit barriers intensify rivalry in the market. Additionally, most regional markets remain
fragmented, with no dominance of a single retailer, which further increases competition. Moreover, despite their
diversified dairy portfolios, many players are similar to one another and this to boosts rivalry.
Hypermarkets and supermarkets are the main distribution channels for the global dairy market. These channels have
been increasing their share of the market by selling private label products with price discounts.
Suppliers commonly integrate forward, as dairy co-operatives offer farmers the opportunity to access larger markets
and use capital items, such as packaging and processing plants.
The dairy market is fairly easy to enter as a small enterprise. However, in order to supply to the mass market,
consumer companies must be large and have some level of integration, if successful market entry is to be secured.
Dairy products tend to be a staple in peoples' diets; therefore, they are unlikely to be replaced. However, there are
many alternatives for those wishing to cut down or cut dairy from their diets.

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6.2. Buyer power

Figure 9: Drivers of buyer power in the global dairy market, 2018

SOURCE: MARKETLINE MARKETLINE

Hypermarkets and supermarkets constitute the major buyers in the global dairy market, accounting for 58.1% of the
total sales value in 2018. Convenience stores are also significant, accounting for 23.1% of the total market value in the
same year. Buyer power is strengthened in this market where players can sell only to a small number of large buyers.
The dairy market is highly price sensitive, as buyers will tend to opt for the cheaper option, especially in the milk
market, subsequently enhancing buyer power.
Manufacturers can target end-users with innovative branding strategies or developing premium products such as
organic yogurt. This helps manufacturers to counter balance the power buyers have to make purchasing decisions on
price alone.
In some countries, including the US and the UK, an alternative distribution model for milk – direct-to-consumer
morning deliveries by the dairy companies – used to be commonplace, but is now largely supplanted by conventional
retail distribution. The decline of this distribution channel suggests that there is relatively little likelihood of players
reversing the trend by integrating forward into selling directly to consumers, which boosts the buying power of food
retailers.
However, dairy products are an important part of most consumers' food and beverage purchases in many countries,
so food retailers are therefore strongly motivated to stock them, weakening their buying power.
Overall, buyer power is assessed as moderate.

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6.3. Supplier power

Figure 10: Drivers of supplier power in the global dairy market, 2018

SOURCE: MARKETLINE MARKETLINE

The key suppliers to this market are dairy farmers. Dairy products are, by definition, made of milk, meaning there are
no real alternatives to raw materials.
Typically, a large-scale dairy processing and packaging company has many individual or cooperative farms supplying it
with milk. However, even the largest players are not immune to the impact of rising milk prices. The larger players,
due to the commodity nature of the market, often hedge prices as they usually fluctuate on a daily basis. Key players
buy supplies on the futures market, with an agreed price for future supplies, in order to mitigate the risk of
unexpected price jumps. Such a strategy tends to boost switching costs for players and increase supplier power.
Suppliers are fairly limited in their ability to differentiate their raw materials, although products, such as organic milk,
do attract a premium from dairy market players.
Forward integration by suppliers is possible, but only on a small scale. One model for this is a farmer with a small dairy
herd who begins to make high-quality cheese for distribution at a local farmers' market or via the internet (possibly
because cheese is less perishable than other dairy products). This allows products such as milk, which are low margin
products of an undifferentiated nature, to be converted into a higher margin and more differentiated products,
without prohibitive capital outlay.
Overall, supplier power is assessed as moderate.

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6.4. Degree of rivalry

Figure 11: Drivers of degree of rivalry in the global dairy market, 2018

SOURCE: MARKETLINE MARKETLINE

The global dairy market is highly fragmented, with the top three players, Danone Group, Groupe Lactalis SA and
Nestle SA, controlling 12.2% of the total market value in 2018.
Switching costs for buyers are not particularly high, although some retailers may allocate contracts to single suppliers
of dairy products. The larger multinational players tend to operate in a number of fast moving consumer goods
markets, therefore may not be as reliant on the sale of dairy products, which decreases their competitive threat.
The dairy market has become highly volatile over the past few years, with fluctuating prices. One of the factors
influencing such volatility is the lower international trade of milk.
As dairy products are usually perishable, storage costs are high. Furthermore, the industrial production of dairy
products requires substantial, specialized assets, and the need to sell these off when leaving the market translates
into high exit costs.
Strong historic growth helps to decrease the rivalry between players. Overall, rivalry is assessed as moderate.

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7. Competitive Landscape
The global dairy market has experienced strong value growth and moderate volume growth in recent years. Robust
growth registered in the dairy sector by Asian countries such as Indonesia, China and India supported the strong
growth of the global dairy market. Danone Group is the leading market player in value terms and also accounted for
the highest value share during 2014–2018. Furthermore, Groupe Lactalis SA and Nestle SA accounted for the second
and third largest value shares, respectively, in 2018.

7.1. Market share

Table 8: Global dairy market share: % share, by value, 2018

Company % Share
Danone Group 6.0%
Groupe Lactalis SA 3.5%
Nestle SA 2.6%
Inner Mongolia Mengniu Dairy Industry Co Ltd 1.9%
Other 85.9%

Total 100%

SOURCE: MARKETLINE MARKETLINE

Figure 12: Global dairy market share: % share, by value, 2018

SOURCE: MARKETLINE MARKETLINE

7.2. Who are the leading players in the global dairy market?

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French multinational Danone Group is the leading player in the global dairy market, accounting for 6% of the market's
value in 2018, and is expected to retain its leading position in the coming years. The company has a strong foothold in
the yogurt segment, with the company holding a 10% value share in the segment in 2018.
French multinational Groupe Lactalis SA is the second leading player in the global dairy market, accounting for 3.5% of
the market's value in 2018. The company has a strong foothold in the cream segment, accounting for a 4.3% value
share of that segment in 2018.
Swiss mutinational Nestle SA is the third leading player in the global dairy market, accounting for 2.6% of the market's
value in 2018. The company has a strong presence in the milk segment, with the company holding a 3.7% value share
of that segment in 2018.

7.3. Which companies have been most successful in increasing

their market shares in the last five years?
In the global dairy market, Danone Group registered the largest rise in market share with a 1.7 percentage point
increase in value terms over the last five years, increasing from 4.3% in 2014 to 6% in 2018. Over the same period,
Mastellone Hermanos SA's value share increased by 0.3 percentage points, growing from 0.4% in 2014 to 0.7% in
2018, while Inner Mongolia Mengniu Dairy Industry Co Ltd also witnessed an increase of 0.3 percentage points to its
value share, up from 1.6% in 2014 to 1.9% in 2018.

7.4. Which companies' market shares have suffered over the last
five years?
In the global dairy sector, Unilever Group witnessed a loss of value share over the last five years, falling 0.2 percentage
points, from 1% in 2014 to 0.8% in 2018. The second largest drop in value share was witnessed by General Mills, Inc.,
which decreased 0.1 percentage points, from 1.1% in 2014 to 1% in 2018.

7.5. What are the most popular brands in this market?

Mengniu, which is owned by Inner Mongolia Mengniu Dairy Industry Co Ltd, is the most popular brand in the global
dairy sector, accounting for a value share of 1.7% in 2018. Furthermore, Wang Zai (owned by Want Want China
Holdings Limited) and Activia (owned by Danone Group) are also top brands, which held brand value shares of 1.5%
and 1.1%, respectively, in the same year.

7.6. How much M&A activity was evident in the global dairy sector
between 2014 and 2018?
MarketLine's financial deals database tracked 1,046 deals across the global dairy & soy food sector between 2014 and
2018. The largest number of deals were recorded in 2017 when 422 deals were listed in this sector. Asia-Pacific and
North America appear to be the most likely location for deals over this period; 358 deals were tagged to the Asia-
Pacific region and 350 to North America between 2014 and 2018. Just 248 deals were linked to Europe over the same
period.
Some of the most significant deals over this period include Danone S.A. acquiring The Whitewave Foods Company, a
US-based consumer packaged food and beverage company, for $56.25 per share in an all-cash transaction,
representing a total enterprise value of approximately $12,500m, including debt and certain other WhiteWave

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liabilities. This deal was announced on July 7, 2016, and the acquisition was completed on April 12, 2017. The
Whitewave Foods acquisition added a number of new products to Danone’s line-up of soy milk, almond milk, coconut
and cashew milk, ice cream and frozen novelty products, plant-based yogurts, coffee creamers and ready-to-drink
beverages.
H.J. Heinz Company and Kraft Foods Group announced the successful completion of a merger to form the Kraft Heinz
Company in 2015. The merger is said to have created the third largest food and beverage company in North America
and the fifth largest food and beverage company in the world.

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8. Company Profiles

8.1. Danone SA

8.1.1. Company Overview

Danone SA (Danone or ‘the company’) is a global food processing company. It offers fresh dairy products, bottled
water, early life nutrition and medical nutrition products. The company’s portfolio comprises yogurt, fermented dairy
products, dairy specialties, plant-based nutritional cooking products and beverages, and specialized food for babies
and frail elderly people. Danone also offers packaged water, and flavored and vitamin-enriched water. The company
markets these products under the brands of Danone, Activia, Evian, Volvic, Aqua, Gallia, Actimel, Nutricia, Bledina,
and Infatrini. Danone sells its products through retail chains, traditional market outlets and through specialized
distribution channels including hospitals, clinics and pharmacies. The company operates production facilities globally.
Danone is headquartered in Paris, France.
The company reported revenues of (Euro) EUR24,651 million for the fiscal year ended December 2018 (FY2018), a
decrease of 0.6% over FY2017. In FY2018, the company’s operating margin was 11.1%, compared to an operating
margin of 14.9% in FY2017. In FY2018, the company recorded a net margin of 9.5%, compared to a net margin of 9.9%
in FY2017.

8.1.2. Key Facts

Table 9: Danone SA: key facts

Head office: 17 boulevard HaussmannParis, Ile-de-France, France

Telephone:
Number of Employees: 105783
Website: www.danone.com
Financial year-end: December
Ticker: BN
Stock exchange: Euronext Paris

SOURCE: COMPANY WEBSITE MARKETLINE

8.1.3. Business Description

Danone SA (Danone) process and markets the dairy and nutritional products. The company sells its products in more
than 120 countries.
The company classifies its operations under four reportable segments: EDP International, EDP Noram, Specialized
Nutrition and Waters.

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Table 10: Danone SA: Annual Financial Ratios

Key Ratios 2014 2015 2016 2017 2018

Growth Ratios
Sales Growth % -0.72 6.00 -2.09 13.07 -0.65
Operating Income Growth % 1.08 2.56 31.91 26.84 -25.68
EBITDA Growth % 1.08 2.56 31.91 26.84 -25.68
Net Income Growth % -21.24 14.55 34.06 42.38 -4.08
EPS Growth % -22.28 57.02 0.63 38.13 15.71
Working Capital Growth % 14.22 -61.77 -935.80 -108.22 -144.62
Equity Ratios
EPS (Earnings per Share) EUR 1.88 2.10 2.79 3.90 3.63
Dividend per Share EUR 1.50 1.60 1.70 1.90 1.94
Dividend Cover Absolute 1.25 1.31 1.64 2.05 1.87
Book Value per Share EUR 19.49 20.49 21.25 22.86 25.25
Profitability Ratios
Gross Margin % 47.71 49.97 51.04 49.10 48.36
Operating Margin % 10.17 9.84 13.26 14.88 11.13
Net Profit Margin % 5.30 5.72 7.84 9.87 9.53
Profit Markup % 91.24 99.89 104.24 96.45 93.66
PBT Margin (Profit Before Tax) % 8.70 8.59 11.99 13.27 9.71
Return on Equity % 9.58 10.18 13.12 16.94 14.37
Return on Capital Employed % 10.18 9.38 8.34 10.92 8.02
Return on Assets % 3.57 3.98 4.49 5.55 5.31
Return on Working Capital % 28.92 743.36
Operating Costs (% of Sales) % 89.83 90.16 86.74 85.12 88.87
Administration Costs (% of Sales) % 33.80 35.10 35.48 33.39 32.73
Liquidity Ratios
Current Ratio Absolute 0.70 0.87 2.11 0.92 1.04
Quick Ratio Absolute 0.58 0.72 1.96 0.76 0.86
Cash Ratio Absolute 0.30 0.33 1.50 0.39 0.51
Leverage Ratios
Debt to Equity Ratio Absolute 0.73 0.81 1.57 1.25 1.01
Net Debt to Equity Absolute 0.66 0.77 1.53 1.25 1.01
Debt to Capital Ratio Absolute 0.42 0.45 0.61 0.56 0.50
Efficiency Ratios
Asset Turnover Absolute 0.67 0.70 0.57 0.56 0.56
Fixed Asset Turnover Absolute 4.74 4.80 4.48 4.49 4.05
Inventory Turnover Absolute 8.53 8.26 7.80 8.29 7.36
Current Asset Turnover Absolute 2.76 2.90 1.62 1.73 2.47
Capital Employed Turnover Absolute 1.00 0.95 0.63 0.73 0.72
Working Capital Turnover Absolute 2.18 66.80

SOURCE: COMPANY FILINGS MARKETLINE

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Table 11: Danone SA: Key Employees

Name Job Title Board

Benoit Potier Director Non Executive Board
Bertrand Austruy Executive Vice President Human Resources Senior Management
Bertrand Austruy Secretary Senior Management
Bettina Theissig Director Non Executive Board
Bridgette Heller Executive Vice President Specialized Nutrition Senior Management
Chief Financial Officer Chief Financial Officer,
Cecile Cabanis Executive Board
IS/IT, Cycles and Procurement of Danone
Cecile Cabanis Director Executive Board
Cecile Cabanis Executive Vice President Executive Board
Clara Gaymard Director Non Executive Board
Emmanuel Faber Chairman Executive Board
Emmanuel Faber Chief Executive Officer Executive Board
Executive Vice President Essential Dairy and
Francisco Camacho Senior Management
Plant Based
Franck Riboud Director Executive Board
Frederic Boutebba Director Non Executive Board
Gaelle Olivier Director Non Executive Board
Gregg L. ENgles Director Non Executive Board
Guido Barilla Director Non Executive Board
Henri Bruxelles Executive Vice President Waters and Africa Senior Management
Isabelle Seillier Director Non Executive Board
Jean Laurent Director Non Executive Board
Jean-Michel Severino Director Non Executive Board
Lionel Zinsou-Derlin Director Non Executive Board
Michel Landel Director Non Executive Board
Executive Vice President Growth and
Nigyar Makhmudova Senior Management
Innovation
Serpil Timuray Director Non Executive Board
Virginia A. Stallings Director Non Executive Board

SOURCE: COMPANY FILINGS MARKETLINE

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8.2. Groupe Lactalis S.A.

8.2.1. Company Overview

Groupe Lactalis SA (Lactalis) is a leading global dairy company. The company’s product portfolio includes cheese,
liquid milk, chilled products, butter and cream, dairy based ingredients, and nutritional products. These products find
applications in chocolates and confectioneries, dairy products, clinical and infant nutrition products, frozen desserts,
breads, croissant-type pastries, biscuits, cheeses, ready meals, cooked meats and animal nutrition products. Lactalis
markets its products under various brands including lactel, Sorrento, President, Invernizzi, Rondele, Cademartori,
Celia, Dukat, Laitiere, Jovi, Pride, Laicran, Roitelet, Picot, Primevere, Salakis, Taranis, Valpiform, Delical, Valmont,
Bridel, Locatelli and Lauki. The company’s operations are spread across North America, South America, Europe, Africa,
the Middle East and Asia-Pacific. It also operates a network of industrial plants worldwide. Lactalis is headquartered in
Laval, France.

8.2.2. Key Facts

Table 12: Groupe Lactalis S.A.: key facts

Head office: 10-20 Rue Adolphe BeckLaval, Pays-de-la-Loire, France

Number of Employees: 75000
Website: www.lactalis.fr
Financial year-end: December

SOURCE: COMPANY WEBSITE MARKETLINE

8.2.3. Business Description

Groupe Lactalis SA (Lactalis) is a producer and distributor of dairy products. The company’s product portfolio
comprises cheeses, liquid milk, yogurt and chilled dairy products, butter and cream, dairy ingredients and powders,
whey permeate powders, fat filled whey powders, ewe whey powders, whey protein concentrates and milk replacer.
Lactalis manufactures a wide range of native whey proteins, which are used in nutrition products, clinical nutrition
products, sports nutrition products and dietetic foods. The company offers total milk proteins, which find application
in clinical nutrition products, dietetic foods, high protein beverages, high protein bars, sterilized cream desserts, and
high protein powders. Its milk calcium are used in dairy products, biscuits, beverages, and fruit preparations. The
company classifies its business operations into six product categories: Cheeses, Liquid Milk, Yoghurt and Chilled Dairy,
Butter and Cream, Dairy Ingredients and Powders, and Others. Lactalis markets its products under the brands of
Lactel, Bridel, Locatelli, President, Invernizzi, Lauki, Rondele, Seriously, Cademartori, Celia, Dukat, Laitiere, Jovi,
Milupa, Nutricia, Lubborn creamery, Puleva, Sanutri, Lepetit, Andre Collet, Valmont, Societe, Food Master, Galbani,
Bel Paese, Certosa, Galbanino, Santa Lucia, Vallelata, Fruttolo,Valbreso Feta, Pride, Laicran, Roitelet, Picot, Pochut &
fils, Primevere, Salakis, Taranis,Valpiform and Delical. Research and Development of the company focuses on
specializing in cheese processing innovations, including related renovations and improvements. Lactalis operates over
229 industrial sites in 43 countries. The company’s major subsidiaries include Lactalis Caraïbes, Lactalis Indian Ocean,
Lactalis Singapore, Gulf CC and Levant Algeria, Egypt, Saudi Arabia, Lactalis China, Lactalis Japan, Lactalis Hong-Kong,
and Lactalis Vietnam. Lactalis International manages the sale of company’s products in five regions: Africa, Asia,
Balkans-Mediterranean, French Overseas Departments and Territories and Oceania, and the Middle East. The
company sells its products in over 140 countries through subsidiaries spread across four areas: Europe, the Americas,
Oceania/Asia, and Africa.

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Table 13: Groupe Lactalis S.A.: Key Employees

Name Job Title Board

Christophe Bodin Unit manager (France) Senior Management
Francesco Carducci Intellectual Property Manager (Italy) Senior Management
John Breedon International Coordinator (France) Senior Management
Jose Enrique Garcia Director Spain Collection Senior Management
Maria Noriega Brand Manager - Canada Senior Management
Marina Kovchkina Director Purchasing Senior Management
Morgann Beuzit Director Exports Quality France Senior Management
Philippe Chapron Deputy Director - Human Resources France Senior Management
Sergey Smirnov Production Manager (Kazakhstan) Senior Management
Suzi Rozic Director Exports Senior Management
Suzi Rozic Director Sales Development Croatia Senior Management
Viktoria Ostapenko Chief Industrial Finance Controller France Senior Management
Yumna Dollie R&D Technician - South Africa Senior Management

SOURCE: COMPANY FILINGS MARKETLINE

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8.3. Inner Mongolia Mengniu Dairy (Group) Co Ltd

8.3.1. Company Overview

Inner Mongolia Mengniu Dairy (Group) Co Ltd (Inner Mongolia Mengniu Dairy) is a dairy that manufactures and
supplies dairy products. The company offers white milk, children milk, milk beverages, yoghurt, drainage products,
fresh milk, ice creams, milk powder, cheese and dairy raw materials, among others. It products advanced degassing
process effectively remove the source of milk smell, showing a more delicious taste of milk while preventing oxidation
lock fresh and markets under the brand of MENGNIU. The company markets its products throughout the US, Canada,
Mongolia Republic, Hong Kong and Macao, among others. Inner Mongolia Mengniu Dairy is headquartered in Hohhot,
Inner Mongolia, China.

8.3.2. Key Facts

Table 14: Inner Mongolia Mengniu Dairy (Group) Co Ltd: key facts

Head office: Shengle Economic District Helin GeerHohhot, Inner Mongolia, China
Website: www.mengniu.com.cn
Financial year-end: April

SOURCE: COMPANY WEBSITE MARKETLINE

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Table 15: Inner Mongolia Mengniu Dairy (Group) Co Ltd: Key Employees

Name Job Title Board

Niu Gensheng Founder Senior Management

SOURCE: COMPANY FILINGS MARKETLINE

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8.4. Nestle SA

8.4.1. Company Overview

Nestle SA (Nestle) is a nutrition, health and wellness company. Its product portfolio includes baby foods, bottled
water, cereals, chocolate and confectionery, coffee, culinary products, chilled and frozen foods, dairy products, drinks,
nutritional products, and ice-cream. It offers these products under seven categories: Powdered and Liquid Beverages,
Water, Milk Products and Ice Cream, Nutrition and Health Science, Prepared Dishes and Cooking Aids, Confectionery
and PetCare. Nestle also offers weight management and pharmaceutical products. It markets products under several
brands including Cerelac, Nescafe, Boost and Kit Kat. Along with its manufacturing facilities, subsidiaries, associate
companies and joint ventures, the company has business operations worldwide. Nestle is headquartered in Vevey,
Waadt, Switzerland.
The company reported revenues of (Swiss Francs) CHF91,439 million for the fiscal year ended December 2018
(FY2018), an increase of 2.1% over FY2017. In FY2018, the company’s operating margin was 15%, compared to an
operating margin of 11.3% in FY2017. In FY2018, the company recorded a net margin of 11.1%, compared to a net
margin of 8% in FY2017.

8.4.2. Key Facts

Table 16: Nestle SA: key facts

Head office: Avenue Nestle 55Vevey, Waadt, Switzerland

Number of Employees: 308000
Website: www.nestle.com
Financial year-end: December
Ticker: NESN
Stock exchange: Virt-X

SOURCE: COMPANY WEBSITE MARKETLINE

8.4.3. Business Description

Nestle SA (Nestle) is a food and beverage company offering more than 2,000 branded products in 191 countries.
The company classifies its business operations into six reportable segments: Zone Americas (AMS); Zone Europe, the
Middle East and North Africa (EMENA); Zone Asia, Oceania and sub-Saharan Africa (AOA); Nestle Waters; Nestle
Nutrition; and Other Business, which accounted for 33.9%, 20.7%, 23.3%, 8.6% and 13.5% of the company’s revenue.
These segments offer product under seven categories: Powdered and Liquid Beverages, Water, Milk Products and Ice
Cream, Nutrition and Health Science, Prepared Dishes and Cooking Aids, Confectionery and PetCare.
Nestle operates 418 factories in 85 countries in Asia-Pacific, Europe, the Americas and the Middle East regions.

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Table 17: Nestle SA: Annual Financial Ratios

Key Ratios 2014 2015 2016 2017 2018

Growth Ratios
Sales Growth % -0.59 -3.09 0.77 0.14 2.06
Operating Income Growth % -16.55 13.78 6.08 -22.84 35.41
EBITDA Growth % -16.55 13.78 6.08 -22.84 35.41
Net Income Growth % 44.34 -37.29 -5.90 -16.12 41.63
EPS Growth % 43.97 -38.02 -8.53 1.72 25.41
Working Capital Growth % -137.39 -464.63 40.85 15.16 -67.85
Equity Ratios
EPS (Earnings per Share) CHF 4.52 2.89 2.75 2.05 3.36
Dividend per Share CHF 2.20 2.25 2.30 2.35 2.45
Dividend Cover Absolute 2.06 1.28 1.20 0.87 1.37
Book Value per Share CHF 22.13 20.21 20.85 19.94 19.29
Profitability Ratios
Gross Margin % 48.09 49.62 50.60 49.13 49.62
Operating Margin % 11.90 13.98 14.71 11.34 15.04
Net Profit Margin % 15.78 10.21 9.54 7.99 11.08
Profit Markup % 92.65 98.49 102.42 96.59 98.48
PBT Margin (Profit Before Tax) % 11.21 13.27 14.00 10.56 14.21
Return on Equity % 20.61 14.54 13.21 11.74 17.67
Return on Capital Employed % 10.84 13.68 13.95 10.69 14.63
Return on Assets % 11.39 7.04 6.67 5.40 7.50
Return on Working Capital % 1022.98
Operating Costs (% of Sales) % 88.10 86.02 85.29 88.66 84.96
Administration Costs (% of Sales) % 30.42 32.26 33.02 31.08 31.14
Liquidity Ratios
Current Ratio Absolute 1.03 0.88 0.85 0.83 0.95
Quick Ratio Absolute 0.75 0.64 0.63 0.59 0.74
Cash Ratio Absolute 0.27 0.17 0.25 0.23 0.24
Leverage Ratios
Debt to Equity Ratio Absolute 0.22 0.25 0.25 0.39 0.54
Net Debt to Equity Absolute 0.22 0.29 0.29 0.43 0.64
Debt to Capital Ratio Absolute 0.18 0.20 0.20 0.28 0.35
Efficiency Ratios
Asset Turnover Absolute 0.72 0.69 0.70 0.68 0.68
Fixed Asset Turnover Absolute 3.31 3.23 3.31 3.07 3.01
Inventory Turnover Absolute 5.42 5.16 5.34 5.19 5.03
Current Asset Turnover Absolute 2.86 2.80 2.91 2.80 2.51
Capital Employed Turnover Absolute 0.91 0.98 0.95 0.94 0.97
Working Capital Turnover Absolute 85.94

SOURCE: COMPANY FILINGS MARKETLINE

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Table 18: Nestle SA: Key Employees

Name Job Title Board

Dinesh Paliwal Director Non Executive Board
Ann M. Veneman Director Non Executive Board
Beat Hess Director Non Executive Board
Beatrice Guillaume-Grabisch Executive Vice President Senior Management
Global Head - Human Resource and Business
Beatrice Guillaume-Grabisch Senior Management
Services
Chief Executive Officer Zone Asia, Oceania
Chris Johnson Senior Management
and Sub Saharan Africa (AOA)
Chris Johnson Vice President Senior Management
Christoph Meier Head Corporate Media Relations Senior Management
Senior Vice President Corporate Governance,
David P. Frick Senior Management
Compliance and Corporate Services
Dick Boer Director Non Executive Board
Eugenio Simioni Director Corporate Communications Senior Management
Eva Cheng Director Non Executive Board
Francois-Xavier Roger Chief Financial Officer Senior Management
Francois-Xavier Roger Executive Vice President Senior Management
Chief Executive Officer Nestle Health Science
Greg Behar Senior Management
S.A.
Henri de Castries Vice Chairman Executive Board
Kasper Rorsted Director Non Executive Board
Kimberly A. Ross Director Non Executive Board
Chief Executive Officer Zone Americas (the
Laurent Freixe Senior Management
US, Canada, Latin America, Caribbean)
Laurent Freixe Executive Vice President Senior Management
Leanne Geale Director Executive Board
Leanne Geale Executive Vice President Executive Board
Leanne Geale General Counsel Executive Board
Magdi Batato Executive Vice President Senior Management
Magdi Batato Head Operations Senior Management
Chief Executive Officer Zone Europe, Middle
Marco Settembri Senior Management
East and North Africa (EMENA)
Marco Settembri Executive Vice President Senior Management
Mark Schneider Chief Executive Officer Executive Board
Mark Schneider Director Executive Board
Maurizio Patarnello Deputy Executive Vice President Senior Management

SOURCE: COMPANY FILINGS MARKETLINE

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Table 19: Nestle SA: Key Employees Continued

Name Job Title Board

Maurizio Patarnello Head Nestle Waters Senior Management
Pablo Isla Director Non Executive Board
Patrice Bula Executive Vice President Senior Management
Head Strategic Business Units, Marketing,
Patrice Bula Senior Management
Sales and Nespresso
Patrick Aebischer Director Non Executive Board
Paul Bulcke Chairman Executive Board
Renato Fassbind Director Non Executive Board
Stefan Palzer Chief Technology Officer Senior Management
Stefan Palzer Executive Vice President Senior Management
Ursula M. Burns Director Non Executive Board

SOURCE: COMPANY FILINGS MARKETLINE

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9. Macroeconomic Indicators

9.1. Country data

Table 20: Global exchange rate, 2014–18

Year Exchange rate (€/$)

2014 1.3290
2015 1.1095
2016 1.1068
2017 1.1320
2018 1.1810

SOURCE: MARKETLINE MARKETLINE

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Appendix

Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of
each definition are carefully reviewed at the start of the research process to ensure they match the requirements of
both the market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data
to be combined with related macroeconomic and demographic drivers to create market models and forecasts, which
can then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

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9.2. Industry associations

9.2.1. International Dairy Foods Association (IDFA)

1250 H Street, NW, Suite 900, Washington, DC 20005, USA

Tel.: 1 202 737 4332
Fax: 1 202 331 7820
www.idfa.org

9.2.2. International Dairy Federation

Diamant Building, Boulevard Auguste Reyers 80, 1030 Brussels, Belgium

Tel.: 32 2 733 9888
Fax: 32 2 733 0413
www.fil-idf.org

9.2.3. Europe Dairy Association

14, rue Montoyer, 1000 Brussels, Belgium

Tel.: 32 2 549 5040
Fax: 32 2 549 5049
eda.euromilk.org

9.3. Related MarketLine research

9.3.1. Industry Profile

Dairy in Europe
Dairy in Asia-Pacific
Dairy in China
Dairy in the United Kingdom

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