Dairy Market Trends: Latin America Hot Region for Product Introductions
Asia Pacific is no slouch either but may have spiked in 2004. The same holds true in some product sub-categories for more established industries like North America and Europe. They have the highest total numbers, but not the growth rate of the emerging markets.
The hottest sub-category seems to be cheese. There were 1,728 cheeses introduced in all of these markets in 2003, but there may be nearly 3,000 introduced in 2005! Of course it could be argued that the yogurt and probiotic drinks sub-category is just as active. In total introductions between January 2003 and March of this year it's got cheese beat. But cheese is off to a faster start in 2005 and is on a pace to have the most roll-outs for the year.
Speaking of yogurt, most of the markets illustrated here have rolled out an increasing number of yogurt products in each of the last three years. North America was an exception, having peaked a bit in 2003, while Asia dipped a little in the same year.
The yogurt numbers in Europe are simply amazing. Since 2003 European dairies have introduced more yogurt products than have all the other major markets combined.
Europe is also the dominant region for cheese, introducing three to four times more cheese every year than any other global market. North America put more than 400 new cheeses in front of consumers in 2004, but by year's end European cheese makers will offer nearly 2,000, if they stay on pace.
Asia edges out Europe lately for the greatest number of milk introductions. But the pace seems to have slowed for most major markets (the exception being Latin America). Europe may unveil less milk products this year than in 2004-ditto for North America.
Finally, looking at butter and related products, Europe is again the dominant leader, typically rolling out hundreds of products rather than dozens, and the pace suggests that it will introduce more than 200 this year.