Robust volume and value growth of butter and margarine in China throughout the review period can be attributed to the prevalence of home baking and Western-style cooking, especially among the young. With the generation after the 1980s and 1990s having become the mainstream consumers, their desire for novelty and Western lifestyle have large impacts on the overall consumer market. Home baking is very much in line with the demand among the youngest. As a result, butter and margarine benefits from this prevalence. First, compared to Chinese cuisine, baking recipes are more explicit, which is perfectly suitable for today’s fast-paced life; secondly, the achievement of bakery is very presentable, catering to the desire for social media posting; last, but not least, the cost of home baking can be acceptable to the majority. Besides home bakery, Western-style cooking is also walking into more youngsters’ kitchens. According to cookware studies, more and more youngsters purchase pans instead of traditional Chinese woks in order to fry steaks, salmon and eggs. In this case, butter is a perfect match. This new cooking style is harvested by more and more youngsters who embrace the Western lifestyle and start small family units instead of traditional big families.
Fonterra Commercial Trading (Shanghai) Co Ltd led sales of butter and margarine in 2017. Anchor has established successful brand recognition among consumers via its broad dairy products. The company launched several cheese advertisements online and new milk products in 2017. Its series of successful marketing campaigns for different types of dairy products has a positive spillover effect on Anchor butter.
Butter and margarine is expected to continue positive growth over the forecast period with a value CAGR of 8% at constant 2017 prices, primarily thanks to the growing prevalence of home baking. However, foreseeing the slowing growth pace of macroeconomics in China and saturating butter and margarine, the growth rate is expected to slow down when comparing the CAGR at constant 2017 prices with the CAGR at constant 2016 prices. Amid the increasing health awareness, a consumption shift from margarine to butter will eventually be replaced by upgrading butter to other alternatives, such as olive oil or other vegetable oil. The battle against obesity may hinder the growth of butter and margarine consumption.
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