Daily Newsletter

16 November 2023

Daily Newsletter

16 November 2023

China dairy group Junlebao buys stake in yogurt chain More Yogurt

According to a statement issued by Junlebao, the company has acquired a 30% stake in More Yogurt, which has more than 1,600 stores in China.

Dean Best

Junlebao Dairy Group, one of China's largest dairy manufacturers, has snapped up a minority stake in yogurt shop chain More Yogurt.

According to a statement issued by Junlebao, the company has acquired a 30% stake in More Yogurt, which has more than 1,600 stores in China.

Financial terms were not disclosed.

Hebei-based Junlebao, which has 25 production plants across China, markets products including yogurt, fresh milk and organic milk powder. Its brand portfolio includes Purjoy yogurt

Junlebao, which also has 25 farms in China, said the two companies would work together in areas such as procurement and R&D.

Around two-thirds of More Yogurt's outlets are in first- and second-tier cities in China, Junlebao added.

In May, Junlebao invested again in Yunnan Royal Laisier Intelligent Dairy Co., buying a 32.9% stake in the business from fellow Chinese dairy business Royal Group.

The deal took Junlebao's stake in Laisier Intelligent to 58%.

Despite rising demand for vegan cheese, complex processes and high production costs could limit market growth

Per GlobalData, the global vegan cheese market will be valued at $1.4 billion in 2023 and is expected to grow at a CAGR of 16.7% by 2030, primarily driven by the rise in the vegan and vegetarian population. However, its production often involves more complex processes and expensive ingredients like nuts or plant-based proteins, leading to higher production costs, which are then passed on to consumers, making vegan cheese more expensive per unit compared to dairy cheese, which could thereby impede its widespread adoption.

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