Drinking Milk PDF

Drinking Milk Products - Philippines
Euromonitor International : Country Sector Briefing

November 2009
Drinking milk products Philippines
Euromonitor International Page i
List of Contents and Tables

Headlines ................................................................................................................................................................. 1
Trends ...................................................................................................................................................................... 1
Competitive Landscape .......................................................................................................................................... 2
Prospects .................................................................................................................................................................. 3
Sector Data .............................................................................................................................................................. 3
Table 1 Sales of Drinking Milk Products by Subsector: Volume 2004-2009................................. 3
Table 2 Sales of Drinking Milk Products by Subsector: Value 2004-2009 .................................... 4
Table 3 Sales of Drinking Milk Products by Subsector: % Volume Growth 2004-
2009................................................................................................................................... 5
Table 4 Sales of Drinking Milk Products by Subsector: % Value Growth 2004-2009................... 5
Table 5 Milk by Type: % Value Breakdown 2007-2009................................................................ 5
Table 6 Drinking Milk Products Company Shares 2004-2008....................................................... 6
Table 7 Drinking Milk Products Brand Shares 2005-2008............................................................. 6
Table 8 Forecast Sales of Drinking Milk Products Products by Subsector: Volume
2009-2014.......................................................................................................................... 7
Table 9 Forecast Sales of Drinking Milk Products Products by Subsector: Value
2009-2014.......................................................................................................................... 7
Table 10 Forecast Sales of Drinking Milk Products Products by Subsector: % Volume
Growth 2009-2014............................................................................................................. 8
Table 11 Forecast Sales of Drinking Milk Products Products by Subsector: % Value
Growth 2009-2014............................................................................................................. 8

Euromonitor International Page 1
DRINKING MILK PRODUCTS IN THE PHILIPPINES

HEADLINES
Drinking milk products is expected to post 11% current value growth in 2009 with market size reaching
Ps37,498 million.
Flavoured powder milk drinks recorded the strongest growth in volume terms in 2009 at almost 11%.
Unit prices increased significantly due to the impact of 2008 hikes carrying over into 2009.
Nestl Philippines Inc strengthened its dominance in 2008, with its value share rising to almost 60%.
The forecast period is expected to show more anaemic performance with the volume CAGR pegged at 1%.

TRENDS
During the review period, manufacturers attempted to increase milk consumption in the Philippines through
health-focused advertising together with product enhancement through various flavour infusions. Nestl
Philippines Inc spearheaded the drive towards higher milk consumption through its campaign emphasising
that consumers should drink two glasses of Bear Brand everyday and not just one in order to remain
healthy. On the other hand, Alaska Milk Corps powder milk aimed at children encourages them to drink
their milk in order to ensure the intake of adequate nutrients for the body. It is also interesting that both of
these efforts are geared toward presenting the health benefits derived from milk consumption.
Flavour enhancements have been prevalent in order to make products more exciting for more frequent
consumption. The widening in variety is supported by the launch of Anchor powder milk in vanilla and
chocolate flavours. In fresh/pasteurised milk, Nestl now offers chocolate- and fruit-flavoured variants in
order to keep up with the competition.
The melamine scare in 2009 was detrimental to the drinking milk products sector. Even though the media
emphasised that fact that melamine-contaminated milk was only sourced from China, almost all brands
suffered some impact. Regular drinkers of milk have become discriminating in their purchases, choosing
more prominent brands over lower-priced ones. Volume growth suffered as more affordable brands which
originally catered to middle-income consumers attracted bad publicity. Furthermore, economic slowdown
added a further complication to drinking milk products. Thus, drinking milk products volume growth
continued to weaken in 2009 with a 1% decline.
Flavoured powder milk drinks witnessed the highest volume growth in 2009, up almost 11% from 2008.
The growth in flavoured powder milk drinks, particularly malt-based variants, was for the most part buoyed
by the strategy of manufacturers promoting them as healthy and affordable drinks. There was also some
carry-over effect from the Olympic year in 2008.
Despite the declining price of inputs on the world market, drinking milk products unit prices continued to
escalate in 2009. Looking at retail channels, there has been an almost 12% increase in drinking milk
products unit prices due to the efforts of manufacturers to introduce more added value in terms of new
flavours and more nutrients through fortification. Furthermore, the rise in unit prices in 2009 were in part
due to manufacturers looking to recoup its profit margin in 2009 stemming from the rise in raw dairy milk
prices in 2008. These product improvements and manufacturers strategies generally allow companies to
charge higher mark-ups for their brands.
Drinking milk products are predominantly targeted at children with the Filipino mindset believing that milk
drinking in children provides a good foundation for their health. During the middle and latter stages of life,
milk drinking is typically replaced by non-alcoholic drinks unless special needs arise such as pregnancy or
bone disease. Industry sources suggested that some 65% of all sales of drinking milk products are
accounted for by brands targeting children including dairy only flavoured milk drinks, flavoured powder
milk drinks, and 69% of all powder milk drinks. On the other hand, milk drinks specifically tailored to
adults include fresh/pasteurised and long-life/UHT milk and some powder milk.
Flavoured milk drinks in the Philippines are all ambient in order to enable distribution in smaller types of
retailers such as sari-sari stores and independent small grocers. It should be noted that because of the small
size of operations in these distribution channels, the purchase of freezers and chilled cabinets would require
a huge capital outlay that could not be afforded. Thus, players limit manufacture of flavoured milk drinks to
ambient formats.
The market for soy beverages in the Philippines is limited to affluent consumers who primarily want a
healthier beverage with higher protein and low fat content. Companies are trying to promote all soy
products as healthier alternatives to dairy. Fortification is resorted to in order to keep up with the health
benefits of milk such as the provision of an adequate supply of calcium. Nonetheless, compared to regular
cows milk products, soy products were still negligible in 2009 since the products are mainly imported.

COMPETITIVE LANDSCAPE
Drinking milk products remains dominated by the multinational Nestl Philippines Inc which accounted for
almost 60% of all value sales in the local market in 2008. This huge share translates to actual retail sales of
more than Ps22 billion in 2008. This market dominance is highly attributed to the companys portfolio of
brands which are leaders in their categories. Its flagship brand Nestl continues to dominate
fresh/pasteurised and long-life/UHT milk while Bear Brand leads powder milk and strengthens its share in
dairy only flavoured milk drinks supporting its own brand Chuckie against competition from Selecta and
Alaska. Nestl Philippines Inc also saw the largest increase in share in 2008 which was particularly driven
by Bear Brand and Milo.
Alaska Milk Corp also registered strong value share growth in drinking milk products in 2008. The vibrant
performance of the company can be attributed to its effort to improve distribution in order to make products
more available to retailers. Advertising campaigns also helped to create top of mind awareness for Alaska
products, while new, smaller packaging makes its products more affordable to middle- and lower-income
customers. Thus, Alaska Milk Corp share rose almost half a percentage point to over 12% in 2008.
The melamine scare raised the publics awareness of drinking milk products which could potentially cause
harm rather than prevent it. Remaining price sensitive, consumers have become more brand conscious,
opting to consume dairy products which are manufactured by more reputable players. Thus, this limits the
shelf space allocated to less well-known imported brands especially those coming from China. Label
checking has become prevalent in order to make sure that dairy products have originated from more highly-
regarded countries such as Australia and New Zealand. Brands manufactured by major players have
claimed share from less popular ones.
Amid the brand consciousness, consumers continue to seek value from their purchases. As a result, the
Selecta brand of drinking milk products manufactured by RFM Corp made a resurgence in 2008. The
companys brands Selecta Moo and Selecta Fortified have invested in advertising in order to set themselves
apart from other competitors by stressing their nutritional content. Priced 10% to 15% less than imported
and major brands, these brands are perceived to offer more value for money and showed impressive sales
growth in 2008 rising by over 20% in value terms.
Multinationals continued to dominate drinking milk products with an estimated value share of over 70% in
2008. The prominence of these international brands can be attributed to their strong brand equity and
distribution systems as well as their ability to differentiate their offerings from local competitors. In the
Philippines, the reputation of a manufacturer remains important in the choice of drinking milk product,
especially as milk is targeted mostly at children. Filipino parents are always looking for well-publicised
brands in order to give their children a good health foundation.
2009 welcomed various product launches in drinking milk products from major brands especially Nestl
Philippines Inc and Fonterra Brands (Phils) Inc. Nestl Philippines Inc continued to develop its Bear Brand
in order to introduce products which are geared towards middle- and lower-income consumers. Leveraging
the affordable image of Bear Brand, Nestl Philippines Inc tried to cushion its upmarket brand Chuckie
against the rise of less inexpensive Alaska Yamoo and the resurgent Selecta Moo. Thus, Bear Brand
embarked on the manufacture of fruit-flavoured milk drinks which are available in banana, green apple, and
strawberry. Resurgent Selecta Moo deviated from the typical chocolate flavour and launched orange and
strawberry additions. In March 2009, Fonterra Brands (Phils) Inc launched its flavoured powder milk
available in chocolate and mocha flavours.
In order to make products more affordable to budget-constrained consumers, manufacturers are turning to
smaller packages. In powder milk, Bear Brand is now available in 80g packaging, while Anchor is now
offered in 150g packaging size. The newly launched Bear Brand in dairy only flavoured milk drinks was
initially distributed in 110ml packages, while Selecta developed a 120ml packaging size. These smaller
pack sizes are aimed at capturing lower-income consumers who are cutting down on consumption of dairy
products because of the economic slowdown. These smaller packages also allow delivery to smaller
retailers such as sari-sari stores thereby strengthening their share of distribution.

PROSPECTS
Drinking milk products volume growth is expected to register better performance in the forecast period by
posting a CAGR of 1% compared to the review period which saw a negative CAGR of -1% due to high
inflation and increasing dairy unit prices. Nonetheless, with bulk of milk consumption generated by lower-
and middle-income consumers, the drinking milk products sector remains volatile given the forecast lower
disposable incomes in these social strata. The challenge presented by lower remittances from abroad, lower
export levels, and a less vibrant BPO (business process outsourcing) sector will curb consumption for
products which are perceived to be of less importance than rice and viand.
As the economy is expected to improve, drinking milk products will post better performance in the medium
term given manufacturers efforts to raise per capita consumption. As drinking milk is perceived by local
consumers to be essential only in building a good foundation for childrens health, consumption is seen to
be limited to this target audience. On the other hand, adults are seen to increase consumption during better
economic times but reduce consumption when times are hard, as expected during the forecast period.
Malt-based hot drinks is expected to continue its robust performance despite the economic recession. Retail
volume sales are expected to post a CAGR of 8.7% over the forecast period. The strength of malt-based hot
drinks will remain tied to the emerging preference of consumers for flavoured dairy products. Seen as more
affordable and readily available than other dairy products, malt-based hot drinks are seen to show vibrant
growth despite a slowing economy.
The clamour from consumers for products that can provide the best value for money is expected to see
prices increase minimally during the forecast period. The aggressive strategy of Nestl Philippines Inc in
leveraging the affordable image of Bear Brand by launching less expensive products under this brand is
expected to generate demand from consumers as well as encourage other players to price more
competitively as well. Nonetheless, value-added products are expected to be more prevalent which will be
expected to drive constant unit price increases.
The bearish outlook for drinking milk products will cause companies to be more cautious. Manufacturers
are expected to focus on the growing health awareness of consumers when promoting their products. With
the sudden influx of reported diseases such as swine flu, salmonella, and others, consumers have become
more vigilant when safeguarding the health of their children; enhancing their defence systems through
consumption of more nutrients. With this, manufacturers are expected to focus on advertising which serves
these needs. In addition, Nestl Philippines Inc and Alaska Milk Corp will continue their campaigns to
increase per capita consumption by stressing the health benefits derived from milk consumption and the
inadequacy of just one glass of milk to provide daily nutrition needs.
The entry of Bear Brand in dairy only flavoured milk drinks is considered a milestone because fruit-
flavoured dairy products remain largely invisible in the Philippines. With this, the product takes on the
challenge of generating adequate demand for this product and gaining acceptance among consumers.
Chocolate and mocha flavoured Anchor milk drinks are expected to have brighter prospects yet pricing
needs to be competitive as consumers are not willing to pay more just for flavour variety.

SECTOR DATA

Table 1 Sales of Drinking Milk Products by Subsector: Volume 2004-2009

2004 2005 2006 2007 2008 2009

Milk (million litres) 34.7 34.4 33.9 35.0 34.7 34.6
- Fresh/pasteurised 0.5 0.5 0.6 0.6 0.6 0.7
milk (million litres)
- Long-life/UHT milk 34.2 33.9 33.4 34.4 34.1 33.9
(million litres)
- Goat milk (million - - - - - -
litres)
Flavoured milk drinks 36.7 37.8 35.9 37.0 36.6 36.1
(million litres)
- Dairy only flavoured 36.7 37.8 35.9 37.0 36.6 36.1
milk drinks (million
litres)
- Flavoured milk drinks - - - - - -
with fruit juice
(million litres)
Soy beverages (million - - - - - -
litres)
- Soy milk (million - - - - - -
litres)
--Soy drinks (million - - - - - -
litres)
Powder milk ('000 tonnes) 58.1 56.9 55.2 57.4 55.7 55.1
Flavoured powder milk 35.3 39.3 43.9 49.1 54.6 60.5
drinks ('000 tonnes)
- Chocolate-based 1.2 1.2 1.2 1.2 1.2 1.3
flavoured powder drinks
('000 tonnes)
- Non-chocolate-based - - - - - -
('000 tonnes)
- Malt-based hot drinks 34.1 38.1 42.7 47.8 53.3 59.2
('000 tonnes)
Drinking milk products - - - - - -
(not calculable)
Source: Official statistics, trade associations, trade press, company research, store checks, trade interviews,
Euromonitor International estimates

Table 2 Sales of Drinking Milk Products by Subsector: Value 2004-2009

Ps million
2004 2005 2006 2007 2008 2009

Milk 1,338.8 1,411.9 1,572.3 1,894.9 2,176.8 2,335.9
- Fresh/pasteurised milk 39.7 44.1 49.2 55.0 61.6 66.5
- Long-life/UHT milk 1,299.1 1,367.7 1,523.1 1,839.9 2,115.2 2,269.3
- Goat milk - - - - - -
Flavoured milk drinks 1,828.5 2,076.4 2,317.8 2,553.8 2,796.4 2,936.2
- Dairy only flavoured 1,828.5 2,076.4 2,317.8 2,553.8 2,796.4 2,936.2
milk drinks
with fruit juice
Soy beverages - - - - - -
- Soy milk - - - - - -
--Soy drinks - - - - - -
Powder milk 11,686.8 13,410.6 15,301.4 16,831.6 18,430.6 19,997.2
Flavoured powder milk 5,829.9 6,772.9 7,800.4 8,960.4 10,260.3 12,228.9
drinks
- Chocolate-based 401.5 421.5 445.6 465.6 491.2 530.5
- Malt-based hot drinks 5,428.5 6,351.3 7,354.8 8,494.8 9,769.1 11,698.5
Drinking milk products 20,684.0 23,671.7 26,992.0 30,240.7 33,664.1 37,498.2

Table 3 Sales of Drinking Milk Products by Subsector: % Volume Growth 2004-2009

% volume growth
2008/09 2004-09 CAGR 2004/09 TOTAL

Milk -0.4 -0.1 -0.3
- Fresh/pasteurised milk 4.8 6.6 37.7
- Long-life/UHT milk -0.5 -0.2 -0.8
- Goat milk - - -
Flavoured milk drinks -1.5 -0.3 -1.7
- Dairy only flavoured milk drinks -1.5 -0.3 -1.7
- Flavoured milk drinks with fruit juice - - -
Soy beverages - - -
- Soy milk - - -
--Soy drinks - - -
Powder milk -1.0 -1.0 -5.1
Flavoured powder milk drinks 10.8 11.4 71.5
- Chocolate-based flavoured powder 1.0 1.1 5.6
drinks
- Non-chocolate-based flavoured powder - - -
drinks
- Malt-based hot drinks 11.0 11.7 73.8
Drinking milk products - - -

Table 4 Sales of Drinking Milk Products by Subsector: % Value Growth 2004-2009

% current value growth
2008/09 2004-09 CAGR 2004/09 TOTAL

Milk 7.3 11.8 74.5
- Long-life/UHT milk 7.3 11.8 74.7
- Goat milk - - -
Flavoured milk drinks 5.0 9.9 60.6
- Dairy only flavoured milk drinks 5.0 9.9 60.6
Soy beverages - - -
- Soy milk - - -
--Soy drinks - - -
Powder milk 8.5 11.3 71.1
drinks
drinks
Drinking milk products 11.4 12.6 81.3

Table 5 Milk by Type: % Value Breakdown 2007-2009

% retail value rsp
2007 2008 2009

Adult 100.0 100.0 100.0
Children - - -
Total 100.0 100.0 100.0

Table 6 Drinking Milk Products Company Shares 2004-2008

% retail value rsp
Company 2004 2005 2006 2007 2008

Nestl Philippines Inc 56.4 57.7 58.4 58.9 59.7
Alaska Milk Corp 11.9 12.0 12.2 12.0 12.4
Fonterra Brands (Phils) - 11.7 11.6 10.9 10.1
Inc
AB Food & Beverages 8.9 9.1 9.2 9.4 9.8
Philippines Inc
RFM Corp 0.9 0.8 0.7 1.1 1.2
San Miguel Pure Foods 1.3 1.3 1.2 1.2 1.2
Co Inc
United Dairymen Holland 1.8 1.4 1.4 1.3 1.1
Philippine Health Food 0.5 0.5 0.5 0.5 0.4
Manufacturing Inc
Hershey Philippines Inc 0.2 0.2 0.2 0.5 0.4
Columbia International - 0.1 0.3 0.4 0.3
Food Products Inc
Hunt-Universal Robina 0.4 0.3 0.3 0.3 0.3
Corp
Commonwealth Foods Inc 0.3 0.3 0.2 0.2 0.2
Antonio Pueo Incorporada 0.1 0.1 0.0 0.0 0.0
New Zealand Milk Phils 11.9 - - - -
Inc
Novartis AG - - - - -
Philippine Dairy - - - - -
Products Corp (PDP)
Others 5.5 4.4 3.7 3.3 2.9
Total 100.0 100.0 100.0 100.0 100.0
Source: Trade associations, Trade press, Company research, Trade interviews, Euromonitor International estimates

Table 7 Drinking Milk Products Brand Shares 2005-2008

% retail value rsp
Brand Company 2005 2006 2007 2008

Bear Brand Nestl Philippines Inc 23.4 23.4 23.6 24.1
Milo Nestl Philippines Inc 17.2 17.7 18.3 18.9
Alaska Alaska Milk Corp 11.6 11.8 12.0 12.4
Ovaltine AB Food & Beverages 9.1 9.2 9.4 9.8
Philippines Inc
Nido Nestl Philippines Inc 7.4 7.7 7.2 7.0
Anchor Fonterra Brands (Phils) 6.8 6.2 5.8 5.3
Inc
Anlene Fonterra Brands (Phils) 3.8 4.4 4.3 4.0
Inc
Chuckie Nestl Philippines Inc 3.7 3.6 3.6 3.6
Magnolia San Miguel Pure Foods 1.3 1.2 1.2 1.2
Co Inc
Birch Tree United Dairymen Holland 1.4 1.4 1.3 1.1
Selecta RFM Corp 0.7 0.7 0.9 1.1
Nestl Nestl Philippines Inc 0.9 0.8 0.8 0.8
U-Care Fonterra Brands (Phils) 1.1 1.0 0.8 0.7
Inc
Enervon Philippine Health Food 0.5 0.5 0.5 0.4
Manufacturing Inc
Hershey's Hershey Philippines Inc 0.2 0.2 0.5 0.4
Chocquick Columbia International 0.1 0.3 0.4 0.3
Food Products Inc
Swiss Miss Hunt-Universal Robina Corp 0.3 0.3 0.3 0.3
Ricoa Commonwealth Foods Inc 0.3 0.2 0.2 0.2
Nestl Full Cream Nestl Philippines Inc 0.1 0.1 0.1 0.1
Antonio Pueo Antonio Pueo Incorporada 0.1 0.0 0.0 0.0
Hershey's Alaska Milk Corp 0.4 0.4 - -
Anchor New Zealand Milk Phils Inc - - - -
Anlene New Zealand Milk Phils Inc - - - -
U-Care New Zealand Milk Phils Inc - - - -
Ovaltine Novartis AG - - - -
Magnolia Philippine Dairy - - - -
Products Corp (PDP)
Others 9.7 8.8 8.7 8.1
Total 100.0 100.0 100.0 100.0
Source: Trade associations, Trade press, Company research, Trade interviews, Euromonitor International estimates

Table 8 Forecast Sales of Drinking Milk Products Products by Subsector: Volume 2009-2014

2009 2010 2011 2012 2013 2014

Milk (million litres) 34.6 34.7 35.1 35.6 36.3 37.1
- Fresh/pasteurised 0.7 0.7 0.7 0.7 0.8 0.8
milk (million litres)
- Long-life/UHT milk 33.9 34.0 34.3 34.8 35.5 36.3
(million litres)
- Goat milk (million - - - - - -
litres)
Flavoured milk drinks 36.1 36.3 36.6 37.2 37.9 38.9
(million litres)
- Dairy only flavoured 36.1 36.3 36.6 37.2 37.9 38.9
milk drinks (million
litres)
with fruit juice
(million litres)
Soy beverages (million - - - - - -
litres)
- Soy milk (million - - - - - -
litres)
--Soy drinks (million - - - - - -
litres)
Powder milk ('000 tonnes) 55.1 55.4 55.9 56.4 57.1 58.0
Flavoured powder milk 60.5 66.4 72.3 78.3 84.5 91.2
drinks ('000 tonnes)
- Chocolate-based 1.3 1.3 1.3 1.3 1.3 1.4
('000 tonnes)
('000 tonnes)
- Malt-based hot drinks 59.2 65.1 71.0 77.0 83.2 89.8
('000 tonnes)
Drinking milk products - - - - - -
(not calculable)
Source: Official statistics, trade associations, trade press, company research, trade interviews, Euromonitor International
estimates

Table 9 Forecast Sales of Drinking Milk Products Products by Subsector: Value 2009-2014

Ps million
2009 2010 2011 2012 2013 2014

Milk 2,335.9 2,363.5 2,402.0 2,452.0 2,514.3 2,589.2
- Fresh/pasteurised milk 66.5 68.0 70.0 72.6 75.5 79.0
- Long-life/UHT milk 2,269.3 2,295.5 2,331.9 2,379.5 2,438.8 2,510.2
- Goat milk - - - - - -
Flavoured milk drinks 2,936.2 2,906.9 2,921.4 2,979.8 3,069.2 3,192.0
- Dairy only flavoured 2,936.2 2,906.9 2,921.4 2,979.8 3,069.2 3,192.0
milk drinks
with fruit juice
Soy beverages - - - - - -
- Soy milk - - - - - -
--Soy drinks - - - - - -
Powder milk 19,997.2 20,397.1 20,907.1 21,534.3 22,288.0 23,179.5
Flavoured powder milk 12,228.9 13,583.8 14,964.2 16,346.2 17,701.8 19,171.8
drinks
- Chocolate-based 530.5 540.0 550.8 563.5 577.6 592.0
- Malt-based hot drinks 11,698.5 13,043.8 14,413.4 15,782.7 17,124.2 18,579.8
Drinking milk products 37,498.2 39,251.3 41,194.6 43,312.3 45,573.3 48,132.4
estimates

Table 10 Forecast Sales of Drinking Milk Products Products by Subsector: % Volume Growth
2009-2014

% volume growth
2013/14 2009-14 CAGR 2009/14 TOTAL

Milk 2.4 1.4 7.4
- Long-life/UHT milk 2.4 1.4 7.2
- Goat milk - - -
Flavoured milk drinks 2.5 1.5 7.7
- Dairy only flavoured milk drinks 2.5 1.5 7.7
Soy beverages - - -
- Soy milk - - -
--Soy drinks - - -
Powder milk 1.5 1.0 5.2
drinks
drinks
Drinking milk products - - -
estimates

Table 11 Forecast Sales of Drinking Milk Products Products by Subsector: % Value Growth 2009-
2014

% constant value growth
2009-14 CAGR 2009/14 TOTAL

Milk 2.1 10.8
- Fresh/pasteurised milk 3.5 18.8
- Long-life/UHT milk 2.0 10.6
- Goat milk - -
Flavoured milk drinks 1.7 8.7
- Dairy only flavoured milk drinks 1.7 8.7
- Flavoured milk drinks with fruit juice - -
Soy beverages - -
- Soy milk - -
--Soy drinks - -
Powder milk 3.0 15.9
Flavoured powder milk drinks 9.4 56.8
- Chocolate-based flavoured powder drinks 2.2 11.6
- Non-chocolate-based flavoured powder drinks - -
- Malt-based hot drinks 9.7 58.8
Drinking milk products 5.1 28.4
estimates

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Drinking Milk Products - Philippines

Euromonitor International : Country Sector Briefing

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