Dairy Food in China to 2011

Published by: Datamonitor

Published: Aug. 18, 2008 - 220 Pages

Table of Contents

Chapter 1 EXECUTIVE SUMMARY

Summary Market Level - Dairy Food

Summary category level - Spreadable fats

Summary category level - Cheese

Summary category level - Soy Products

Summary category level -Chilled desserts

Summary category level - Milk

Summary category level - Yogurt

Summary category level - Cream

Summary category level - Fromage frais

Chapter 2 INTRODUCTION

What is this report about?

How to use this report

Market Definition

Chapter 3 MARKET OVERVIEW

Value Analysis, 2001-2006

Value Analysis, 2006-2011

Value Analysis, US$ 2001-2006

Value Analysis, US$ 2006-2011

Volume Analysis, 2001-2006

Volume Analysis, 2006-2011

Company and Brand Share Analysis

Distribution Analysis

Expenditure & consumption per capita

Chapter 4 LEADING COMPANY PROFILES

Altria Group Inc.

Land O'Lakes, Inc.

Chapter 5 CATEGORY ANALYSIS - SPREADABLE FATS

Value Analysis, 2001-2006

Value Analysis, 2006-2011

Value Analysis, US$ 2001-2006

Value Analysis, US$ 2006-2011

Volume Analysis, 2001-2006

Volume Analysis, 2006-2011

Company and Brand Share Analysis

Distribution Analysis

Expenditure & consumption per capita

Chapter 6 CATEGORY ANALYSIS - CHEESE

Value Analysis, 2001-2006

Value Analysis, 2006-2011

Value Analysis, US$ 2001-2006

Value Analysis, US$ 2006-2011

Volume Analysis, 2001-2006

Volume Analysis, 2006-2011

Company and Brand Share Analysis

Distribution Analysis

Expenditure & consumption per capita

Chapter 7 CATEGORY ANALYSIS - SOY PRODUCTS

Value Analysis, 2001-2006

Value Analysis, 2006-2011

Value Analysis, US$ 2001-2006

Value Analysis, US$ 2006-2011

Volume Analysis, 2001-2006

Volume Analysis, 2006-2011

Company and Brand Share Analysis

Distribution Analysis

Expenditure & consumption per capita

Chapter 8 CATEGORY ANALYSIS - CHILLED DESSERTS

Value Analysis, 2001-2006

Value Analysis, 2006-2011

Value Analysis, US$ 2001-2006

Value Analysis, US$ 2006-2011

Volume Analysis, 2001-2006

Volume Analysis, 2006-2011

Company and Brand Share Analysis

Distribution Analysis

Expenditure & consumption per capita

Chapter 9 CATEGORY ANALYSIS - MILK

Value Analysis, 2001-2006

Value Analysis, 2006-2011

Value Analysis, US$ 2001-2006

Value Analysis, US$ 2006-2011

Volume Analysis, 2001-2006

Volume Analysis, 2006-2011

Company and Brand Share Analysis

Distribution Analysis

Expenditure & consumption per capita

Chapter 10 CATEGORY ANALYSIS - YOGURT

Value Analysis, 2001-2006

Value Analysis, 2006-2011

Value Analysis, US$ 2001-2006

Value Analysis, US$ 2006-2011

Volume Analysis, 2001-2006

Volume Analysis, 2006-2011

Company and Brand Share Analysis

Distribution Analysis

Expenditure & consumption per capita

Chapter 11 CATEGORY ANALYSIS - CREAM

Value Analysis, 2001-2006

Value Analysis, 2006-2011

Value Analysis, US$ 2001-2006

Value Analysis, US$ 2006-2011

Volume Analysis, 2001-2006

Volume Analysis, 2006-2011

Company and Brand Share Analysis

Distribution Analysis

Expenditure & consumption per capita

Chapter 12 CATEGORY ANALYSIS - FROMAGE FRAIS

Value Analysis, 2001-2006

Value Analysis, 2006-2011

Value Analysis, US$ 2001-2006

Value Analysis, US$ 2006-2011

Volume Analysis, 2001-2006

Volume Analysis, 2006-2011

Company and Brand Share Analysis

Distribution Analysis

Expenditure & consumption per capita

Chapter 13 COUNTRY COMPARISON

Value

Volume

Market Share

Chapter 14 NEW PRODUCT DEVELOPMENT

Product launches over time

Recent product launches

Chapter 15 CHINA SOCIOECONOMIC PROFILE

Country Overview

Key Facts

Political Overview

China Economic Overview

Chapter 16 CHINA MACROECONOMIC PROFILE

Macroeconomic Indicators

Chapter 17 RESEARCH METHODOLOGY

Methodology overview

Secondary research

Market modelling

Primary research

Data finalisation

Ongoing research

Chapter 18 APPENDIX

Future readings

How to contact experts in your industry

LIST OF FIGURES

Figure 1: China Dairy Food value & value forecast, 2001-2011 (CNY m, nominal prices)

Figure 2: China Dairy Food volume & volume forecast, 2001-2011 (Kg/Liters m)

Figure 3: China Dairy Food company share, by value, 2005-2006 (%)

Figure 4: China Dairy Food distribution channels, by value, 2005-2006(%)

Figure 5: China Spreadable fats value & value forecast, 2001-2011 (CNY m, nominal prices)

Figure 6: China Spreadable fats category growth comparison, by value, 2001-2011

Figure 7: China Spreadable fats volume & volume forecast, 2001-2011 (Kg m)

Figure 8: China Spreadable fats category growth comparison, by volume, 2001-2011

Figure 9: China Spreadable fats company share, by value, 2005-2006 (%)

Figure 10: China Spreadable fats distribution channels, by value, 2005-2006(%)

Figure 11: China Cheese value & value forecast, 2001-2011 (CNY m, nominal prices)

Figure 12: China Cheese category growth comparison, by value, 2001-2011

Figure 13: China Cheese volume & volume forecast, 2001-2011 (Kg m)

Figure 14: China Cheese category growth comparison, by volume, 2001-2011

Figure 15: China Cheese company share, by value, 2005-2006 (%)

Figure 16: China Cheese distribution channels, by value, 2005-2006(%)

Figure 17: China Soy Products value & value forecast, 2001-2011 (CNY m, nominal prices)

Figure 18: China Soy Products category growth comparison, by value, 2001-2011

Figure 19: China Soy Products volume & volume forecast, 2001-2011 (Kg/Liters m)

Figure 20: China Soy Products category growth comparison, by volume, 2001-2011

Figure 21: China Soy Products company share, by value, 2005-2006 (%)

Figure 22: China Soy Products distribution channels, by value, 2005-2006(%)

Figure 23: China Chilled desserts value & value forecast, 2001-2011 (CNY m, nominal prices)

Figure 24: China Chilled desserts volume & volume forecast, 2001-2011 (Kg m)

Figure 25: China Chilled desserts company share, by value, 2005-2006 (%)

Figure 26: China Chilled desserts distribution channels, by value, 2005-2006(%)

Figure 27: China Milk value & value forecast, 2001-2011 (CNY m, nominal prices)

Figure 28: China Milk category growth comparison, by value, 2001-2011

Figure 29: China Milk volume & volume forecast, 2001-2011 (Kg/Liters m)

Figure 30: China Milk category growth comparison, by volume, 2001-2011

Figure 31: China Milk company share, by value, 2005-2006 (%)

Figure 32: China Milk distribution channels, by value, 2005-2006(%)

Figure 33: China Yogurt value & value forecast, 2001-2011 (CNY m, nominal prices)

Figure 34: China Yogurt category growth comparison, by value, 2001-2011

Figure 35: China Yogurt volume & volume forecast, 2001-2011 (Kg m)

Figure 36: China Yogurt category growth comparison, by volume, 2001-2011

Figure 37: China Yogurt company share, by value, 2005-2006 (%)

Figure 38: China Yogurt distribution channels, by value, 2005-2006(%)

Figure 39: China Cream value & value forecast, 2001-2011 (CNY m, nominal prices)

Figure 40: China Cream volume & volume forecast, 2001-2011 (Liters m)

Figure 41: China Cream company share, by value, 2005-2006 (%)

Figure 42: China Cream distribution channels, by value, 2005-2006(%)

Figure 43: China Fromage frais value & value forecast, 2001-2011 (CNY m, nominal prices)

Figure 44: China Fromage frais volume & volume forecast, 2001-2011 (Kg m)

Figure 45: China Fromage frais company share, by value, 2005-2006 (%)

Figure 46: China Fromage frais distribution channels, by value, 2005-2006(%)

Figure 47: Global Dairy Food market split (value terms, 2006) - Top 5 countries

Figure 48: Global Dairy Food market value, 2001 - 2006 (Top 5 countries)

Figure 49: Global Dairy Food market split (volume terms, 2006) - Top 5 countries

Figure 50: Global Dairy Food market volume, 2001 - 2006 (Top 5 countries)

Figure 51: Map of China

Figure 52: Annual data review process

LIST OF TABLES

Table 1: Dairy Food category definitions

Table 2: Dairy Food distribution channels

Table 3: China Dairy Food value, 2001-2006 (CNY m, nominal prices)

Table 4: China Dairy Food value forecast, 2006-2011 (CNY m, nominal prices)

Table 5: China Dairy Food value, 2001-2006 (US$ m nominal prices)

Table 6: China Dairy Food value forecast, 2006-2011 (US$ m nominal prices)

Table 7: China Dairy Food volume, 2001-2006 (Kg/Liters m)

Table 8: China Dairy Food volume forecast, 2006-2011 (Kg/Liters m)

Table 9: China Dairy Food brand share, by value, 2005-2006 (%)

Table 10: China Dairy Food value, by brand 2005-2006 (CNY m nominal prices)

Table 11: China Dairy Food company share by value, 2005-2006 (%)

Table 12: China Dairy Food value, by company, 2005-2006 (CNY m nominal prices)

Table 13: China Dairy Food distribution channels, by value, 2005-2006 (%)

Table 14: China Dairy Food value, by distribution channel, 2005-2006 (CNY m nominal prices)

Table 15: China Dairy Food expenditure per capita, 2001-2006 (CNY, nominal prices)

Table 16: China Dairy Food forecast expenditure per capita, 2006-2011 (CNY, nominal prices)

Table 17: China Dairy Food expenditure per capita, 2001-2006 (US$ nominal prices)

Table 18: China Dairy Food forecast expenditure per capita, 2006-2011 (US$ nominal prices)

Table 19: China Dairy Food consumption per capita, 2001-2006 (Kg/Liters)

Table 20: China Dairy Food forecast consumption per capita, 2006-2011 (Kg/Liters)

Table 21: Altria Group Inc. Key Facts

Table 22: Land O' Lakes Inc. Key Facts

Table 23: China Spreadable fats value, 2001-2006 (CNY m, nominal prices)

Table 24: China Spreadable fats value forecast, 2006-2011 (CNY m, nominal prices)

Table 25: China Spreadable fats value, 2001-2006 (US$ m nominal prices)

Table 26: China Spreadable fats value forecast, 2006-2011 (US$ m nominal prices)

Table 27: China Spreadable fats volume, 2001-2006 (Kg m)

Table 28: China Spreadable fats volume forecast, 2006-2011 (Kg m)

Table 29: China Spreadable fats brand share, by value, 2005-2006 (%)

Table 30: China Spreadable fats value, by brand 2005-2006 (CNY m nominal prices)

Table 31: China Spreadable fats company share by value, 2005-2006 (%)

Table 32: China Spreadable fats value, by company, 2005-2006 (CNY m nominal prices)

Table 33: China Spreadable fats distribution channels, by value, 2005-2006 (%)

Table 34: China Spreadable fats value, by distribution channel, 2005-2006 (CNY m nominal prices)

Table 35: China Spreadable fats expenditure per capita, 2001-2006 (CNY, nominal prices)

Table 36: China Spreadable fats forecast expenditure per capita, 2006-2011 (CNY, nominal prices)

Table 37: China Spreadable fats expenditure per capita, 2001-2006 (US$ nominal prices)

Table 38: China Spreadable fats forecast expenditure per capita, 2006-2011 (US$ nominal prices)

Table 39: China Spreadable fats consumption per capita, 2001-2006 (Kg)

Table 40: China Spreadable fats forecast consumption per capita, 2006-2011 (Kg)

Table 41: China Cheese value, 2001-2006 (CNY m, nominal prices)

Table 42: China Cheese value forecast, 2006-2011 (CNY m, nominal prices)

Table 43: China Cheese value, 2001-2006 (US$ m nominal prices)

Table 44: China Cheese value forecast, 2006-2011 (US$ m nominal prices)

Table 45: China Cheese volume, 2001-2006 (Kg m)

Table 46: China Cheese volume forecast, 2006-2011 (Kg m)

Table 47: China Cheese brand share, by value, 2005-2006 (%)

Table 48: China Cheese value, by brand 2005-2006 (CNY m nominal prices)

Table 49: China Cheese company share by value, 2005-2006 (%)

Table 50: China Cheese value, by company, 2005-2006 (CNY m nominal prices)

Table 51: China Cheese distribution channels, by value, 2005-2006 (%)

Table 52: China Cheese value, by distribution channel, 2005-2006 (CNY m nominal prices)

Table 53: China Cheese expenditure per capita, 2001-2006 (CNY, nominal prices)

Table 54: China Cheese forecast expenditure per capita, 2006-2011 (CNY, nominal prices)

Table 55: China Cheese expenditure per capita, 2001-2006 (US$ nominal prices)

Table 56: China Cheese forecast expenditure per capita, 2006-2011 (US$ nominal prices)

Table 57: China Cheese consumption per capita, 2001-2006 (Kg)

Table 58: China Cheese forecast consumption per capita, 2006-2011 (Kg)

Table 59: China Soy Products value, 2001-2006 (CNY m, nominal prices)

Table 60: China Soy Products value forecast, 2006-2011 (CNY m, nominal prices)

Table 61: China Soy Products value, 2001-2006 (US$ m nominal prices)

Table 62: China Soy Products value forecast, 2006-2011 (US$ m nominal prices)

Table 63: China Soy Products volume, 2001-2006 (Kg/Liters m)

Table 64: China Soy Products volume forecast, 2006-2011 (Kg/Liters m)

Table 65: China Soy Products brand share, by value, 2005-2006 (%)

Table 66: China Soy Products value, by brand 2005-2006 (CNY m nominal prices)

Table 67: China Soy Products company share by value, 2005-2006 (%)

Table 68: China Soy Products value, by company, 2005-2006 (CNY m nominal prices)

Table 69: China Soy Products distribution channels, by value, 2005-2006 (%)

Table 70: China Soy Products value, by distribution channel, 2005-2006 (CNY m nominal prices)

Table 71: China Soy Products expenditure per capita, 2001-2006 (CNY, nominal prices)

Table 72: China Soy Products forecast expenditure per capita, 2006-2011 (CNY, nominal prices)

Table 73: China Soy Products expenditure per capita, 2001-2006 (US$ nominal prices)

Table 74: China Soy Products forecast expenditure per capita, 2006-2011 (US$ nominal prices)

Table 75: China Soy Products consumption per capita, 2001-2006 (Kg/Liters)

Table 76: China Soy Products forecast consumption per capita, 2006-2011 (Kg/Liters)

Table 77: China Chilled desserts value, 2001-2006 (CNY m, nominal prices)

Table 78: China Chilled desserts value forecast, 2006-2011 (CNY m, nominal prices)

Table 79: China Chilled desserts value, 2001-2006 (US$ m nominal prices)

Table 80: China Chilled desserts value forecast, 2006-2011 (US$ m nominal prices)

Table 81: China Chilled desserts volume, 2001-2006 (Kg m)

Table 82: China Chilled desserts volume forecast, 2006-2011 (Kg m)

Table 83: China Chilled desserts brand share, by value, 2005-2006 (%)

Table 84: China Chilled desserts value, by brand 2005-2006 (CNY m nominal prices)

Table 85: China Chilled desserts company share by value, 2005-2006 (%)

Table 86: China Chilled desserts value, by company, 2005-2006 (CNY m nominal prices)

Table 87: China Chilled desserts distribution channels, by value, 2005-2006 (%)

Table 88: China Chilled desserts value, by distribution channel, 2005-2006 (CNY m nominal prices)

Table 89: China Chilled desserts expenditure per capita, 2001-2006 (CNY, nominal prices)

Table 90: China Chilled desserts forecast expenditure per capita, 2006-2011 (CNY, nominal prices)

Table 91: China Chilled desserts expenditure per capita, 2001-2006 (US$ nominal prices)

Table 92: China Chilled desserts forecast expenditure per capita, 2006-2011 (US$ nominal prices)

Table 93: China Chilled desserts consumption per capita, 2001-2006 (Kg)

Table 94: China Chilled desserts forecast consumption per capita, 2006-2011 (Kg)

Table 95: China Milk value, 2001-2006 (CNY m, nominal prices)

Table 96: China Milk value forecast, 2006-2011 (CNY m, nominal prices)

Table 97: China Milk value, 2001-2006 (US$ m nominal prices)

Table 98: China Milk value forecast, 2006-2011 (US$ m nominal prices)

Table 99: China Milk volume, 2001-2006 (Kg/Liters m)

Table 100: China Milk volume forecast, 2006-2011 (Kg/Liters m)

Table 101: China Milk brand share, by value, 2005-2006 (%)

Table 102: China Milk value, by brand 2005-2006 (CNY m nominal prices)

Table 103: China Milk company share by value, 2005-2006 (%)

Table 104: China Milk value, by company, 2005-2006 (CNY m nominal prices)

Table 105: China Milk distribution channels, by value, 2005-2006 (%)

Table 106: China Milk value, by distribution channel, 2005-2006 (CNY m nominal prices)

Table 107: China Milk expenditure per capita, 2001-2006 (CNY, nominal prices)

Table 108: China Milk forecast expenditure per capita, 2006-2011 (CNY, nominal prices)

Table 109: China Milk expenditure per capita, 2001-2006 (US$ nominal prices)

Table 110: China Milk forecast expenditure per capita, 2006-2011 (US$ nominal prices)

Table 111: China Milk consumption per capita, 2001-2006 (Kg/Liters)

Table 112: China Milk forecast consumption per capita, 2006-2011 (Kg/Liters)

Table 113: China Yogurt value, 2001-2006 (CNY m, nominal prices)

Table 114: China Yogurt value forecast, 2006-2011 (CNY m, nominal prices)

Table 115: China Yogurt value, 2001-2006 (US$ m nominal prices)

Table 116: China Yogurt value forecast, 2006-2011 (US$ m nominal prices)

Table 117: China Yogurt volume, 2001-2006 (Kg m)

Table 118: China Yogurt volume forecast, 2006-2011 (Kg m)

Table 119: China Yogurt brand share, by value, 2005-2006 (%)

Table 120: China Yogurt value, by brand 2005-2006 (CNY m nominal prices)

Table 121: China Yogurt company share by value, 2005-2006 (%)

Table 122: China Yogurt value, by company, 2005-2006 (CNY m nominal prices)

Table 123: China Yogurt distribution channels, by value, 2005-2006 (%)

Table 124: China Yogurt value, by distribution channel, 2005-2006 (CNY m nominal prices)

Table 125: China Yogurt expenditure per capita, 2001-2006 (CNY, nominal prices)

Table 126: China Yogurt forecast expenditure per capita, 2006-2011 (CNY, nominal prices)

Table 127: China Yogurt expenditure per capita, 2001-2006 (US$ nominal prices)

Table 128: China Yogurt forecast expenditure per capita, 2006-2011 (US$ nominal prices)

Table 129: China Yogurt consumption per capita, 2001-2006 (Kg)

Table 130: China Yogurt forecast consumption per capita, 2006-2011 (Kg)

Table 131: China Cream value, 2001-2006 (CNY m, nominal prices)

Table 132: China Cream value forecast, 2006-2011 (CNY m, nominal prices)

Table 133: China Cream value, 2001-2006 (US$ m nominal prices)

Table 134: China Cream value forecast, 2006-2011 (US$ m nominal prices)

Table 135: China Cream volume, 2001-2006 (Liters m)

Table 136: China Cream volume forecast, 2006-2011 (Liters m)

Table 137: China Cream brand share, by value, 2005-2006 (%)

Table 138: China Cream value, by brand 2005-2006 (CNY m nominal prices)

Table 139: China Cream company share by value, 2005-2006 (%)

Table 140: China Cream value, by company, 2005-2006 (CNY m nominal prices)

Table 141: China Cream distribution channels, by value, 2005-2006 (%)

Table 142: China Cream value, by distribution channel, 2005-2006 (CNY m nominal prices)

Table 143: China Cream expenditure per capita, 2001-2006 (CNY, nominal prices)

Table 144: China Cream forecast expenditure per capita, 2006-2011 (CNY, nominal prices)

Table 145: China Cream expenditure per capita, 2001-2006 (US$ nominal prices)

Table 146: China Cream forecast expenditure per capita, 2006-2011 (US$ nominal prices)

Table 147: China Cream consumption per capita, 2001-2006 (Liters)

Table 148: China Cream forecast consumption per capita, 2006-2011 (Liters)

Table 149: China Fromage frais value, 2001-2006 (CNY m, nominal prices)

Table 150: China Fromage frais value forecast, 2006-2011 (CNY m, nominal prices)

Table 151: China Fromage frais value, 2001-2006 (US$ m nominal prices)

Table 152: China Fromage frais value forecast, 2006-2011 (US$ m nominal prices)

Table 153: China Fromage frais volume, 2001-2006 (Kg m)

Table 154: China Fromage frais volume forecast, 2006-2011 (Kg m)

Table 155: China Fromage frais brand share, by value, 2005-2006 (%)

Table 156: China Fromage frais value, by brand 2005-2006 (CNY m nominal prices)

Table 157: China Fromage frais company share by value, 2005-2006 (%)

Table 158: China Fromage frais value, by company, 2005-2006 (CNY m nominal prices)

Table 159: China Fromage frais distribution channels, by value, 2005-2006 (%)

Table 160: China Fromage frais value, by distribution channel, 2005-2006 (CNY m nominal prices)

Table 161: China Fromage frais expenditure per capita, 2001-2006 (CNY, nominal prices)

Table 162: China Fromage frais forecast expenditure per capita, 2006-2011 (CNY, nominal prices)

Table 163: China Fromage frais expenditure per capita, 2001-2006 (US$ nominal prices)

Table 164: China Fromage frais forecast expenditure per capita, 2006-2011 (US$ nominal prices)

Table 165: China Fromage frais consumption per capita, 2001-2006 (Kg)

Table 166: China Fromage frais forecast consumption per capita, 2006-2011 (Kg)

Table 167: Global Dairy Food market value, 2006

Table 168: Global Dairy Food market split (value terms (US$ m), 2006) - Top 5 countries

Table 169: Global Dairy Food market volume, 2006

Table 170: Global Dairy Food market split (volume terms, 2006) - Top 5 countries

Table 171: Leading players - Top 5 countries

Table 172: China Dairy Food new product launches (reports) and SKUs, by company (Top 5 companies), 2006

Table 173: China Dairy Food new product launches (reports), by flavor and fragrances (Top 10 flavors), 2006

Table 174: China Dairy Food new product launches (reports), by Ingredients (Top 10 Ingredients), 2006

Table 175: China Dairy Food new product launches (reports), by Package tags or Claims 2006

Table 176: China Dairy Food new product launches (reports) - Recent 5 launches

Table 177: China Key Facts

Table 178: China population, by age group, 2000-2005 (millions)

Table 179: China population forecast, by age group, 2005-2010 (millions)

Table 180: China population, by gender, 2000-2005 (millions)

Table 181: China population forecast, by gender, 2005-2010 (millions)

Table 182: China real GDP, 2000-2005 (CNY bn, 2005 prices)

Table 183: China real GDP forecast, 2005-2010 (CNY bn, 2005 prices)

Table 184: China nominal GDP, 2000-2005 (CNY bn, nominal prices)

Table 185: China real GDP, 2000-2005 (US$ bn, 2005 prices)

Table 186: China real GDP forecast, 2005-2010 (US$ bn, 2005 prices)

Table 187: China consumer price index, 2000-2005 (2000=100)

Table 188: China consumer price index, 2005-2010 (2000=100)

Table 189: China exchange rate, 2000-2005

Abstract

• Contains information on 8 categories: Cheese, Chilled desserts, Cream, Fromage frais, Milk, Spreadable fats, Soy Products and Yogurt
• Provides market value, volume, expenditure and consumption data by market, segment and subsegment
• Includes company and brand share data by categories

• Discover the major quantitative trends affecting the Dairy Food markets
• Understand consumers' consumption and expenditure patterns
• Understand the future direction of the market with reliable historical data and full five year forecasting

About MarketResearch.com
MarketResearch.com is an online aggregator selling over 160,000 market research reports, company profiles and country profiles from over 600 research firms. Our reports will provide you with the critical business and competitive intelligence you need for strategic planning and marketing research. Coverage includes the US, UK, Europe, Asia and global markets.