Cream of the crop: M&A and investment in SE Asia’s dairy sector

Demand across Southeast Asia is moving rapidly up the value chain—from basic liquid milk toward yogurt, cheese, and functional dairy—driven by urbanization, a rising middle class, and growing preference for premium and health-oriented products.

The region’s dairy market is valued at approximately US$34bn in 2025 and is projected to reach US$46bn by 2030, growing at ~6% CAGR. Consumption remains relatively low—20–30 liters per capita in markets such as Indonesia and Vietnam versus 100+ liters in more mature economies—leaving significant room for growth.

The industry continues to move up the value curve as consumers shift beyond liquid milk into yogurt, cheese, and functional dairy. Investors are backing brands with strong local relevance, integrated supply chains, and clear premiumization potential. Since 2023, both strategic players and private equity funds have accelerated investment—supporting domestic champions, upgrading processing technology, and building regional platforms. Value-added categories are expanding the fastest and delivering stronger margins, setting the stage for sustained deal momentum.

Looking ahead, investors should monitor opportunities that balance growth with supply-chain resilience. Emerging local leaders are scaling quickly—and are becoming increasingly attractive acquisition targets.

Please read our full report here.

BDA is here to help.

About BDA

BDA Partners is the global investment banking advisor. We are a premium provider of Asia-related advice to sophisticated clients globally, with 30 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes. BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets.

US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc, a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc. is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors. www.bdapartners.com

One billion people worldwide will celebrate Diwali next week.

Diwali, also known as Deepavali and the Hindu “Festival of Lights,” is one of India’s most widely celebrated holidays. It overlaps with other harvest rituals and festivals. The dates for the holiday vary each year; they follow the lunar calendar. Diwali originated in India, 2,500 years ago. The festival, which expands to the Indian diaspora, is observed for up to five days.

Different religious traditions in India each fit their religious themes and narratives into Diwali. Some Hindus, for example, believe Diwali to be the return of Lord Rama, an avatar of Vishnu, from 14 years of exile. Other Hindus believe it to be the celebration of the killing of the asura (demon) Narakasura by Lord Krishna, another avatar of Vishnu.

Some Hindus see Diwali as a chance to worship and celebrate the Hindu goddess of wealth, Lakshmi. For others, Diwali is the victory of knowledge over ignorance.

Diwali celebrations for Sikhs commemorate the release of Guru Hargobind, imprisoned in 1617 and released in 1619.

Jains also celebrate Diwali. They do it in remembrance of the day Lord Mahavira, revered as one of the great teachers of the religion, who attained Nirvana or enlightenment.

In each of these Indic traditions, we find that Diwali holds some sort of significance and a reason for celebration, often a representation of hope and the victory of goodness.

To honor someone, you may place a garland of flowers around them, such as the statues of deities in the temples.

Diwali occurs on the night of a new moon, adding to the importance of lights during Diwali. In the darkness of night, roads and paths in India are lined with oil lamps illuminating the way to temples where gods and goddesses are honored among lights.

People will also clean their homes and ensure every room is lit with lamps the night of Diwali. Believers report that the goddess Lakshmi visits well-lit homes.

BDA Partners hosted a panel discussion and networking reception for senior energy sector executives, in New York on 10^th September, alongside Development Bank of Japan, and Norton Rose Fulbright.

We connected leading Japanese corporates across the value chain, from oil and gas energy, energy services, and renewables, with counterparts in the US. We’re focused on the surge of outbound investment interest from Japan.

We convened the most ambitious investors and US industry players. The agenda focused on the impact of the ‘One Big Beautiful Bill Act’ (OBBBA) on energy investment in the US.

The conference featured a welcome address by Shingo Kobayashi, Managing Executive Officer of DBJ, and a keynote speech by Todd Alexander, Partner at NRF, on the implications of OBBBA for the US energy sector. We followed with panel discussions, moderated by Euan Rellie of BDA and Paul Sankey of Sankey Research, addressing renewable energy and oil & gas investment trends.

Senior representatives attended from: Aggreko, AIP, Captona, CFS Energy, Chevron, Chugoku Electric, Eneos Power, Excelsior Energy Capital, Fuyo General Lease, Generate Capital, Gevo, Harbert, Hess Corp, HOG Resources, Idemitsu Kosan, Invenergy, JAPEX, Jetro, Kansai Electric, KDB, Kingston Capital, Kyuden International, Marubeni, MicroEra Power, Mitsubishi, MOL Americas, NRG Transition, Nano Nuclear, Nishimatsu, Northern Star Generation, Osaka Gas, Primergy Solar, RWE Clean Energy, Sankey Research, Shizuoka Gas, Sionic Energy, Silverpeak, TEPCO, and Tokyo Electric.

Key takeaways include:

The future of energy will not be defined by renewables or oil & gas alone, but by a pragmatic mix of both, highlighting the need for flexible investment strategies to balance sustainability with energy security and economic viability
Japanese appetite for US energy is driven by confidence in US demand and market resilience, rather than short-term policy catalysts like OBBBA, signalling a long-term commitment to the sector
Japan’s energy companies are looking abroad, reflecting demographics, limited domestic growth, and the need to secure stable, diversified energy supplies
Japanese investors are highly sought-after partners, valued for their patience, flexibility, and reliability. They are increasingly aligning with US deal timelines and valuations, while offering long term capital and a collaborative strategic approach

Euan Rellie, Managing Partner, BDA Partners, said: “This event was a big success. BDA, DBJ and Norton Rose have resolved to make it an annual conference, going forward. We’re already working on multiple potential transactions as a result of these conversations in New York. I’m grateful to everyone who participated, and excited for what’s to come”.

About BDA

Asian food has exploded from niche to mainstream, transforming North America’s dining and grocery landscape.

Once confined to small “ethnic aisles” or family-run eateries, the category is now a US$37bn market growing at over 5% annually, outpacing the broader food sector. Immigration, cultural influence, and Gen Z’s appetite for global flavors are fueling the shift—turning dumplings, ramen, and kimchi into everyday staples.

North America’s retail shelves and restaurants are proof of this momentum. H Mart has become a US$2bn powerhouse, Jollibee has crossed 100 locations, and mochi ice cream has gone from novelty to freezer-aisle must-have. Asian corporates like CJ, Ajinomoto, and Pulmuone are planting factories on US soil, while private equity has piled in—reshaping family-run businesses into billion-dollar platforms through modernization, consolidation, and brand building.

What was once “ethnic” is now essential. Underrepresented cuisines—Filipino, Vietnamese, Indian—are set to drive the next wave, with health, wellness, and fusion formats pushing boundaries. For strategics and sponsors alike, Asian food has moved from novelty to necessity, cementing itself as the next strategic growth engine.

BDA is actively tracking the best investment and acquisition targets in this fast-growing sector. Our cross-border expertise and track record in food and beverage M&A position us to help clients capture this transformation.

Download full report here.

SE Asia’s international K-12 sector is booming – expanding nearly twice as fast as the rest of Asia – and quickly becoming a global magnet for investors.

In our latest insight piece, we explore why global education groups and private equity investors are doubling down on the region’s resilient and high-growth K-12 space, where opportunity remains vast and attractive.

Key highlights:

Surging growth: SE Asia’s international K-12 campus growth has been outpacing the rest of Asia by ~2x from 2020-2025, fueled by both expat and rising local demand
Massive market: Over 110 million students aged 5 to 19 across 5 dynamic economies – with significant TAM expansion driven by policy liberalization and demographic shifts
Attractive economics: Mature K-12 platforms deliver 20–30% EBITDA margins, with high visibility from prepaid fees and long student lifecycles
Fragmented field: Scaled operators control just ~5% of the region’s 2,000+ international campuses – creating ample headroom for roll-ups and platform building
Favorable tailwinds: SE Asia offers investor-friendly regulations, stable pricing, and a policy environment that supports long-term private sector participation

Download the full report to explore market deep-dives, valuation trends, and the leading consolidators shaping the region’s educational future.