ASEAN: Market for Buttermilk And Buttermilk Powder 2024

Market Size for Buttermilk And Buttermilk Powder in ASEAN

In 2022, the ASEAN buttermilk and buttermilk powder market increased by 1.4% to $X, rising for the second year in a row after four years of decline. In general, consumption continues to indicate a noticeable descent. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Production of Buttermilk And Buttermilk Powder in ASEAN

In value terms, buttermilk and buttermilk powder production fell to $X in 2022 estimated in export price. In general, production saw a pronounced reduction. The most prominent rate of growth was recorded in 2016 with an increase of 29%. The level of production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Exports of Buttermilk And Buttermilk Powder

Exports in ASEAN

In 2022, approx. X tons of buttermilk and buttermilk powder were exported in ASEAN; increasing by 4.6% compared with 2021. Total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +10.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +13.4% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 81%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, buttermilk and buttermilk powder exports amounted to $X in 2022. Total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +9.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +7.8% against 2020 indices. The pace of growth was the most pronounced in 2013 when exports increased by 79% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Thailand (X tons) was the key exporter of buttermilk and buttermilk powder, making up 66% of total exports. Indonesia (X tons) took a 22% share (based on physical terms) of total exports, which put it in second place, followed by Singapore (4.9%). The following exporters - Malaysia (X tons) and the Philippines (X tons) - together made up 6.6% of total exports.

From 2012 to 2022, average annual rates of growth with regard to buttermilk and buttermilk powder exports from Thailand stood at +17.5%. At the same time, the Philippines (+27.1%), Singapore (+13.6%), Malaysia (+5.2%) and Indonesia (+1.9%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +27.1% from 2012-2022. From 2012 to 2022, the share of Thailand and the Philippines increased by +30 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest buttermilk and buttermilk powder supplier in ASEAN, comprising 52% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 19% share of total exports. It was followed by Singapore, with a 15% share.

In Thailand, buttermilk and buttermilk powder exports increased at an average annual rate of +14.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+0.2% per year) and Singapore (+20.5% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, declining by -4.3% against the previous year. Over the period under review, the export price saw a slight contraction. The growth pace was the most rapid in 2019 when the export price increased by 27% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+6.1%), while the other leaders experienced a decline in the export price figures.

Imports of Buttermilk And Buttermilk Powder

Imports in ASEAN

In 2022, approx. X tons of buttermilk and buttermilk powder were imported in ASEAN; picking up by 11% against 2021. Over the period under review, imports saw a resilient increase. The pace of growth was the most pronounced in 2016 when imports increased by 27% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the near future.

In value terms, buttermilk and buttermilk powder imports totaled $X in 2022. Total imports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +131.6% against 2016 indices. The pace of growth was the most pronounced in 2017 when imports increased by 27%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

The Philippines prevails in imports structure, finishing at X tons, which was near 66% of total imports in 2022. Thailand (X tons) held the second position in the ranking, followed by Malaysia (X tons) and Singapore (X tons). All these countries together took near 21% share of total imports. The following importers - Indonesia (X tons), Vietnam (X tons) and Cambodia (X tons) - together made up 10% of total imports.

From 2012 to 2022, average annual rates of growth with regard to buttermilk and buttermilk powder imports into the Philippines stood at +13.7%. At the same time, Vietnam (+14.9%), Cambodia (+12.3%) and Singapore (+6.4%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +14.9% from 2012-2022. Indonesia experienced a relatively flat trend pattern. By contrast, Malaysia (-3.6%) and Thailand (-4.2%) illustrated a downward trend over the same period. While the share of the Philippines (+31 p.p.) and Vietnam (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Indonesia (-4.2 p.p.), Malaysia (-13.5 p.p.) and Thailand (-16 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Philippines ($X) constitutes the largest market for imported buttermilk and buttermilk powder in ASEAN, comprising 53% of total imports. The second position in the ranking was taken by Thailand ($X), with a 15% share of total imports. It was followed by Malaysia, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the Philippines stood at +8.5%. In the other countries, the average annual rates were as follows: Thailand (-1.9% per year) and Malaysia (-0.6% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, surging by 3.9% against the previous year. Over the period under review, the import price, however, recorded a slight downturn. The most prominent rate of growth was recorded in 2013 when the import price increased by 25%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Thailand ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform