ASEAN: Cheese Market 2024

Cheese Market Size in ASEAN

The ASEAN cheese market expanded modestly to $X in 2021, increasing by 1.7% against the previous year. The total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +32.3% against 2018 indices. Over the period under review, the market hit record highs in 2021 and is likely to see gradual growth in the near future.

Cheese Production in ASEAN

In value terms, cheese production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +5.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 when the production volume increased by 13% against the previous year. The level of production peaked in 2021 and is expected to retain growth in the immediate term.

Cheese Exports

Exports in ASEAN

For the fifth consecutive year, ASEAN recorded growth in shipments abroad of cheese, which increased by 19% to X tons in 2021. Over the period under review, exports recorded strong growth. The pace of growth appeared the most rapid in 2013 with an increase of 42%. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, cheese exports skyrocketed to $X in 2021. Overall, exports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of 39%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in years to come.

Exports by Country

Singapore represented the major exporter of cheese in ASEAN, with the volume of exports accounting for X tons, which was approx. 41% of total exports in 2021. Indonesia (X tons) took a 26% share (based on physical terms) of total exports, which put it in second place, followed by the Philippines (9.8%), Malaysia (9.5%), Thailand (7.9%) and Vietnam (5.3%).

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Vietnam (with a CAGR of +27.2%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the largest cheese supplier in ASEAN, comprising 48% of total exports. The second position in the ranking was held by Indonesia ($X), with an 18% share of total exports. It was followed by Thailand, with an 11% share.

In Singapore, cheese exports expanded at an average annual rate of +9.7% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+12.3% per year) and Thailand (+22.3% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, with an increase of 1.6% against the previous year. Over the last nine years, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2015 an increase of 22% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+7.6%), while the other leaders experienced more modest paces of growth.

Cheese Imports

Imports in ASEAN

Cheese imports expanded slightly to X tons in 2021, with an increase of 4.8% compared with 2020 figures. Total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +4.9% against 2017 indices. The most prominent rate of growth was recorded in 2017 with an increase of 18% against the previous year. The volume of import peaked in 2021 and is likely to see steady growth in years to come.

In value terms, cheese imports totaled $X in 2021. Total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +14.4% against 2017 indices. The pace of growth was the most pronounced in 2017 with an increase of 26% against the previous year. The level of import peaked in 2021 and is likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons), the Philippines (X tons) and Indonesia (X tons) represented roughly 66% of total imports in 2021. Singapore (X tons) held the next position in the ranking, followed by Thailand (X tons) and Vietnam (X tons). All these countries together held approx. 31% share of total imports. Brunei Darussalam (X tons) took a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +14.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cheese importing markets in ASEAN were Malaysia ($X), the Philippines ($X) and Indonesia ($X), with a combined 64% share of total imports. These countries were followed by Singapore, Thailand, Vietnam and Brunei Darussalam, which together accounted for a further 34%.

In terms of the main importing countries, Vietnam, with a CAGR of +13.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, growing by 4.8% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 7.2% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Singapore ($X per ton) and Brunei Darussalam ($X per ton), while Indonesia ($X per ton) and the Philippines ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+2.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform