ASEAN: Cream Fresh Market 2024

Cream Fresh Market Size in ASEAN

The ASEAN cream fresh market shrank slightly to $X in 2022, declining by -1.7% against the previous year. The total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +89.5% against 2015 indices. Over the period under review, the market attained the peak level at $X in 2021, and then declined modestly in the following year.

Cream Fresh Production in ASEAN

In value terms, cream fresh production expanded modestly to $X in 2022 estimated in export price. Over the period under review, production, however, showed buoyant growth. The pace of growth was the most pronounced in 2015 when the production volume increased by 43% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

The countries with the highest volumes of production in 2022 were Indonesia (X tons), Thailand (X tons) and Malaysia (X tons), with a combined 99.9% share of total production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Thailand (with a CAGR of +6.0%), while production for the other leaders experienced a decline in the production figures.

Cream Fresh Exports

Exports in ASEAN

Cream fresh exports reached X tons in 2022, with an increase of 4.3% on the previous year's figure. Overall, exports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 110%. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, cream fresh exports contracted to $X in 2022. Over the period under review, exports saw a buoyant expansion. The growth pace was the most rapid in 2014 when exports increased by 67% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Thailand (X tons) was the main exporter of cream fresh, generating 81% of total exports. Malaysia (X tons) held an 11% share (based on physical terms) of total exports, which put it in second place, followed by the Philippines (4.6%).

From 2012 to 2022, average annual rates of growth with regard to cream fresh exports from Thailand stood at +32.9%. At the same time, the Philippines (+107.3%) and Malaysia (+9.8%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +107.3% from 2012-2022. While the share of Thailand (+49 p.p.) and the Philippines (+4.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Malaysia (-19 p.p.) displayed negative dynamics.

In value terms, Thailand ($X) remains the largest cream fresh supplier in ASEAN, comprising 60% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 24% share of total exports.

In Thailand, cream fresh exports increased at an average annual rate of +27.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (+17.6% per year) and the Philippines (+131.2% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, with a decrease of -5.9% against the previous year. Overall, the export price continues to indicate a mild decrease. The growth pace was the most rapid in 2017 an increase of 16%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 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 Malaysia ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+11.6%), while the other leaders experienced mixed trends in the export price figures.

Cream Fresh Imports

Imports in ASEAN

In 2022, cream fresh imports in ASEAN dropped to X tons, with a decrease of -14.1% against the year before. Total imports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when imports increased by 24% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then dropped in the following year.

In value terms, cream fresh imports expanded to $X in 2022. Overall, imports, however, enjoyed a resilient increase. The growth pace was the most rapid in 2017 when imports increased by 32% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

Imports by Country

In 2022, Malaysia (X tons), distantly followed by Singapore (X tons), the Philippines (X tons), Vietnam (X tons), Indonesia (X tons) and Thailand (X tons) represented the largest importers of cream fresh, together achieving 92% of total imports. Cambodia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +13.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cream fresh importing markets in ASEAN were Malaysia ($X), Singapore ($X) and the Philippines ($X), together accounting for 70% of total imports. Vietnam, Indonesia, Thailand and Cambodia lagged somewhat behind, together accounting for a further 27%.

Vietnam, with a CAGR of +16.3%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, jumping by 19% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.0%. The growth pace was the most rapid in 2017 when the import price increased by 24%. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+10.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform