ASEAN: Powdered Milk Market 2024

Powdered Milk Market Size in ASEAN

In 2022, the ASEAN powdered milk market increased by 15% to $X, rising for the sixth consecutive year after two years of decline. The total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 +68.8% against 2016 indices. The level of consumption peaked in 2022 and is likely to continue growth in the immediate term.

Powdered Milk Production in ASEAN

In value terms, powdered milk production expanded slightly to $X in 2022 estimated in export price. The total production indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +9.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.1% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of 75% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Vietnam (X tons) constituted the country with the largest volume of powdered milk production, comprising approx. 99% of total volume.

In Vietnam, powdered milk production increased at an average annual rate of +4.7% over the period from 2012-2022.

Powdered Milk Exports

Exports in ASEAN

In 2022, after two years of decline, there was significant growth in shipments abroad of powdered milk, when their volume increased by 16% to X tons. Over the period under review, exports, however, recorded a slight downturn. The pace of growth was the most pronounced in 2015 when exports increased by 43% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, powdered milk exports surged to $X in 2022. In general, exports, however, saw a mild curtailment. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Singapore (X tons) and Malaysia (X tons) represented the main exporters of powdered milk in ASEAN, together reaching near 72% of total exports. Vietnam (X tons) ranks next in terms of the total exports with a 14% share, followed by Thailand (6.2%) and the Philippines (5.4%). Indonesia (X tons) took a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Vietnam (with a CAGR of +32.8%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Malaysia ($X) and Vietnam ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 81% share of total exports.

Among the main exporting countries, Vietnam, with a CAGR of +32.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, picking up by 8.2% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 12% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+7.1%), while the other leaders experienced more modest paces of growth.

Powdered Milk Imports

Imports in ASEAN

In 2022, powdered milk imports in ASEAN rose significantly to X tons, growing by 7.6% against 2021. The total import volume increased at an average annual rate of +2.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 8.9%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, powdered milk imports skyrocketed to $X in 2022. Total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 +93.1% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Indonesia (X tons), distantly followed by the Philippines (X tons), Malaysia (X tons), Vietnam (X tons), Thailand (X tons) and Singapore (X tons) were the key importers of powdered milk, together mixing up 98% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Indonesia (with a CAGR of +5.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), the Philippines ($X) and Thailand ($X) were the countries with the highest levels of imports in 2022, with a combined 63% share of total imports.

In terms of the main importing countries, Indonesia, with a CAGR of +7.1%, recorded 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

The import price in ASEAN stood at $X per ton in 2022, growing by 15% against the previous year. Import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, powdered milk import price increased by +71.5% against 2016 indices. The growth pace was the most rapid in 2017 when the import price increased by 19%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Thailand ($X per ton) and Indonesia ($X per ton), while Vietnam ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+2.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform