ASEAN: Milk Market 2024

Milk Market Size in ASEAN

The ASEAN milk market was estimated at $X in 2022, approximately mirroring the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Milk Production in ASEAN

In value terms, milk production amounted to $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of X%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

The countries with the highest volumes of production in 2022 were Myanmar (X tons), Indonesia (X tons) and Thailand (X tons), with a combined X% share of total production. These countries were followed by Vietnam, which accounted for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Vietnam (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

Milk Exports

Exports in ASEAN

In 2022, after five years of growth, there was decline in overseas shipments of milk, when their volume decreased by X% to X tons. Over the period under review, exports, however, continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2019 with an increase of X%. The volume of export peaked at X tons in 2021, and then declined slightly in the following year.

In value terms, milk exports shrank to $X in 2022. Overall, exports, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2019 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then declined in the following year.

Exports by Country

Thailand was the major exporting country with an export of around X tons, which finished at X% of total exports. Malaysia (X tons) ranks second in terms of the total exports with a X% share, followed by Indonesia (X%).

Thailand was also the fastest-growing in terms of the milk exports, with a CAGR of X% from 2012 to 2022. At the same time, Malaysia (X%) displayed positive paces of growth. By contrast, Indonesia (X%) illustrated a downward trend over the same period. Thailand (X p.p.) significantly strengthened its position in terms of the total exports, while Malaysia and Indonesia saw its share reduced by X% and X% from 2012 to 2022, respectively.

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

In Thailand, milk exports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (X% per year) and Indonesia (X% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, shrinking by X% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of X%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the other leaders experienced a decline in the export price figures.

Milk Imports

Imports in ASEAN

In 2022, approx. X tons of milk were imported in ASEAN; picking up by X% against 2021. Overall, imports posted a resilient expansion. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, milk imports rose rapidly to $X in 2022. Total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2015 indices. The pace of growth was the most pronounced in 2013 with an increase of X%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

Imports by Country

The Philippines (X tons) and Singapore (X tons) represented the key importers of milk in 2022, finishing at near X% and X% of total imports, respectively. It was distantly followed by Vietnam (X tons) and Malaysia (X tons), together achieving a X% share of total imports. Cambodia (X tons) held a minor share of total imports.

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

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

In terms of the main importing countries, Cambodia, with a CAGR of X%, saw the highest growth rate of 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 2022, the import price in ASEAN amounted to $X per ton, dropping by X% against the previous year. Overall, the import price continues to indicate a mild decline. The pace of growth appeared the most rapid in 2013 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices failed to regain momentum.

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 Singapore ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform