Asia: Cheese Market 2024

Cheese Market Size in Asia

The Asian cheese market reached $X in 2021, growing by 5.1% against the previous year. The market value increased at an average annual rate of +1.8% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the market value increased by 8.5% against the previous year. The level of consumption peaked in 2021 and is likely to see steady growth in the immediate term.

Cheese Production in Asia

In value terms, cheese production reached $X in 2021 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 8.2%. The level of production peaked at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Cheese Exports

Exports in Asia

In 2021, shipments abroad of cheese decreased by -10.6% to X tons, falling for the third year in a row after two years of growth. The total export volume increased at an average annual rate of +2.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 44% against the previous year. The volume of export peaked at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, cheese exports reduced to $X in 2021. The total export value increased at an average annual rate of +5.6% 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 2013 when exports increased by 42%. The level of export peaked at $X in 2020, and then shrank in the following year.

Exports by Country

Saudi Arabia (X tons), Turkey (X tons) and Cyprus (X tons) represented roughly 65% of total exports in 2021. It was distantly followed by Bahrain (X tons), achieving an 8.9% share of total exports. The following exporters - the United Arab Emirates (X tons), India (X tons), Kazakhstan (X tons), Singapore (X tons), Kyrgyzstan (X tons) and Armenia (X tons) - together made up 15% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Kazakhstan (with a CAGR of +21.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest cheese supplying countries in Asia were Cyprus ($X), Saudi Arabia ($X) and Turkey ($X), together comprising 65% of total exports. Bahrain, India, the United Arab Emirates, Singapore, Armenia, Kazakhstan and Kyrgyzstan lagged somewhat behind, together accounting for a further 24%.

Armenia, with a CAGR of +23.2%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, surging by 5.5% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.0%. The growth pace was the most rapid in 2016 an increase of 16% against the previous year. The level of export peaked in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Armenia (+7.4%), while the other leaders experienced more modest paces of growth.

Cheese Imports

Imports in Asia

In 2021, approx. X tons of cheese were imported in Asia; growing by 3.6% on 2020. The total import volume increased at an average annual rate of +3.7% 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 2015 when imports increased by 9.5% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in the near future.

In value terms, cheese imports expanded modestly to $X in 2021. The total import value increased at an average annual rate of +3.4% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when imports increased by 15% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, Japan (X tons), followed by Saudi Arabia (X tons), China (X tons) and South Korea (X tons) were the major importers of cheese, together creating 58% of total imports. The following importers - the United Arab Emirates (X tons), Iraq (X tons), Taiwan (Chinese) (X tons), Malaysia (X tons), the Philippines (X tons), Yemen (X tons), Kazakhstan (X tons), Indonesia (X tons) and Kuwait (X tons) - together made up 24% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by China (with a CAGR of +18.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cheese importing markets in Asia were Japan ($X), China ($X) and Saudi Arabia ($X), together accounting for 46% of total imports.

Among the main importing countries, China, with a CAGR of +17.8%, 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 Asia amounted to $X per ton, approximately reflecting the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 6.8%. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Malaysia ($X per ton), while Yemen ($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 United Arab Emirates (+4.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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