Asia: Cream Fresh Market 2024

Cream Fresh Market Size in Asia

For the third year in a row, the Asian cream fresh market recorded growth in sales value, which increased by 0.9% to $X in 2022. In general, consumption, however, continues to indicate a strong expansion. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in years to come.

Cream Fresh Production in Asia

In value terms, cream fresh production expanded modestly to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by 12%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

The countries with the highest volumes of production in 2022 were Saudi Arabia (X tons), Kuwait (X tons) and Iran (X tons), with a combined 74% share of total production. Kazakhstan, Indonesia, Turkey and Thailand lagged somewhat behind, together comprising a further 20%.

From 2012 to 2022, the biggest increases were recorded for Kazakhstan (with a CAGR of +6.2%), while production for the other leaders experienced more modest paces of growth.

Cream Fresh Exports

Exports in Asia

In 2022, shipments abroad of cream fresh increased by 4.3% to X tons, rising for the second consecutive year after four years of decline. Over the period under review, exports posted a resilient expansion. The growth pace was the most rapid in 2013 when exports increased by 140%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, cream fresh exports surged to $X in 2022. Overall, exports saw moderate growth. The growth pace was the most rapid in 2013 when exports increased by 75%. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Kuwait (X tons) and Saudi Arabia (X tons) represented the main exporters of cream fresh in Asia, together finishing at near 57% of total exports. Iran (X tons) held a 13% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (11%), Turkey (4.7%) and the United Arab Emirates (4.6%). Malaysia (X tons) held a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +39.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest cream fresh supplying countries in Asia were Iran ($X), Kuwait ($X) and Saudi Arabia ($X), with a combined 60% share of total exports.

Kuwait, with a CAGR of +28.8%, saw the highest growth rate of the value of exports, in terms of 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 2022, jumping by 28% against the previous year. In general, the export price, however, saw a noticeable reduction. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+7.1%), while the other leaders experienced mixed trends in the export price figures.

Cream Fresh Imports

Imports in Asia

In 2022, after two years of growth, there was significant decline in overseas purchases of cream fresh, when their volume decreased by -8.4% to X tons. Over the period under review, imports, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 39%. Over the period under review, imports hit record highs at X tons in 2021, and then reduced in the following year.

In value terms, cream fresh imports expanded sharply to $X in 2022. Overall, imports, however, recorded buoyant growth. The pace of growth was the most pronounced in 2021 with an increase of 35%. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

China dominates imports structure, finishing at X tons, which was near 55% of total imports in 2022. It was distantly followed by South Korea (X tons) and Bahrain (X tons), together committing a 14% share of total imports. The following importers - Malaysia (X tons), Taiwan (Chinese) (X tons), the United Arab Emirates (X tons), Singapore (X tons), Armenia (X tons), the Philippines (X tons) and Yemen (X tons) - together made up 17% of total imports.

From 2012 to 2022, average annual rates of growth with regard to cream fresh imports into China stood at +33.7%. At the same time, Armenia (+72.4%), Yemen (+29.4%), South Korea (+13.5%), Bahrain (+13.5%), the United Arab Emirates (+3.8%), Malaysia (+3.3%), the Philippines (+1.8%) and Singapore (+1.7%) displayed positive paces of growth. Moreover, Armenia emerged as the fastest-growing importer imported in Asia, with a CAGR of +72.4% from 2012-2022. By contrast, Taiwan (Chinese) (-1.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and Armenia increased by +44 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported cream fresh in Asia, comprising 62% of total imports. The second position in the ranking was held by South Korea ($X), with a 10% share of total imports. It was followed by Malaysia, with a 3.4% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +36.9%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+16.6% per year) and Malaysia (+6.9% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, with an increase of 16% against the previous year. Import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cream fresh import price increased by +26.1% against 2020 indices. The pace of growth appeared the most rapid in 2017 an increase of 35% against the previous year. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

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 China ($X per ton), while Bahrain ($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

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