Asia: Dairy Spread Market 2024

Dairy Spread Market Size in Asia

The Asian dairy spread market reduced sharply to $X in 2022, with a decrease of -17% against the previous year. The total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.6% 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 +20.5% against 2020 indices. As a result, consumption reached the peak level of $X, and then declined notably in the following year.

Dairy Spread Production in Asia

In value terms, dairy spread production shrank modestly to $X in 2022 estimated in export price. Overall, production continues to indicate a slight downturn. The pace of growth appeared the most rapid in 2019 when the production volume increased by 17%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Dairy Spread Exports

Exports in Asia

In 2022, the amount of dairy spreads exported in Asia shrank to X tons, reducing by -7.5% compared with the previous year's figure. In general, exports, however, continue to indicate prominent growth. The pace of growth was the most pronounced in 2017 when exports increased by 244%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, dairy spread exports contracted to $X in 2022. Overall, exports, however, continue to indicate resilient growth. The pace of growth appeared the most rapid in 2017 when exports increased by 256%. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia dominates exports structure, recording X tons, which was approx. 74% of total exports in 2022. Iran (X tons) took the second position in the ranking, followed by Turkey (X tons). All these countries together took approx. 12% share of total exports. The following exporters - Bangladesh (X tons), the Philippines (X tons) and the United Arab Emirates (X tons) - together made up 7.8% of total exports.

Exports from Saudi Arabia increased at an average annual rate of +22.4% from 2012 to 2022. At the same time, the Philippines (+51.8%), the United Arab Emirates (+32.8%), Iran (+21.2%), Bangladesh (+21.2%) and Turkey (+14.3%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in Asia, with a CAGR of +51.8% from 2012-2022. From 2012 to 2022, the share of Saudi Arabia, Iran, the Philippines, Bangladesh and the United Arab Emirates increased by +46, +4.1, +2.4, +2 and +1.5 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest dairy spread supplier in Asia, comprising 74% of total exports. The second position in the ranking was taken by Turkey ($X), with a 6.7% share of total exports. It was followed by Iran, with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Saudi Arabia totaled +17.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (+10.8% per year) and Iran (+27.4% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, with an increase of 1.9% against the previous year. In general, the export price, however, recorded a slight descent. The pace of growth was the most pronounced in 2020 when the export price increased by 13%. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 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 the Philippines ($X per ton), while Bangladesh ($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 United Arab Emirates (+11.3%), while the other leaders experienced more modest paces of growth.

Dairy Spread Imports

Imports in Asia

After three years of growth, supplies from abroad of dairy spreads decreased by -37.3% to X tons in 2022. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 67% against the previous year. As a result, imports reached the peak of X tons, and then fell significantly in the following year.

In value terms, dairy spread imports reduced markedly to $X in 2022. Over the period under review, imports, however, continue to indicate a notable increase. The growth pace was the most rapid in 2021 with an increase of 81% against the previous year. As a result, imports reached the peak of $X, and then declined rapidly in the following year.

Imports by Country

In 2022, South Korea (X tons) represented the main importer of dairy spreads, constituting 39% of total imports. Oman (X tons) took a 23% share (based on physical terms) of total imports, which put it in second place, followed by the United Arab Emirates (12%), Kuwait (5.4%) and Kazakhstan (4.6%). Qatar (X tons) and Azerbaijan (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Oman (with a CAGR of +53.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X) constitutes the largest market for imported dairy spreads in Asia, comprising 44% of total imports. The second position in the ranking was held by Oman ($X), with a 20% share of total imports. It was followed by the United Arab Emirates, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in South Korea stood at +12.4%. In the other countries, the average annual rates were as follows: Oman (+54.4% per year) and the United Arab Emirates (+30.5% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, picking up by 7.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The growth pace was the most rapid in 2014 an increase of 26%. The level of import peaked at $X per ton in 2018; afterwards, it flattened through to 2022.

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 Qatar ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Azerbaijan (+11.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :