Asia-Pacific: Cheese Market 2024

Cheese Market Size in Asia-Pacific

In 2021, the Asia-Pacific cheese market increased by 8.5% to $X, rising for the fifth year in a row after two years of decline. The market value increased at an average annual rate of +3.6% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2021 and is likely to see gradual growth in years to come.

Cheese Production in Asia-Pacific

In value terms, cheese production surged to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Cheese Exports

Exports in Asia-Pacific

In 2021, exports of cheese in Asia-Pacific soared to X tons, picking up by 54% on the year before. Total exports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, cheese exports soared to $X in 2021. Total exports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

New Zealand was the key exporter of cheese in Asia-Pacific, with the volume of exports finishing at X tons, which was approx. 77% of total exports in 2021. It was distantly followed by Australia (X tons), generating a 21% share of total exports.

New Zealand was also the fastest-growing in terms of the cheese exports, with a CAGR of +7.1% from 2012 to 2021. Australia experienced a relatively flat trend pattern. While the share of New Zealand (+13 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Australia (-13.4 p.p.) displayed negative dynamics.

In value terms, New Zealand ($X) remains the largest cheese supplier in Asia-Pacific, comprising 75% of total exports. The second position in the ranking was taken by Australia ($X), with a 21% share of total exports.

In New Zealand, cheese exports increased at an average annual rate of +8.7% over the period from 2012-2021.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, with an increase of 4.7% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the export price increased by 16%. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Australia ($X per ton), while New Zealand stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+1.6%).

Cheese Imports

Imports in Asia-Pacific

In 2021, cheese imports in Asia-Pacific expanded remarkably to X tons, with an increase of 7.2% against 2020. Total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +65.1% against 2012 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 11%. Over the period under review, imports attained the peak figure in 2021 and are likely to see gradual growth in the near future.

In value terms, cheese imports expanded sharply to $X in 2021. The total import value increased at an average annual rate of +5.2% 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 2017 when imports increased by 21% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in the near future.

Imports by Country

In 2021, Japan (X tons), distantly followed by China (X tons), South Korea (X tons) and Australia (X tons) were the major importers of cheese, together generating 75% of total imports. Taiwan (Chinese) (X tons), Malaysia (X tons), the Philippines (X tons), Indonesia (X tons), Singapore (X tons), Thailand (X tons) and Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +18.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cheese importing markets in Asia-Pacific were Japan ($X), China ($X) and South Korea ($X), together accounting for 61% of total imports.

China, with a CAGR of +17.8%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries 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 Asia-Pacific stood at $X per ton in 2021, surging by 3% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 10% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Hong Kong SAR ($X per ton) and Australia ($X per ton), while South Korea ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+2.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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