Asia-Pacific: Cream Fresh Market 2024

Cream Fresh Market Size in Asia-Pacific

The Asia-Pacific cream fresh market totaled $X in 2022, surging by 2.8% against the previous year. In general, consumption, however, showed strong growth. Over the period under review, the market reached the peak level in 2022 and is likely to see steady growth in the near future.

Cream Fresh Production in Asia-Pacific

In value terms, cream fresh production rose modestly to $X in 2022 estimated in export price. Overall, production saw resilient growth. The most prominent rate of growth was recorded in 2017 with an increase of 66%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

The country with the largest volume of cream fresh production was New Zealand (X tons), accounting for 75% of total volume. Moreover, cream fresh production in New Zealand exceeded the figures recorded by the second-largest producer, Australia (X tons), fourfold. Indonesia (X tons) ranked third in terms of total production with a 2.9% share.

In New Zealand, cream fresh production expanded at an average annual rate of +22.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Australia (+1.0% per year) and Indonesia (-0.0% per year).

Cream Fresh Exports

Exports in Asia-Pacific

For the fourth year in a row, Asia-Pacific recorded growth in overseas shipments of cream fresh, which increased by 41% to X tons in 2022. Over the period under review, exports continue to indicate strong growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, cream fresh exports surged to $X in 2022. In general, exports saw a significant increase. The growth pace was the most rapid in 2017 when exports increased by 73%. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

New Zealand dominates exports structure, resulting at X tons, which was approx. 88% of total exports in 2022. It was distantly followed by Australia (X tons), achieving a 6.6% share of total exports. Thailand (X tons) followed a long way behind the leaders.

Exports from New Zealand increased at an average annual rate of +22.7% from 2012 to 2022. At the same time, Thailand (+32.9%) and Australia (+3.7%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +32.9% from 2012-2022. From 2012 to 2022, the share of New Zealand and Thailand increased by +22 and +2.3 percentage points, respectively.

In value terms, New Zealand ($X) remains the largest cream fresh supplier in Asia-Pacific, comprising 93% of total exports. The second position in the ranking was taken by Australia ($X), with a 4.4% share of total exports.

In New Zealand, cream fresh exports expanded at an average annual rate of +28.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Australia (+4.8% per year) and Thailand (+27.2% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, increasing by 7.7% against the previous year. Export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cream fresh export price increased by +26.0% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the export price increased by 29% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+4.9%), while the other leaders experienced mixed trends in the export price figures.

Cream Fresh Imports

Imports in Asia-Pacific

In 2022, after eight years of growth, there was decline in overseas purchases of cream fresh, when their volume decreased by -4.6% to X tons. Over the period under review, imports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of 59%. The volume of import peaked at X tons in 2021, and then fell in the following year.

In value terms, cream fresh imports reached $X in 2022. Overall, imports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 61% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Imports by Country

China was the main importer of cream fresh in Asia-Pacific, with the volume of imports recording X tons, which was approx. 65% of total imports in 2022. It was distantly followed by South Korea (X tons), comprising an 11% share of total imports. Malaysia (X tons), Taiwan (Chinese) (X tons), Singapore (X tons), the Philippines (X tons) and Hong Kong SAR (X tons) took a relatively small share of total imports.

China was also the fastest-growing in terms of the cream fresh imports, with a CAGR of +33.7% from 2012 to 2022. At the same time, South Korea (+13.5%), Hong Kong SAR (+12.8%), Malaysia (+3.3%), the Philippines (+1.8%) and Singapore (+1.7%) displayed positive paces of growth. By contrast, Taiwan (Chinese) (-1.9%) illustrated a downward trend over the same period. China (+50 p.p.) significantly strengthened its position in terms of the total imports, while South Korea, the Philippines, Singapore, Malaysia and Taiwan (Chinese) saw its share reduced by -1.7%, -4.6%, -6.5%, -8.4% and -15.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported cream fresh in Asia-Pacific, comprising 69% of total imports. The second position in the ranking was taken by South Korea ($X), with an 11% share of total imports. It was followed by Malaysia, with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +36.9%. In the other countries, the average annual rates were as follows: South Korea (+16.6% per year) and Malaysia (+6.9% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, increasing by 12% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.0%. The most prominent rate of growth was recorded in 2017 when the import price increased by 41%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in China ($X per ton) and South Korea ($X per ton), while Hong Kong SAR ($X per ton) and the Philippines ($X per ton) were 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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