Asia-Pacific: Powdered Milk Market 2024

Powdered Milk Market Size in Asia-Pacific

After five years of growth, the Asia-Pacific powdered milk market decreased by less than 0.1% to $X in 2022. The market value increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Powdered Milk Production in Asia-Pacific

In value terms, powdered milk production expanded slightly to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 14%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

New Zealand (X tons) remains the largest powdered milk producing country in Asia-Pacific, comprising approx. 76% of total volume. Moreover, powdered milk production in New Zealand exceeded the figures recorded by the second-largest producer, India (X tons), eightfold. Australia (X tons) ranked third in terms of total production with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in New Zealand amounted to +4.9%. In the other countries, the average annual rates were as follows: India (+6.2% per year) and Australia (-5.2% per year).

Powdered Milk Exports

Exports in Asia-Pacific

Powdered milk exports soared to X tons in 2022, rising by 34% on 2021. The total export volume increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern 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.

In value terms, powdered milk exports soared to $X in 2022. Total exports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +122.4% against 2016 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

New Zealand prevails in exports structure, reaching X tons, which was near 87% of total exports in 2022. It was distantly followed by Australia (X tons), committing a 6.7% share of total exports.

New Zealand was also the fastest-growing in terms of the powdered milk exports, with a CAGR of +5.1% from 2012 to 2022. Australia (-2.8%) illustrated a downward trend over the same period. While the share of New Zealand (+9.4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Australia (-6.4 p.p.) displayed negative dynamics.

In value terms, New Zealand ($X) remains the largest powdered milk supplier in Asia-Pacific, comprising 84% of total exports. The second position in the ranking was held by Australia ($X), with an 8.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in New Zealand totaled +6.6%.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, increasing by 6.5% against the previous year. Export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, powdered milk export price increased by +58.4% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the export price increased by 29%. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Australia (+3.9%).

Powdered Milk Imports

Imports in Asia-Pacific

Powdered milk imports dropped to X tons in 2022, shrinking by -7.5% on the previous year. The total import volume increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when imports increased by 12% against the previous year. The volume of import peaked at X tons in 2021, and then contracted in the following year.

In value terms, powdered milk imports stood at $X in 2022. Total imports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +73.0% against 2016 indices. The pace of growth appeared the most rapid in 2013 when imports increased by 32%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) was the key importer of powdered milk, mixing up 41% of total imports. Indonesia (X tons) took the second position in the ranking, followed by the Philippines (X tons), Malaysia (X tons), Bangladesh (X tons), Vietnam (X tons), Thailand (X tons) and Singapore (X tons). All these countries together held near 47% share of total imports.

Imports into China increased at an average annual rate of +6.3% from 2012 to 2022. At the same time, Bangladesh (+6.3%), Indonesia (+5.1%), the Philippines (+3.9%), Thailand (+3.3%) and Vietnam (+2.1%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +6.3% from 2012-2022. Malaysia experienced a relatively flat trend pattern. By contrast, Singapore (-1.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and Indonesia increased by +9.9 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported powdered milk in Asia-Pacific, comprising 43% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 12% share of total imports. It was followed by the Philippines, with a 7.2% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +8.9%. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (+7.1% per year) and the Philippines (+6.3% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, surging by 12% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 18%. Over the period under review, import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in China ($X per ton) and Thailand ($X per ton), while Vietnam ($X per ton) and Bangladesh ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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