Asia-Pacific: Turkey Meat Market 2024

Turkey Meat Market Size in Asia-Pacific

After two years of decline, the Asia-Pacific turkey meat market increased by 4.3% to $X in 2022. In general, consumption continues to indicate a pronounced decrease. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Turkey Meat Production in Asia-Pacific

In value terms, turkey meat production reduced to $X in 2022 estimated in export price. The total production indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +6.3% against 2018 indices. The most prominent rate of growth was recorded in 2015 with an increase of 77%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Australia (X tons) remains the largest turkey meat producing country in Asia-Pacific, accounting for 73% of total volume. Moreover, turkey meat production in Australia exceeded the figures recorded by the second-largest producer, Taiwan (Chinese) (X tons), sevenfold. The third position in this ranking was held by the Philippines (X tons), with a 6.7% share.

In Australia, turkey meat production decreased by an average annual rate of -1.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (-2.5% per year) and the Philippines (+0.1% per year).

The average turkey meat yield totaled X kg per head in 2022, approximately reflecting the previous year's figure. In general, the yield, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 49% against the previous year. As a result, the yield attained the peak level of X kg per head. From 2016 to 2022, the growth of the turkey meat yield remained at a somewhat lower figure.

In 2022, the number of animals slaughtered for turkey meat production in Asia-Pacific stood at X heads, therefore, remained relatively stable against 2021. Overall, the number of producing animals, however, recorded a mild slump. Over the period under review, this number attained the peak level at X heads in 2012; however, from 2013 to 2022, producing animals failed to regain momentum.

Turkey Meat Exports

Exports in Asia-Pacific

In 2022, the amount of turkey meat exported in Asia-Pacific contracted to X tons, with a decrease of -7.9% on the previous year. Overall, exports showed a deep reduction. The most prominent rate of growth was recorded in 2015 when exports increased by 89% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, turkey meat exports dropped slightly to $X in 2022. Over the period under review, exports faced a abrupt downturn. The most prominent rate of growth was recorded in 2015 with an increase of 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, China (X tons), distantly followed by Hong Kong SAR (X tons), Vietnam (X tons), Australia (X tons), India (X tons) and New Zealand (X tons) represented the key exporters of turkey meat, together creating 95% of total exports. Pakistan (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +31.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Hong Kong SAR ($X) and New Zealand ($X) constituted the countries with the highest levels of exports in 2022, with a combined 55% share of total exports. Australia, Vietnam, India and Pakistan lagged somewhat behind, together comprising a further 38%.

Vietnam, with a CAGR of +31.3%, recorded the highest rates of growth with regard to 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-Pacific stood at $X per ton in 2022, with an increase of 5.3% against the previous year. Export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, turkey meat export price decreased by -20.0% against 2020 indices. The growth pace was the most rapid in 2020 when the export price increased by 55% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the export prices remained at a somewhat lower figure.

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 ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+6.4%), while the other leaders experienced more modest paces of growth.

Turkey Meat Imports

Imports in Asia-Pacific

In 2022, purchases abroad of turkey meat decreased by -4.4% to X tons, falling for the third consecutive year after two years of growth. Overall, imports showed a deep downturn. The pace of growth was the most pronounced in 2016 with an increase of 76% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, turkey meat imports expanded rapidly to $X in 2022. Over the period under review, imports showed a noticeable contraction. The most prominent rate of growth was recorded in 2016 when imports increased by 65% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

China was the main importer of turkey meat in Asia-Pacific, with the volume of imports accounting for X tons, which was approx. 51% of total imports in 2022. Vietnam (X tons) ranks second in terms of the total imports with a 10% share, followed by Samoa (8.3%), Malaysia (6.4%) and Taiwan (Chinese) (4.5%). Hong Kong SAR (X tons) and South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to turkey meat imports into China stood at -9.0%. At the same time, Samoa (+19.1%), Malaysia (+18.7%) and Vietnam (+8.5%) displayed positive paces of growth. Moreover, Samoa emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +19.1% from 2012-2022. By contrast, South Korea (-3.2%), Taiwan (Chinese) (-14.2%) and Hong Kong SAR (-22.4%) illustrated a downward trend over the same period. Vietnam (+8.3 p.p.), Samoa (+7.7 p.p.) and Malaysia (+5.9 p.p.) significantly strengthened its position in terms of the total imports, while China, Taiwan (Chinese) and Hong Kong SAR saw its share reduced by -3.2%, -4.1% and -15.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported turkey meat in Asia-Pacific, comprising 59% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 6.5% share of total imports. It was followed by Samoa, with a 4.8% share.

In China, turkey meat imports shrank by an average annual rate of -3.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+7.3% per year) and Samoa (+21.0% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, with an increase of 19% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.2%. As a result, import price attained the peak level and is likely to continue 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 South Korea ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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