Asia-Pacific: Whey Market 2024

Whey Market Size in Asia-Pacific

In 2022, the Asia-Pacific whey market increased by 0.7% to $X, rising for the third consecutive year after two years of decline. The market value increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is likely to continue growth in years to come.

Whey Production in Asia-Pacific

In value terms, whey production expanded modestly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a pronounced decline. The pace of growth was the most pronounced in 2017 when the production volume increased by 46%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Whey Exports

Exports in Asia-Pacific

In 2022, approx. X tons of whey were exported in Asia-Pacific; surging by 12% against 2021 figures. Overall, exports, however, saw a mild decline. The pace of growth was the most pronounced in 2016 when exports increased by 28%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, whey exports surged to $X in 2022. Over the period under review, exports, however, saw a slight contraction. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Australia (X tons) and New Zealand (X tons) represented the key exporters of whey in Asia-Pacific, together comprising 78% of total exports. Singapore (X tons) took a 10% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (6.9%). Malaysia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Singapore (with a CAGR of +13.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest whey supplying countries in Asia-Pacific were New Zealand ($X), Australia ($X) and Singapore ($X), with a combined 94% share of total exports.

Singapore, with a CAGR of +22.2%, 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 mixed trends in the exports figures.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, rising by 29% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The level of export peaked at $X per ton in 2012; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+7.9%), while the other leaders experienced more modest paces of growth.

Whey Imports

Imports in Asia-Pacific

After two years of growth, supplies from abroad of whey decreased by -6% to X tons in 2022. Total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +3.9% 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 +19.0% against 2019 indices. The growth pace was the most rapid in 2017 when imports increased by 18%. The volume of import peaked at X tons in 2021, and then reduced in the following year.

In value terms, whey imports totaled $X in 2022. Total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.5% 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 +43.5% against 2017 indices. The pace of growth was the most pronounced in 2017 with an increase of 32%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

China was the main importing country with an import of around X tons, which amounted to 47% of total imports. Indonesia (X tons) took the second position in the ranking, followed by Vietnam (X tons), Malaysia (X tons), the Philippines (X tons) and Thailand (X tons). All these countries together held near 37% share of total imports. The following importers - Japan (X tons) and South Korea (X tons) - together made up 7% of total imports.

From 2012 to 2022, average annual rates of growth with regard to whey imports into China stood at +4.8%. At the same time, Indonesia (+5.9%), Vietnam (+5.1%), the Philippines (+4.9%), Malaysia (+2.9%), Thailand (+1.8%) and Japan (+1.4%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +5.9% from 2012-2022. By contrast, South Korea (-1.6%) illustrated a downward trend over the same period. China (+4 p.p.) and Indonesia (+2.3 p.p.) significantly strengthened its position in terms of the total imports, while South Korea saw its share reduced by -2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported whey in Asia-Pacific, comprising 44% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 14% share of total imports. It was followed by Japan, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +2.5%. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (+3.9% per year) and Japan (+2.2% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, surging by 13% against the previous year. In general, the import price, however, saw a mild contraction. Over the period under review, import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+1.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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