Asia-Pacific: Whole Fresh Milk Market 2024

Whole Fresh Milk Market Size in Asia-Pacific

The Asia-Pacific whole fresh milk market was estimated at $X in 2022, flattening at the previous year. The market value increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Whole Fresh Milk Production in Asia-Pacific

In value terms, whole fresh milk production rose slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the production volume increased by 21%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

The country with the largest volume of whole fresh milk production was India (X tons), comprising approx. 58% of total volume. Moreover, whole fresh milk production in India exceeded the figures recorded by the second-largest producer, Pakistan (X tons), fourfold. China (X tons) ranked third in terms of total production with an 11% share.

In India, whole fresh milk production expanded at an average annual rate of +4.7% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Pakistan (+4.5% per year) and China (+1.0% per year).

Whole Fresh Milk Exports

Exports in Asia-Pacific

For the eleventh consecutive year, Asia-Pacific recorded growth in shipments abroad of whole fresh milk, which increased by 14% to X tons in 2022. In general, exports saw a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 21%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, whole fresh milk exports skyrocketed to $X in 2022. Overall, exports recorded a buoyant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 21% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to continue growth in years to come.

Exports by Country

New Zealand (X tons) and Australia (X tons) dominates exports structure, together achieving 81% of total exports. It was distantly followed by Thailand (X tons), creating a 9.7% share of total exports. China (X tons) and India (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 main exporting countries, was attained by Thailand (with a CAGR of +21.0%), while the other leaders experienced more modest paces of growth.

In value terms, New Zealand ($X) remains the largest whole fresh milk supplier in Asia-Pacific, comprising 52% of total exports. The second position in the ranking was taken by Australia ($X), with a 24% share of total exports. It was followed by Thailand, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in New Zealand totaled +17.1%. In the other countries, the average annual rates were as follows: Australia (+9.2% per year) and Thailand (+18.2% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, surging by 2.8% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 7.5%. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+2.2%), while the other leaders experienced more modest paces of growth.

Whole Fresh Milk Imports

Imports in Asia-Pacific

In 2022, after four years of growth, there was significant decline in purchases abroad of whole fresh milk, when their volume decreased by -13.2% to X tons. Overall, imports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2016 when imports increased by 47%. The volume of import peaked at X tons in 2021, and then contracted in the following year.

In value terms, whole fresh milk imports contracted to $X in 2022. In general, imports, however, continue to indicate a resilient expansion. The growth pace was the most rapid in 2014 with an increase of 33% against the previous year. The level of import peaked at $X in 2021, and then reduced in the following year.

Imports by Country

China represented the major importing country with an import of about X tons, which accounted for 53% of total imports. The Philippines (X tons) held the second position in the ranking, followed by Singapore (X tons), Hong Kong SAR (X tons) and Taiwan (Chinese) (X tons). All these countries together held near 32% share of total imports. The following importers - Vietnam (X tons) and South Korea (X tons) - each reached a 5.9% share of total imports.

Imports into China increased at an average annual rate of +24.7% from 2012 to 2022. At the same time, South Korea (+42.7%), Vietnam (+21.0%), Taiwan (Chinese) (+20.5%), the Philippines (+16.7%), Singapore (+3.6%) and Hong Kong SAR (+3.3%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +42.7% from 2012-2022. China (+33 p.p.), the Philippines (+2.8 p.p.), Taiwan (Chinese) (+2.8 p.p.), South Korea (+2.4 p.p.) and Vietnam (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Hong Kong SAR and Singapore saw its share reduced by -11.3% and -11.5% from 2012 to 2022, respectively.

In value terms, China ($X) constitutes the largest market for imported whole fresh milk in Asia-Pacific, comprising 53% of total imports. The second position in the ranking was held by Singapore ($X), with a 9.3% share of total imports. It was followed by Hong Kong SAR, with a 9.1% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +24.4%. In the other countries, the average annual rates were as follows: Singapore (+4.2% per year) and Hong Kong SAR (+4.1% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, surging by 3.6% against the previous year. Overall, the import price, however, showed a slight curtailment. The pace of growth was the most pronounced in 2017 when the import price increased by 26%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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 Hong Kong SAR ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+0.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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