Asia: Whey Market 2024

Whey Market Size in Asia

The Asian whey market totaled $X in 2022, increasing by 5.8% against the previous year. The total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +84.4% against 2016 indices. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in the immediate term.

Whey Production in Asia

In value terms, whey production dropped remarkably to $X in 2022 estimated in export price. Overall, production, however, continues to indicate buoyant growth. The growth pace was the most rapid in 2021 when the production volume increased by 99%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Whey Exports

Exports in Asia

In 2022, overseas shipments of whey decreased by -37.5% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 53%. The volume of export peaked at X tons in 2021, and then dropped markedly in the following year.

In value terms, whey exports declined to $X in 2022. Over the period under review, exports, however, saw buoyant growth. The growth pace was the most rapid in 2016 when exports increased by 40%. The level of export peaked at $X in 2021, and then declined in the following year.

Exports by Country

Turkey dominates exports structure, finishing at X tons, which was near 66% of total exports in 2022. It was distantly followed by Singapore (X tons), Iran (X tons) and Thailand (X tons), together committing a 24% share of total exports. Israel (X tons) and Malaysia (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to whey exports from Turkey stood at +8.7%. At the same time, Iran (+24.3%), Israel (+14.8%), Singapore (+13.3%) and Malaysia (+10.6%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing exporter exported in Asia, with a CAGR of +24.3% from 2012-2022. By contrast, Thailand (-8.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey, Iran and Singapore increased by +18, +6 and +5.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest whey supplying countries in Asia were Turkey ($X), Singapore ($X) and Thailand ($X), with a combined 87% share of total exports. Malaysia, Iran and Israel lagged somewhat behind, together comprising a further 8.3%.

Iran, with a CAGR of +29.4%, recorded the highest rates of growth with regard to the value of exports, among 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

In 2022, the export price in Asia amounted to $X per ton, rising by 44% against the previous year. Export price indicated a mild expansion 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, whey export price increased by +68.1% against 2017 indices. As a result, the export 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 exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Iran ($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

After two years of growth, purchases abroad of whey decreased by -6.5% to X tons in 2022. Total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +4.1% 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 +20.2% against 2019 indices. The pace of growth was the most pronounced in 2017 when imports increased by 17%. Over the period under review, imports attained the maximum at X tons in 2021, and then declined in the following year.

In value terms, whey imports rose slightly to $X in 2022. Total imports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +2.6% 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 +46.3% against 2017 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 33% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

In 2022, China (X tons) represented the largest importer of whey, generating 45% of total imports. It was distantly followed by Indonesia (X tons), Vietnam (X tons), Malaysia (X tons), the Philippines (X tons) and Thailand (X tons), together achieving a 36% share of total imports. Japan (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 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, with a CAGR of +5.9% from 2012-2022. By contrast, South Korea (-1.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and Indonesia increased by +3.2 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported whey in Asia, comprising 45% of total imports. The second position in the ranking was held by Indonesia ($X), with a 14% share of total imports. It was followed by Japan, with a 6.3% share.

In China, whey imports increased at an average annual rate of +2.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Indonesia (+3.9% per year) and Japan (+2.2% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, surging by 12% against the previous year. In general, the import price, however, recorded a mild shrinkage. The most prominent rate of growth was recorded in 2017 when the import price increased by 13% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat 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 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

Frequently Asked Questions (FAQ) :