Chile: Whey Market 2024

Whey Market Size in Chile

The Chilean whey market surged to $X in 2022, jumping by 19% against the previous year. In general, consumption recorded tangible growth. Whey consumption peaked in 2022 and is likely to see gradual growth in the near future.

Whey Production in Chile

In value terms, whey production shrank to $X in 2022 estimated in export price. In general, production, however, recorded a noticeable curtailment. The growth pace was the most rapid in 2019 when the production volume increased by 11% against the previous year. Whey production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Whey Exports

Exports from Chile

In 2022, after two years of decline, there was significant growth in shipments abroad of whey, when their volume increased by 7.4% to X tons. Over the period under review, total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when exports increased by 56% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, whey exports skyrocketed to $X in 2022. Overall, exports enjoyed a resilient expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Peru (X tons) was the main destination for whey exports from Chile, with a 37% share of total exports. Moreover, whey exports to Peru exceeded the volume sent to the second major destination, China (X tons), twofold. Singapore (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Peru totaled +11.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+22.8% per year) and Singapore (+28.0% per year).

In value terms, Peru ($X), Singapore ($X) and China ($X) were the largest markets for whey exported from Chile worldwide, with a combined 72% share of total exports.

In terms of the main countries of destination, Singapore, with a CAGR of +40.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average whey export price amounted to $X per ton, growing by 47% against the previous year. Overall, the export price showed a relatively flat trend pattern. 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 for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to El Salvador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Whey Imports

Imports into Chile

In 2022, after two years of decline, there was significant growth in purchases abroad of whey, when their volume increased by 18% to X tons. Over the period under review, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 63%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, whey imports surged to $X in 2022. In general, imports recorded strong growth. The pace of growth appeared the most rapid in 2019 when imports increased by 120% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Argentina (X tons), the United States (X tons) and the Netherlands (X tons) were the main suppliers of whey imports to Chile, together comprising 94% of total imports. Ireland lagged somewhat behind, accounting for a further 4.7%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ireland (with a CAGR of +712.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X) constituted the largest supplier of whey to Chile, comprising 59% of total imports. The second position in the ranking was held by the United States ($X), with a 17% share of total imports. It was followed by Ireland, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Argentina amounted to +16.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.1% per year) and Ireland (+457.4% per year).

Import Prices by Country

The average whey import price stood at $X per ton in 2022, increasing by 6.2% against the previous year. Over the period under review, import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, whey import price increased by +137.2% against 2016 indices. The pace of growth appeared the most rapid in 2019 an increase of 55%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Ireland ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+6.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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