Eastern Asia: Animal Feed Market 2024

Animal Feed Market Size in Eastern Asia

The East Asian animal feed market reduced slightly to $X in 2022, falling by -1.6% against the previous year. The total consumption indicated a tangible increase from 2012 to 2022: its value 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, consumption increased by +1.6% against 2020 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Animal Feed Production in Eastern Asia

In value terms, animal feed production fell modestly to $X in 2022 estimated in export price. The total production indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +4.4% 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 +1.6% against 2020 indices. The growth pace was the most rapid in 2016 when the production volume increased by 21%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Animal Feed Exports

Exports in Eastern Asia

In 2022, the amount of animal and pet feed exported in Eastern Asia totaled X tons, increasing by 6% on the year before. The total export volume increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 24% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, animal feed exports skyrocketed to $X in 2022. Total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +31.8% against 2018 indices. The most prominent rate of growth was recorded in 2021 with an increase of 24%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

China prevails in exports structure, amounting to X tons, which was near 89% of total exports in 2022. It was distantly followed by Taiwan (Chinese) (X tons), achieving a 4.8% share of total exports. The following exporters - South Korea (X tons) and Japan (X tons) - together made up 6.3% of total exports.

Exports from China increased at an average annual rate of +3.5% from 2012 to 2022. At the same time, Japan (+4.0%) and Taiwan (Chinese) (+1.5%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +4.0% from 2012-2022. South Korea experienced a relatively flat trend pattern. China (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest animal feed supplier in Eastern Asia, comprising 85% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 6.3% share of total exports. It was followed by South Korea, with a 4% share.

In China, animal feed exports expanded at an average annual rate of +5.9% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (+3.2% per year) and South Korea (+4.1% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, rising by 13% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2021 when the export price increased by 21% against the previous year. The level of export peaked in 2022 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 Japan ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.4%), while the other leaders experienced more modest paces of growth.

Animal Feed Imports

Imports in Eastern Asia

In 2022, approx. X tons of animal and pet feed were imported in Eastern Asia; remaining relatively unchanged against the previous year. Total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.4% 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 +85.5% against 2012 indices. The pace of growth appeared the most rapid in 2018 when imports increased by 16% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, animal feed imports reached $X in 2022. Total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +79.5% against 2013 indices. The growth pace was the most rapid in 2020 with an increase of 12% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

In 2022, South Korea (X tons) was the largest importer of animal and pet feed, generating 54% of total imports. China (X tons) held the second position in the ranking, followed by Japan (X tons) and Taiwan (Chinese) (X tons). All these countries together held near 43% share of total imports. Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to animal feed imports into South Korea stood at +9.5%. At the same time, China (+10.0%), Hong Kong SAR (+4.7%) and Taiwan (Chinese) (+3.6%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +10.0% from 2012-2022. Japan experienced a relatively flat trend pattern. South Korea (+14 p.p.) and China (+5.6 p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese) and Japan saw its share reduced by -2.4% and -16% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest animal feed importing markets in Eastern Asia were Japan ($X), China ($X) and South Korea ($X), together accounting for 85% of total imports.

South Korea, with a CAGR of +8.2%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, rising by 4.2% against the previous year. Over the period under review, the import price, however, showed a slight curtailment. The pace of growth appeared the most rapid in 2021 an increase of 7.9% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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