Eastern Asia: Cheese Market 2024

Cheese Market Size in Eastern Asia

The East Asian cheese market expanded significantly to $X in 2021, increasing by 13% against the previous year. The market value increased at an average annual rate of +2.9% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the near future.

Cheese Production in Eastern Asia

In value terms, cheese production rose modestly to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a perceptible decrease. The pace of growth was the most pronounced in 2019 with an increase of 15% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Cheese Exports

Exports in Eastern Asia

In 2021, exports of cheese in Eastern Asia expanded significantly to X tons, surging by 11% compared with the previous year's figure. Over the period under review, exports recorded a remarkable increase. The pace of growth appeared the most rapid in 2013 when exports increased by 25% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, cheese exports skyrocketed to $X in 2021. Overall, exports continue to indicate a strong expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The shipments of the three major exporters of cheese, namely Japan, South Korea and Hong Kong SAR, represented more than two-thirds of total export. China (X tons) took the next position in the ranking, followed by Taiwan (Chinese) (X tons). All these countries together held approx. 22% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by South Korea (with a CAGR of +24.4%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), South Korea ($X) and Hong Kong SAR ($X) were the countries with the highest levels of exports in 2021, together accounting for 83% of total exports. Taiwan (Chinese) and China lagged somewhat behind, together accounting for a further 17%.

Among the main exporting countries, Taiwan (Chinese), with a CAGR of +27.1%, saw the highest growth rate of 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 2021, the export price in Eastern Asia amounted to $X per ton, picking up by 14% against the previous year. Over the last nine years, it increased at an average annual rate of +2.1%. The pace of growth was the most pronounced in 2014 an increase of 19% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.8%), while the other leaders experienced more modest paces of growth.

Cheese Imports

Imports in Eastern Asia

For the tenth year in a row, Eastern Asia recorded growth in supplies from abroad of cheese, which increased by 8.9% to X tons in 2021. Total imports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +71.7% against 2012 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 10% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the immediate term.

In value terms, cheese imports expanded notably to $X in 2021. The total import value increased at an average annual rate of +5.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when imports increased by 19% against the previous year. The level of import peaked in 2021 and is expected to retain growth in years to come.

Imports by Country

Japan was the main importing country with an import of around X tons, which resulted at 42% of total imports. China (X tons) took a 26% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (23%) and Taiwan (Chinese) (5.4%). Hong Kong SAR (X tons) held a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +18.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cheese importing markets in Eastern Asia were Japan ($X), China ($X) and South Korea ($X), with a combined 90% share of total imports.

Among the main importing countries, China, with a CAGR of +17.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, with an increase of 2.3% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 10%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Hong Kong SAR ($X per ton) and Taiwan (Chinese) ($X per ton), while South Korea ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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