Eastern Asia: Cream Fresh Market 2024

Cream Fresh Market Size in Eastern Asia

For the ninth consecutive year, the East Asian cream fresh market recorded growth in sales value, which increased by 4.2% to $X in 2022. Over the period under review, consumption, however, recorded a significant expansion. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in years to come.

Cream Fresh Production in Eastern Asia

In value terms, cream fresh production expanded sharply to $X in 2022 estimated in export price. Overall, production continues to indicate significant growth. The pace of growth appeared the most rapid in 2013 when the production volume increased by 154,041,300% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Japan (X tons) constituted the country with the largest volume of cream fresh production, comprising approx. 100% of total volume.

In Japan, cream fresh production remained relatively stable over the period from 2012-2022.

Cream Fresh Exports

Exports in Eastern Asia

In 2022, cream fresh exports in Eastern Asia contracted to X tons, falling by -14.3% on the year before. In general, exports, however, continue to indicate a moderate increase. The most prominent rate of growth was recorded in 2013 when exports increased by 147%. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, cream fresh exports shrank to $X in 2022. Over the period under review, exports, however, posted resilient growth. The pace of growth appeared the most rapid in 2013 when exports increased by 151% against the previous year. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Hong Kong SAR (X tons), China (X tons) and South Korea (X tons) was the largest exporter of cream fresh in Eastern Asia, mixing up 98% of total export. Japan (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +26.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) remains the largest cream fresh supplier in Eastern Asia, comprising 58% of total exports. The second position in the ranking was taken by South Korea ($X), with an 18% share of total exports. It was followed by China, with a 16% share.

In Hong Kong SAR, cream fresh exports expanded at an average annual rate of +14.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (-8.0% per year) and China (+14.1% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, picking up by 3.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2014 when the export price increased by 14% against the previous year. The level of export peaked in 2022 and is likely to see gradual 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 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.9%), while the other leaders experienced a decline in the export price figures.

Cream Fresh Imports

Imports in Eastern Asia

In 2022, after three years of growth, there was decline in overseas purchases of cream fresh, when their volume decreased by -2.2% to X tons. Overall, imports, however, posted a significant increase. The most prominent rate of growth was recorded in 2016 when imports increased by 83%. The volume of import peaked at X tons in 2021, and then dropped in the following year.

In value terms, cream fresh imports stood at $X in 2022. Over the period under review, imports, however, saw significant growth. The pace of growth appeared the most rapid in 2017 when imports increased by 71% 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, China (X tons) represented the key importer of cream fresh, making up 79% of total imports. South Korea (X tons) held the second position in the ranking, distantly followed by Taiwan (Chinese) (X tons). All these countries together held near 18% share of total imports. Hong Kong SAR (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the cream fresh imports, with a CAGR of +33.7% from 2012 to 2022. At the same time, South Korea (+13.5%) and Hong Kong SAR (+12.8%) displayed positive paces of growth. By contrast, Taiwan (Chinese) (-1.9%) illustrated a downward trend over the same period. China (+50 p.p.) significantly strengthened its position in terms of the total imports, while Hong Kong SAR, South Korea and Taiwan (Chinese) saw its share reduced by -2.1%, -12.6% and -33.8% from 2012 to 2022, respectively.

In value terms, China ($X) constitutes the largest market for imported cream fresh in Eastern Asia, comprising 81% of total imports. The second position in the ranking was taken by South Korea ($X), with a 13% share of total imports. It was followed by Taiwan (Chinese), with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +36.9%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+16.6% per year) and Taiwan (Chinese) (+1.1% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, surging by 8.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.3%. The most prominent rate of growth was recorded in 2017 when the import price increased by 46%. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in China ($X per ton) and South Korea ($X per ton), while Hong Kong SAR ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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