Eastern Asia: Powdered Milk Market 2024

Powdered Milk Market Size in Eastern Asia

In 2022, after six years of growth, there was significant decline in the East Asian powdered milk market, when its value decreased by -5.7% to $X. The market value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Powdered Milk Production in Eastern Asia

In value terms, powdered milk production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a noticeable reduction. The pace of growth appeared the most rapid in 2020 with an increase of 28%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Japan (X tons) remains the largest powdered milk producing country in Eastern Asia, accounting for 81% of total volume. Moreover, powdered milk production in Japan exceeded the figures recorded by the second-largest producer, South Korea (X tons), fourfold.

From 2012 to 2022, the average annual growth rate of volume in Japan amounted to -1.4%.

Powdered Milk Exports

Exports in Eastern Asia

Powdered milk exports fell rapidly to X tons in 2022, shrinking by -18.4% compared with the previous year. Overall, exports, however, recorded a strong increase. The pace of growth was the most pronounced in 2017 when exports increased by 46%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, powdered milk exports declined to $X in 2022. Over the period under review, exports, however, enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 54%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Hong Kong SAR (X tons) was the key exporter of powdered milk, creating 52% of total exports. Japan (X tons) ranks second in terms of the total exports with a 31% share, followed by China (13%). Taiwan (Chinese) (X tons) held a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Japan (with a CAGR of +64.2%), while the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) remains the largest powdered milk supplier in Eastern Asia, comprising 83% of total exports. The second position in the ranking was held by Japan ($X), with a 9.5% share of total exports. It was followed by China, with a 4.3% share.

In Hong Kong SAR, powdered milk exports increased at an average annual rate of +13.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (+42.2% per year) and China (-7.4% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, surging by 12% against the previous year. Export price indicated moderate growth from 2012 to 2022: its price 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, powdered milk export price decreased by -31.7% against 2018 indices. The most prominent rate of growth was recorded in 2013 when the export price increased by 62% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while Japan ($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 (+3.3%), while the other leaders experienced more modest paces of growth.

Powdered Milk Imports

Imports in Eastern Asia

In 2022, approx. X tons of powdered milk were imported in Eastern Asia; shrinking by -17.2% compared with the previous year. Total imports indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +4.7% 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 +59.1% against 2016 indices. The pace of growth appeared the most rapid in 2013 when imports increased by 39% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then fell sharply in the following year.

In value terms, powdered milk imports declined slightly to $X in 2022. Total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 +71.7% against 2016 indices. The most prominent rate of growth was recorded in 2013 with an increase of 60% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China dominates imports structure, resulting at X tons, which was near 88% of total imports in 2022. It was distantly followed by Taiwan (Chinese) (X tons), achieving a 5% share of total imports. Hong Kong SAR (X tons), Japan (X tons) and South Korea (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the powdered milk imports, with a CAGR of +6.3% from 2012 to 2022. At the same time, Taiwan (Chinese) (+1.4%) displayed positive paces of growth. South Korea experienced a relatively flat trend pattern. By contrast, Japan (-3.2%) and Hong Kong SAR (-6.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by +12 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported powdered milk in Eastern Asia, comprising 83% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 9.4% share of total imports. It was followed by Taiwan (Chinese), with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +8.9%. The remaining importing countries recorded the following average annual rates of imports growth: Hong Kong SAR (-6.4% per year) and Taiwan (Chinese) (+1.4% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, rising by 15% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 16%. 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 Hong Kong SAR ($X per ton), while Taiwan (Chinese) ($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 (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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