Eastern Asia: Baby Food Market 2024

Baby Food Market Size in Eastern Asia

After four years of growth, the East Asian baby food market decreased by -7.2% to $X in 2021. The total consumption indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2020, and then dropped in the following year.

Baby Food Production in Eastern Asia

In value terms, baby food production dropped modestly to $X in 2021 estimated in export price. The total production indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +80.5% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 51% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then declined modestly in the following year.

Baby Food Exports

Exports in Eastern Asia

After two years of decline, overseas shipments of food preparations for infants increased by 2.4% to X tons in 2021. In general, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2018 when exports increased by 75% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, baby food exports rose rapidly to $X in 2021. Over the period under review, exports posted a significant expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 104%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

South Korea (X tons), China (X tons) and Japan (X tons) represented roughly 84% of total exports in 2021. It was distantly followed by Hong Kong SAR (X tons), creating a 14% share of total exports. Taiwan (Chinese) (X tons) took a relatively small share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Hong Kong SAR (with a CAGR of +46.5%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest baby food supplier in Eastern Asia, comprising 45% of total exports. The second position in the ranking was taken by Japan ($X), with a 21% share of total exports. It was followed by South Korea, with a 19% share.

In China, baby food exports increased at an average annual rate of +60.7% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (+28.0% per year) and South Korea (+5.0% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, increasing by 11% against the previous year. Over the period under review, the export price showed a resilient increase. The growth pace was the most rapid in 2015 when the export price increased by 32%. Over the period under review, the export prices hit record highs in 2021 and is likely to see gradual growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was China ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+12.9%), while the other leaders experienced more modest paces of growth.

Baby Food Imports

Imports in Eastern Asia

In 2021, overseas purchases of food preparations for infants decreased by -18.5% to X tons, falling for the second consecutive year after eight years of growth. Over the period under review, imports, however, posted a strong expansion. The growth pace was the most rapid in 2015 with an increase of 45%. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, baby food imports contracted to $X in 2021. Overall, imports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2015 when imports increased by 50% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

China prevails in imports structure, resulting at X tons, which was approx. 89% of total imports in 2021. It was distantly followed by Taiwan (Chinese) (X tons), generating a 6.7% share of total imports. The following importers - Hong Kong SAR (X tons) and South Korea (X tons) - each recorded a 3.8% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to baby food imports into China stood at +12.9%. At the same time, Hong Kong SAR (+16.2%), Taiwan (Chinese) (+3.9%) and South Korea (+1.6%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +16.2% from 2012-2021. China (+9.1 p.p.) significantly strengthened its position in terms of the total imports, while South Korea and Taiwan (Chinese) saw its share reduced by -2.4% and -6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported food preparations for infants in Eastern Asia, comprising 91% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 3.3% share of total imports. It was followed by South Korea, with a 2.2% share.

In China, baby food imports expanded at an average annual rate of +17.5% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+4.2% per year) and South Korea (+9.5% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, growing by 7.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.0%. The growth pace was the most rapid in 2014 when the import price increased by 15%. Over the period under review, import prices reached the peak figure in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+7.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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