Eastern Asia: Milk Market 2024

Milk Market Size in Eastern Asia

The East Asian milk market totaled $X in 2022, remaining stable against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Milk Production in Eastern Asia

In value terms, milk production expanded slightly to $X in 2022 estimated in export price. Overall, production showed a mild shrinkage. The pace of growth appeared the most rapid in 2014 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

China (X tons) constituted the country with the largest volume of milk production, comprising approx. X% of total volume. Moreover, milk production in China exceeded the figures recorded by the second-largest producer, Japan (X tons), fivefold.

From 2012 to 2022, the average annual growth rate of volume in China was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: Japan (X% per year) and South Korea (X% per year).

Milk Exports

Exports in Eastern Asia

For the fourth consecutive year, Eastern Asia recorded decline in shipments abroad of milk, which decreased by X% to X tons in 2022. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of X%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, milk exports fell to $X in 2022. Total exports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2014 when exports increased by X%. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China represented the largest exporting country with an export of around X tons, which amounted to X% of total exports. Japan (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Hong Kong SAR (X%) and South Korea (X%).

From 2012 to 2022, average annual rates of growth with regard to milk exports from China stood at X%. At the same time, Japan (X%), South Korea (X%) and Hong Kong SAR (X%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of X% from 2012-2022. While the share of Japan (X p.p.) and South Korea (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of China (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Japan ($X) and Hong Kong SAR ($X) were the countries with the highest levels of exports in 2022, together comprising X% of total exports. South Korea lagged somewhat behind, comprising a further X%.

South Korea, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, shrinking by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2017 an increase of X%. Over the period under review, the export prices attained the peak figure at $X per ton in 2021, and then dropped in the following year.

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 Hong Kong SAR ($X per ton), while China ($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 (X%), while the other leaders experienced more modest paces of growth.

Milk Imports

Imports in Eastern Asia

In 2022, after four years of growth, there was significant decline in overseas purchases of milk, when their volume decreased by X% to X tons. Over the period under review, imports, however, saw a buoyant increase. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then reduced notably in the following year.

In value terms, milk imports fell dramatically to $X in 2022. In general, imports, however, showed resilient growth. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. The level of import peaked at $X in 2021, and then dropped dramatically in the following year.

Imports by Country

China represented the major importing country with an import of around X tons, which finished at X% of total imports. It was distantly followed by Hong Kong SAR (X tons), achieving a X% share of total imports. South Korea (X tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to milk imports into China stood at X%. At the same time, South Korea (X%) and Hong Kong SAR (X%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of X% from 2012-2022. While the share of China (X p.p.) and South Korea (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Hong Kong SAR (X p.p.) displayed negative dynamics.

In value terms, China ($X) constitutes the largest market for imported milk in Eastern Asia, comprising X% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a X% share of total imports.

In China, milk imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Hong Kong SAR (X% per year) and South Korea (X% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, rising by X% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of X%. Over the period under review, import prices reached the peak figure at $X per ton in 2014; however, from 2015 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 Hong Kong SAR ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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