Eastern Asia: Whey Market 2024

Whey Market Size in Eastern Asia

After two years of growth, the East Asian whey market decreased by -6.4% to $X in 2022. The total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +43.7% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2021, and then shrank in the following year.

Whey Production in Eastern Asia

In value terms, whey production declined to $X in 2022 estimated in export price. Overall, production, however, recorded a abrupt contraction. The pace of growth was the most pronounced in 2018 with an increase of 196%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Whey Exports

Exports in Eastern Asia

Whey exports skyrocketed to X tons in 2022, rising by 49% against the previous year's figure. Over the period under review, exports, however, saw a abrupt setback. The pace of growth appeared the most rapid in 2015 when exports increased by 319% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, whey exports surged to $X in 2022. Overall, exports, however, saw a abrupt slump. The pace of growth was the most pronounced in 2018 with an increase of 289%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Japan was the largest exporting country with an export of around X tons, which recorded 73% of total exports. It was distantly followed by China (X tons), constituting a 22% share of total exports. Taiwan (Chinese) (X tons) and Hong Kong SAR (X tons) followed a long way behind the leaders.

Japan was also the fastest-growing in terms of the whey exports, with a CAGR of +14.4% from 2012 to 2022. Taiwan (Chinese) (-3.3%), China (-13.6%) and Hong Kong SAR (-38.1%) illustrated a downward trend over the same period. Japan (+68 p.p.) and Taiwan (Chinese) (+1.9 p.p.) significantly strengthened its position in terms of the total exports, while Hong Kong SAR saw its share reduced by -68.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) remains the largest whey supplier in Eastern Asia, comprising 71% of total exports. The second position in the ranking was held by China ($X), with a 22% share of total exports. It was followed by Taiwan (Chinese), with a 3% share.

In Japan, whey exports increased at an average annual rate of +16.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: China (-19.0% per year) and Taiwan (Chinese) (-19.3% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, approximately equating the previous year. Over the period under review, the export price, however, continues to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 an increase of 105% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+1.7%), while the other leaders experienced a decline in the export price figures.

Whey Imports

Imports in Eastern Asia

In 2022, after two years of growth, there was significant decline in purchases abroad of whey, when their volume decreased by -13.5% to X tons. Total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 29% against the previous year. The volume of import peaked at X tons in 2021, and then shrank in the following year.

In value terms, whey imports dropped to $X in 2022. Total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.0% 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 +53.5% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 45% against the previous year. The level of import peaked at $X in 2021, and then contracted slightly in the following year.

Imports by Country

China dominates imports structure, recording X tons, which was near 86% of total imports in 2022. Japan (X tons) ranks second in terms of the total imports with a 7.8% share, followed by South Korea (5.1%).

China was also the fastest-growing in terms of the whey imports, with a CAGR of +4.8% from 2012 to 2022. At the same time, Japan (+1.4%) displayed positive paces of growth. By contrast, South Korea (-1.6%) illustrated a downward trend over the same period. China (+7.1 p.p.) significantly strengthened its position in terms of the total imports, while Japan and South Korea saw its share reduced by -2.2% and -3.8% from 2012 to 2022, respectively.

In value terms, China ($X) constitutes the largest market for imported whey in Eastern Asia, comprising 82% of total imports. The second position in the ranking was held by Japan ($X), with a 12% share of total imports.

From 2012 to 2022, the average annual growth rate of value in China totaled +2.5%. In the other countries, the average annual rates were as follows: Japan (+2.2% per year) and South Korea (-2.5% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, rising by 12% against the previous year. Overall, the import price, however, recorded a mild curtailment. The pace of growth appeared the most rapid in 2019 an increase of 16% against the previous year. Over the period under review, import prices attained the maximum 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 Japan ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+0.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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