Eastern Asia: Whole Fresh Milk Market 2024

Whole Fresh Milk Market Size in Eastern Asia

In 2022, the East Asian whole fresh milk market decreased by -0.1% to $X, falling for the second consecutive year after four years of growth. In general, consumption, however, showed a relatively flat trend pattern. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Whole Fresh Milk Production in Eastern Asia

In value terms, whole fresh milk production stood at $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 24%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

China (X tons) remains the largest whole fresh milk producing country in Eastern Asia, accounting for 80% of total volume. Moreover, whole fresh milk production in China exceeded the figures recorded by the second-largest producer, Japan (X tons), fivefold.

In China, whole fresh milk production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (-0.2% per year) and South Korea (-0.2% per year).

Whole Fresh Milk Exports

Exports in Eastern Asia

In 2022, the amount of whole fresh milk exported in Eastern Asia fell to X tons, waning by -2.2% against the previous year's figure. The total export volume increased at an average annual rate of +1.8% over the period 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 when exports increased by 45%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, whole fresh milk exports shrank to $X in 2022. Total exports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.1% 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 -11.5% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of 19%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

China was the major exporter of whole fresh milk in Eastern Asia, with the volume of exports finishing at X tons, which was approx. 56% of total exports in 2022. It was distantly followed by Japan (X tons), Hong Kong SAR (X tons) and South Korea (X tons), together creating a 44% share of total exports.

Exports from China decreased at an average annual rate of -1.3% from 2012 to 2022. At the same time, South Korea (+20.3%), Japan (+14.4%) and Hong Kong SAR (+2.1%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +20.3% from 2012-2022. Japan (+13 p.p.) and South Korea (+6.6 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -20.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest whole fresh milk supplying countries in Eastern Asia were China ($X), Japan ($X) and Hong Kong SAR ($X), with a combined 89% share of total exports. South Korea lagged somewhat behind, comprising a further 11%.

South Korea, with a CAGR of +22.8%, 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

The export price in Eastern Asia stood at $X per ton in 2022, with a decrease of -5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. The growth pace was the most rapid in 2017 when the export price increased by 35%. Over the period under review, the export prices hit record highs at $X per ton in 2021, and then declined 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 South Korea (+2.0%), while the other leaders experienced more modest paces of growth.

Whole Fresh Milk Imports

Imports in Eastern Asia

After four years of growth, overseas purchases of whole fresh milk decreased by -21% to X tons in 2022. In general, imports, however, saw a buoyant expansion. The pace of growth appeared the most rapid in 2016 with an increase of 61%. The volume of import peaked at X tons in 2021, and then shrank significantly in the following year.

In value terms, whole fresh milk imports fell sharply to $X in 2022. Over the period under review, imports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2014 with an increase of 66%. The level of import peaked at $X in 2021, and then fell dramatically in the following year.

Imports by Country

China represented the major importer of whole fresh milk in Eastern Asia, with the volume of imports resulting at X tons, which was approx. 76% of total imports in 2022. It was distantly followed by Hong Kong SAR (X tons) and Taiwan (Chinese) (X tons), together mixing up a 19% share of total imports. South Korea (X tons) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to whole fresh milk imports into China stood at +24.7%. At the same time, South Korea (+42.7%), Taiwan (Chinese) (+20.5%) and Hong Kong SAR (+3.3%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +42.7% from 2012-2022. From 2012 to 2022, the share of China and South Korea increased by +30 and +3.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported whole fresh milk in Eastern Asia, comprising 74% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a 13% share of total imports. It was followed by Taiwan (Chinese), with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +24.4%. The remaining importing countries recorded the following average annual rates of imports growth: Hong Kong SAR (+4.1% per year) and Taiwan (Chinese) (+20.4% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, growing by 6.4% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the import price increased by 35% against the previous year. The level of import peaked 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 (+0.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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