Japan: Whey Market 2024

Whey Market Size in Japan

In 2022, the Japanese whey market increased by 29% to $X, rising for the third consecutive year after two years of decline. The market value increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Whey consumption peaked in 2022 and is expected to retain growth in years to come.

Whey Exports

Exports from Japan

For the third year in a row, Japan recorded growth in shipments abroad of whey, which increased by 17% to X tons in 2022. Overall, exports posted a resilient expansion. The growth pace was the most rapid in 2020 with an increase of 8,086% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, whey exports surged to $X in 2022. Over the period under review, exports saw resilient growth. The growth pace was the most rapid in 2020 when exports increased by 7,066%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The Philippines (X tons) was the main destination for whey exports from Japan, accounting for a 85% share of total exports. Moreover, whey exports to the Philippines exceeded the volume sent to the second major destination, South Korea (X tons), sixfold.

From 2012 to 2022, the average annual growth rate of volume to the Philippines was relatively modest.

In value terms, the Philippines ($X) remains the key foreign market for whey exports from Japan, comprising 88% of total exports. The second position in the ranking was held by South Korea ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the Philippines amounted to +5.4%.

Export Prices by Country

The average whey export price stood at $X per ton in 2022, with an increase of 1.7% against the previous year. Over the period under review, the export price continues to indicate modest growth. The most prominent rate of growth was recorded in 2013 an increase of 1,585% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to South Korea amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+5.4%).

Whey Imports

Imports into Japan

In 2022, after four years of decline, there was significant growth in supplies from abroad of whey, when their volume increased by 12% to X tons. The total import volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, whey imports skyrocketed to $X in 2022. Over the period under review, total imports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +2.2% 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 +36.7% against 2017 indices. The pace of growth was the most pronounced in 2017 when imports increased by 41% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) constituted the largest whey supplier to Japan, accounting for a 29% share of total imports. Moreover, whey imports from the United States exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), threefold. Germany (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled -3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+14.1% per year) and Germany (+4.5% per year).

In value terms, the largest whey suppliers to Japan were the United States ($X), New Zealand ($X) and Australia ($X), together comprising 58% of total imports. Germany, Argentina, Poland, the Netherlands, South Korea, France, Belarus, Italy, Portugal and Spain lagged somewhat behind, together accounting for a further 36%.

Among the main suppliers, Belarus, with a CAGR of +60.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average whey import price amounted to $X per ton, growing by 21% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average import price increased by 27%. The import price 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 origin: amid the top importers, the country with the highest price was New Zealand ($X per ton), while the price for Belarus ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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