Northern America: Whey Market 2024

Whey Market Size in Northern America

The North American whey market reduced to $X in 2022, which is down by -11.9% against the previous year. Overall, consumption showed a deep reduction. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Whey Production in Northern America

In value terms, whey production dropped modestly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a pronounced curtailment. The growth pace was the most rapid in 2017 with an increase of 24%. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Whey Exports

Exports in Northern America

In 2022, overseas shipments of whey increased by 11% to X tons, rising for the third year in a row after two years of decline. The total export volume increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 23%. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, whey exports surged to $X in 2022. Total exports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +59.5% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 30% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

In 2022, the United States (X tons) represented the largest exporter of whey, creating 90% of total exports. It was distantly followed by Canada (X tons), committing a 10% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to whey exports from the United States stood at +3.1%. At the same time, Canada (+9.7%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing exporter exported in Northern America, with a CAGR of +9.7% from 2012-2022. While the share of Canada (+4.4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United States (-4.4 p.p.) displayed negative dynamics.

In value terms, the United States ($X) remains the largest whey supplier in Northern America, comprising 93% of total exports. The second position in the ranking was taken by Canada ($X), with a 7.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United States amounted to +2.1%.

Export Prices by Country

The export price in Northern America stood at $X per ton in 2022, rising by 6.7% against the previous year. Overall, the export price, however, continues to indicate a slight contraction. The most prominent rate of growth was recorded in 2019 an increase of 20% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while Canada stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-1.0%).

Whey Imports

Imports in Northern America

In 2022, overseas purchases of whey decreased by -3.5% to X tons, falling for the third consecutive year after three years of growth. In general, imports, however, saw a moderate increase. The growth pace was the most rapid in 2018 with an increase of 101% against the previous year. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, whey imports soared to $X in 2022. Total imports indicated a temperate expansion from 2012 to 2022: its value 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. Based on 2022 figures, imports increased by +73.4% against 2018 indices. The growth pace was the most rapid in 2013 with an increase of 43% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Canada represented the major importing country with an import of around X tons, which amounted to 67% of total imports. It was distantly followed by the United States (X tons), mixing up a 33% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +5.0%).

In value terms, the largest whey importing markets in Northern America were Canada ($X) and the United States ($X).

The United States, with a CAGR of +7.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2022, with an increase of 40% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 142%. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while Canada stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.7%).

Source: IndexBox Platform

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