South-Eastern Asia: Cheese Market 2024

Cheese Market Size in South-Eastern Asia

For the third year in a row, the Southeast Asian cheese market recorded growth in sales value, which increased by 1.7% to $X in 2021. The total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +32.3% against 2018 indices. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in the near future.

Cheese Production in South-Eastern Asia

In value terms, cheese production rose markedly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +5.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 when the production volume increased by 13% against the previous year. Over the period under review, production attained the maximum level in 2021 and is likely to see steady growth in years to come.

Cheese Exports

Exports in South-Eastern Asia

In 2021, approx. X tons of cheese were exported in South-Eastern Asia; increasing by 19% compared with 2020. In general, exports showed a strong expansion. The pace of growth was the most pronounced in 2013 with an increase of 42% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to continue growth in the near future.

In value terms, cheese exports soared to $X in 2021. Over the period under review, exports enjoyed strong growth. The most prominent rate of growth was recorded in 2013 when exports increased by 39% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Singapore was the largest exporter of cheese in South-Eastern Asia, with the volume of exports reaching X tons, which was approx. 41% of total exports in 2021. It was distantly followed by Indonesia (X tons), the Philippines (X tons), Malaysia (X tons), Thailand (X tons) and Vietnam (X tons), together committing a 59% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +27.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the largest cheese supplier in South-Eastern Asia, comprising 48% of total exports. The second position in the ranking was held by Indonesia ($X), with an 18% share of total exports. It was followed by Thailand, with an 11% share.

In Singapore, cheese exports expanded at an average annual rate of +9.7% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+12.3% per year) and Thailand (+22.3% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, rising by 1.6% against the previous year. Over the last nine years, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2015 an increase of 22%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+7.6%), while the other leaders experienced more modest paces of growth.

Cheese Imports

Imports in South-Eastern Asia

For the third year in a row, South-Eastern Asia recorded growth in supplies from abroad of cheese, which increased by 4.8% to X tons in 2021. Total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +4.9% against 2017 indices. The pace of growth was the most pronounced in 2017 when imports increased by 18% against the previous year. The volume of import peaked in 2021 and is likely to see steady growth in the immediate term.

In value terms, cheese imports amounted to $X in 2021. Total imports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +14.4% against 2017 indices. The pace of growth was the most pronounced in 2017 with an increase of 26%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

The countries with the highest levels of cheese imports in 2021 were Malaysia (X tons), the Philippines (X tons) and Indonesia (X tons), together amounting to 66% of total import. Singapore (X tons) held a 13% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (12%) and Vietnam (5.6%). Brunei Darussalam (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +14.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cheese importing markets in South-Eastern Asia were Malaysia ($X), the Philippines ($X) and Indonesia ($X), with a combined 64% share of total imports. Singapore, Thailand, Vietnam and Brunei Darussalam lagged somewhat behind, together comprising a further 34%.

In terms of the main importing countries, Vietnam, with a CAGR of +13.6%, saw the highest growth rate of 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 2021, the import price in South-Eastern Asia amounted to $X per ton, picking up by 4.8% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the import price increased by 7.2% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Singapore ($X per ton) and Brunei Darussalam ($X per ton), while Indonesia ($X per ton) and the Philippines ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+2.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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