South-Eastern Asia: Whey Market 2024

Whey Market Size in South-Eastern Asia

The Southeast Asian whey market skyrocketed to $X in 2022, picking up by 15% against the previous year. The market value increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is likely to see gradual growth in years to come.

Whey Production in South-Eastern Asia

In value terms, whey production fell significantly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a pronounced reduction. The pace of growth appeared the most rapid in 2019 with an increase of 148%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Whey Exports

Exports in South-Eastern Asia

In 2022, whey exports in South-Eastern Asia skyrocketed to X tons, rising by 29% compared with the previous year's figure. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by 101% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, whey exports soared to $X in 2022. In general, exports showed a buoyant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 133%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Singapore (X tons) and Thailand (X tons) represented the key exporters of whey in 2022, reaching near 50% and 34% of total exports, respectively. It was distantly followed by Malaysia (X tons), making up a 12% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Singapore (with a CAGR of +13.3%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Singapore ($X) remains the largest whey supplier in South-Eastern Asia, comprising 77% of total exports. The second position in the ranking was held by Thailand ($X), with a 14% share of total exports.

In Singapore, whey exports increased at an average annual rate of +22.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (-8.2% per year) and Malaysia (+12.2% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, jumping by 22% against the previous year. In general, the export price enjoyed strong growth. The most prominent rate of growth was recorded in 2019 when the export price increased by 86%. The level of export peaked in 2022 and is likely to continue growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+7.9%), while the other leaders experienced more modest paces of growth.

Whey Imports

Imports in South-Eastern Asia

For the ninth year in a row, South-Eastern Asia recorded growth in overseas purchases of whey, which increased by 6.6% to X tons in 2022. The total import volume increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 11%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

In value terms, whey imports surged to $X in 2022. Total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 +93.8% against 2016 indices. The growth pace was the most rapid in 2021 when imports increased by 27% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Indonesia (X tons) represented the key importer of whey, making up 32% of total imports. It was distantly followed by Vietnam (X tons), Malaysia (X tons), the Philippines (X tons), Thailand (X tons) and Singapore (X tons), together committing a 66% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +5.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) constitutes the largest market for imported whey in South-Eastern Asia, comprising 36% of total imports. The second position in the ranking was taken by Thailand ($X), with a 14% share of total imports. It was followed by the Philippines, with a 14% share.

From 2012 to 2022, the average annual growth rate of value in Indonesia totaled +3.9%. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (+3.2% per year) and the Philippines (+5.5% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, picking up by 13% against the previous year. In general, the import price, however, continues to indicate a mild descent. The growth pace was the most rapid in 2017 when the import price increased by 16% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+1.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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