U.S.: Whey Market 2024

Whey Market Size in the U.S.

The U.S. whey market surged to $X in 2022, rising by 62% against the previous year. Over the period under review, consumption, however, continues to indicate a sharp shrinkage. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Whey Production in the U.S.

In value terms, whey production fell to $X in 2022. Over the period under review, production, however, continues to indicate a noticeable setback. The most prominent rate of growth was recorded in 2017 with an increase of 24% against the previous year. Whey production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Whey Exports

Exports from the U.S.

In 2022, overseas shipments of whey increased by 12% 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 +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 25% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in years to come.

In value terms, whey exports surged to $X in 2022. Overall, total exports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.1% 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 +61.1% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 28% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

China (X tons) was the main destination for whey exports from the United States, accounting for a 48% share of total exports. Moreover, whey exports to China exceeded the volume sent to the second major destination, Canada (X tons), sixfold. Mexico (X tons) ranked third in terms of total exports with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at +6.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+3.1% per year) and Mexico (-3.3% per year).

In value terms, China ($X) remains the key foreign market for whey exports from the United States, comprising 36% of total exports. The second position in the ranking was held by Mexico ($X), with a 9.6% share of total exports. It was followed by Canada, with a 7.9% share.

From 2012 to 2022, the average annual growth rate of value to China stood at +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-1.1% per year) and Canada (+1.4% per year).

Export Prices by Country

In 2022, the average whey export price amounted to $X per ton, surging by 5.6% against the previous year. Overall, the export price, however, showed a mild shrinkage. The most prominent rate of growth was recorded in 2019 an increase of 21% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+4.4%), while the prices for the other major destinations experienced more modest paces of growth.

Whey Imports

Imports into the U.S.

In 2022, the amount of whey imported into the United States expanded to X tons, surging by 2.1% on 2021. Overall, total imports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -4.0% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 50%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, whey imports surged to $X in 2022. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.6% 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 +71.5% against 2020 indices. The pace of growth was the most pronounced in 2014 with an increase of 73% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, Canada (X tons) constituted the largest whey supplier to the United States, accounting for a 87% share of total imports. Moreover, whey imports from Canada exceeded the figures recorded by the second-largest supplier, Denmark (X tons), more than tenfold. The third position in this ranking was taken by Ireland (X tons), with a 1.7% share.

From 2012 to 2022, the average annual growth rate of volume from Canada totaled +5.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+30.6% per year) and Ireland (+52.7% per year).

In value terms, Canada ($X), Denmark ($X) and Ireland ($X) constituted the largest whey suppliers to the United States, with a combined 96% share of total imports.

Among the main suppliers, Ireland, with a CAGR of +61.6%, recorded 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 2022, the average whey import price amounted to $X per ton, with an increase of 23% against the previous year. In general, import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, whey import price increased by +60.1% against 2020 indices. The pace of growth was the most pronounced in 2014 an increase of 32% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Ireland ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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