Vietnam: Market for Buttermilk And Buttermilk Powder 2024

Market Size for Buttermilk And Buttermilk Powder in Vietnam

The Vietnamese buttermilk and buttermilk powder market was estimated at $X in 2022, picking up by 5.9% against the previous year. In general, consumption, however, recorded a slight curtailment. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Buttermilk And Buttermilk Powder in Vietnam

In value terms, buttermilk and buttermilk powder production expanded significantly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 31%. Buttermilk and buttermilk powder production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Buttermilk And Buttermilk Powder

Exports from Vietnam

In 2022, buttermilk and buttermilk powder exports from Vietnam reduced slightly to X tons, remaining constant against 2021 figures. Over the period under review, exports saw a deep contraction. The most prominent rate of growth was recorded in 2015 with an increase of 355% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, buttermilk and buttermilk powder exports totaled $X in 2022. Overall, exports continue to indicate a noticeable decline. The pace of growth appeared the most rapid in 2015 with an increase of 280%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Cambodia (X tons), Angola (X tons) and the Philippines (X tons) were the main destinations of buttermilk and buttermilk powder exports from Vietnam, together comprising 76% of total exports. Malaysia, Myanmar, Taiwan (Chinese) and Hong Kong SAR lagged somewhat behind, together comprising a further 21%.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +27.3%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Cambodia ($X) remains the key foreign market for buttermilk and buttermilk powder exports from Vietnam, comprising 42% of total exports. The second position in the ranking was taken by Angola ($X), with a 19% share of total exports. It was followed by Myanmar, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Cambodia stood at -2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (-6.8% per year) and Myanmar (+45.7% per year).

Export Prices by Country

In 2022, the average buttermilk and buttermilk powder export price amounted to $X per ton, leveling off at the previous year. Over the period under review, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, buttermilk and buttermilk powder export price increased by +69.7% against 2015 indices. The most prominent rate of growth was recorded in 2016 an increase of 25%. The export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Myanmar ($X per ton), while the average price for exports to the Philippines ($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 Hong Kong SAR (+28.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Buttermilk And Buttermilk Powder

Imports into Vietnam

In 2022, after three years of growth, there was significant decline in overseas purchases of buttermilk and buttermilk powder, when their volume decreased by -6.1% to X tons. In general, imports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of 87%. Imports peaked at X tons in 2021, and then reduced in the following year.

In value terms, buttermilk and buttermilk powder imports declined to $X in 2022. Overall, imports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 100% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then fell in the following year.

Imports by Country

In 2022, Thailand (X tons) constituted the largest supplier of buttermilk and buttermilk powder to Vietnam, accounting for a 60% share of total imports. Moreover, buttermilk and buttermilk powder imports from Thailand exceeded the figures recorded by the second-largest supplier, the Philippines (X tons), threefold. New Zealand (X tons) ranked third in terms of total imports with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand amounted to +31.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+32.0% per year) and New Zealand (+81.1% per year).

In value terms, Thailand ($X) constituted the largest supplier of buttermilk and buttermilk powder to Vietnam, comprising 48% of total imports. The second position in the ranking was held by the Philippines ($X), with a 20% share of total imports. It was followed by New Zealand, with a 14% share.

From 2012 to 2022, the average annual growth rate of value from Thailand stood at +25.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+25.5% per year) and New Zealand (+94.7% per year).

Import Prices by Country

The average buttermilk and buttermilk powder import price stood at $X per ton in 2022, with a decrease of -5.4% against the previous year. Over the period under review, the import price saw a slight shrinkage. The most prominent rate of growth was recorded in 2013 when the average import price increased by 19%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

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 Belgium ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+9.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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