ASEAN: Milk Market 2024

Milk Market Size in ASEAN

The ASEAN milk market reached $X in 2022, remaining relatively unchanged against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the market value increased by X% against the previous year. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Milk Production in ASEAN

In value terms, milk production reached $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

The countries with the highest volumes of production in 2022 were Myanmar (X tons), Indonesia (X tons) and Thailand (X tons), together accounting for X% of total production. Vietnam lagged somewhat behind, accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

Milk Exports

Exports in ASEAN

In 2022, shipments abroad of milk decreased by X% to X tons for the first time since 2016, thus ending a five-year rising trend. Over the period under review, exports, however, continue to indicate a strong expansion. The growth pace was the most rapid in 2019 with an increase of X%. The volume of export peaked at X tons in 2021, and then declined modestly in the following year.

In value terms, milk exports shrank to $X in 2022. In general, exports, however, continue to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then shrank in the following year.

Exports by Country

Thailand was the major exporter of milk in ASEAN, with the volume of exports recording X tons, which was near X% of total exports in 2022. Malaysia (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Indonesia (X%).

Thailand was also the fastest-growing in terms of the milk exports, with a CAGR of X% from 2012 to 2022. At the same time, Malaysia (X%) displayed positive paces of growth. By contrast, Indonesia (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand increased by X percentage points.

In value terms, Thailand ($X) remains the largest milk supplier in ASEAN, comprising X% of total exports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total exports.

In Thailand, milk exports increased at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (X% per year) and Indonesia (X% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, which is down by X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of X% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the other leaders experienced a decline in the export price figures.

Milk Imports

Imports in ASEAN

Milk imports rose markedly to X tons in 2022, increasing by X% on the previous year's figure. Overall, imports showed a strong increase. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, milk imports rose notably to $X in 2022. Total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2015 indices. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

Imports by Country

The Philippines (X tons) and Singapore (X tons) represented the key importers of milk in 2022, finishing at near X% and X% of total imports, respectively. Vietnam (X tons) ranks next in terms of the total imports with a X% share, followed by Malaysia (X%). Cambodia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cambodia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest milk importing markets in ASEAN were Singapore ($X), the Philippines ($X) and Vietnam ($X), with a combined X% share of total imports. Malaysia and Cambodia lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Cambodia, with a CAGR of X%, saw the highest rates of growth with regard to 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

The import price in ASEAN stood at $X per ton in 2022, standing approx. at the previous year. Over the period under review, the import price, however, showed a mild curtailment. The most prominent rate of growth was recorded in 2021 when the import price increased by X%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat 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 Singapore ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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