Asia: Whey Market 2023

Whey Market Size in Asia

In 2021, the Asian whey market increased by 18% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +2.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2021 and is expected to retain growth in the immediate term.

Whey Production in Asia

In value terms, whey production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 45% against the previous year. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Whey Exports

Exports in Asia

For the fourth consecutive year, Asia recorded growth in overseas shipments of whey, which increased by 28% to X tons in 2021. Over the period under review, exports recorded a resilient increase. The growth pace was the most rapid in 2016 when exports increased by 47% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in the near future.

In value terms, whey exports soared to $X in 2021. Overall, exports saw a prominent expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey prevails in exports structure, accounting for X tons, which was near 76% of total exports in 2021. Singapore (X tons) took the second position in the ranking, followed by Iran (X tons) and Thailand (X tons). All these countries together held approx. 16% share of total exports. South Korea (X tons) took a little share of total exports.

Exports from Turkey increased at an average annual rate of +18.3% from 2012 to 2021. At the same time, South Korea (+30.1%), Iran (+30.0%) and Singapore (+14.7%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Asia, with a CAGR of +30.1% from 2012-2021. By contrast, Thailand (-7.4%) illustrated a downward trend over the same period. While the share of Turkey (+28 p.p.) and Iran (+3.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Thailand (-22.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest whey supplier in Asia, comprising 63% of total exports. The second position in the ranking was held by Singapore ($X), with a 15% share of total exports. It was followed by South Korea, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey amounted to +17.8%. In the other countries, the average annual rates were as follows: Singapore (+19.3% per year) and South Korea (+37.1% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, growing by 12% against the previous year. In general, the export price, however, showed a mild slump. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was South Korea ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+5.3%), while the other leaders experienced more modest paces of growth.

Whey Imports

Imports in Asia

In 2021, imports of whey in Asia expanded markedly to X tons, picking up by 12% against 2020 figures. The total import volume increased at an average annual rate of +4.9% 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 2017 with an increase of 16% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, whey imports surged to $X in 2021. Total imports indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +2.2% 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 +37.7% against 2017 indices. The pace of growth appeared the most rapid in 2017 with an increase of 31% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in years to come.

Imports by Country

China prevails in imports structure, resulting at X tons, which was approx. 52% of total imports in 2021. It was distantly followed by Indonesia (X tons), Malaysia (X tons), Vietnam (X tons) and Thailand (X tons), together creating a 27% share of total imports. The Philippines (X tons), Japan (X tons), South Korea (X tons), Singapore (X tons) and Pakistan (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the whey imports, with a CAGR of +7.4% from 2012 to 2021. At the same time, the Philippines (+4.0%), Malaysia (+3.7%), Indonesia (+3.6%), Vietnam (+3.5%) and Thailand (+2.9%) displayed positive paces of growth. Pakistan, Japan and Singapore experienced a relatively flat trend pattern. By contrast, South Korea (-1.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +10 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported whey in Asia, comprising 52% of total imports. The second position in the ranking was held by Indonesia ($X), with a 10% share of total imports. It was followed by Malaysia, with a 6.3% share.

In China, whey imports expanded at an average annual rate of +3.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Indonesia (-0.0% per year) and Malaysia (+1.8% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, rising by 9.8% against the previous year. Overall, the import price, however, continues to indicate a noticeable downturn. The pace of growth appeared the most rapid in 2017 an increase of 13% 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 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Pakistan (+3.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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