U.S.: Whey Market 2023

Whey Market Size in the U.S.

The U.S. whey market rose markedly to $X in 2021, surging by 8.2% against the previous year. In general, consumption faced a abrupt decline. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Whey Production in the U.S.

In value terms, whey production expanded rapidly to $X in 2021. Overall, production, however, saw a pronounced reduction. The most prominent rate of growth was recorded in 2017 when the production volume increased by 24%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Whey Exports

Exports from the U.S.

In 2021, shipments abroad of whey increased by 9.2% to X tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2020 when exports increased by 25% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in the immediate term.

In value terms, whey exports surged to $X in 2021. In general, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 28%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for whey exports from the United States, accounting for a 47% share of total exports. Moreover, whey exports to China exceeded the volume sent to the second major destination, Mexico (X tons), sixfold. The third position in this ranking was held by Vietnam (X tons), with a 6% share.

From 2012 to 2021, the average annual growth rate of volume to China amounted to +5.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-3.1% per year) and Vietnam (+2.3% per year).

In value terms, China ($X) remains the key foreign market for whey exports from the United States, comprising 38% of total exports. The second position in the ranking was held by Mexico ($X), with a 9.6% share of total exports. It was followed by Canada, with a 6.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at +4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-3.0% per year) and Canada (-2.3% per year).

Export Prices by Country

The average whey export price stood at $X per ton in 2021, with an increase of 9.9% against the previous year. Over the period under review, the export price, however, continues to indicate a mild setback. The pace of growth was the most pronounced in 2019 when the average export price increased by 21%. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Japan ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+2.6%), while the prices for the other major destinations experienced more modest paces of growth.

Whey Imports

Imports into the U.S.

In 2021, whey imports into the United States expanded slightly to X tons, surging by 5% on the previous year's figure. Over the period under review, total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -6.1% against 2019 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 50% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, whey imports skyrocketed to $X in 2021. Overall, total imports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when imports increased by 73% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Canada (X tons) was the main supplier of whey to the United States, accounting for a 90% share of total imports. Moreover, whey imports from Canada exceeded the figures recorded by the second-largest supplier, Denmark (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from Canada stood at +6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+31.8% per year) and Germany (-35.1% per year).

In value terms, the largest whey suppliers to the United States were Canada ($X), Denmark ($X) and Germany ($X), together comprising 90% of total imports.

In terms of the main suppliers, Denmark, with a CAGR of +35.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average whey import price stood at $X per ton in 2021, increasing by 30% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 32%. The import price peaked at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Denmark ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+3.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :