Eastern Asia: Milk Market 2024

Milk Market Size in Eastern Asia

In 2022, the East Asian milk market increased by X% to $X, rising for the sixth year in a row after two years of decline. Over the period under review, consumption recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the market value increased by X% against the previous year. Over the period under review, the market reached the peak level at $X in 2014; afterwards, it flattened through to 2022.

Milk Production in Eastern Asia

In value terms, milk production stood at $X in 2022 estimated in export price. In general, production continues to indicate a slight shrinkage. The pace of growth appeared the most rapid in 2014 with an increase of X%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

China (X tons) constituted the country with the largest volume of milk production, accounting for X% of total volume. Moreover, milk production in China exceeded the figures recorded by the second-largest producer, Japan (X tons), fivefold.

In China, milk production remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Japan (X% per year) and South Korea (X% per year).

Milk Exports

Exports in Eastern Asia

In 2022, the amount of milk exported in Eastern Asia contracted slightly to X tons, waning by X% on the previous year's figure. The total export volume increased at an average annual rate of X% 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 2016 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, milk exports reduced to $X in 2022. Total exports indicated tangible growth 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, exports decreased by X% against 2019 indices. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, China (X tons) represented the key exporter of milk, generating X% of total exports. It was distantly followed by Japan (X tons), Hong Kong SAR (X tons) and South Korea (X tons), together committing a X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to milk exports from China stood at X%. At the same time, Japan (X%), South Korea (X%) and Hong Kong SAR (X%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of X% from 2012-2022. While the share of Japan (X p.p.) and South Korea (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of China (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Japan ($X) and Hong Kong SAR ($X) constituted the countries with the highest levels of exports in 2022, with a combined X% share of total exports. These countries were followed by South Korea, which accounted for a further X%.

South Korea, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, shrinking by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2017 when the export price increased by X%. Over the period under review, the export prices reached the peak figure at $X per ton in 2021, and then fell in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while China ($X per ton) was amongst the lowest.

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

Milk Imports

Imports in Eastern Asia

In 2022, purchases abroad of milk decreased by X% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, imports, however, showed buoyant growth. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, imports attained the maximum at X tons in 2021, and then dropped markedly in the following year.

In value terms, milk imports shrank remarkably to $X in 2022. In general, imports, however, posted a resilient increase. The growth pace was the most rapid in 2013 with an increase of X%. The level of import peaked at $X in 2021, and then dropped dramatically in the following year.

Imports by Country

China prevails in imports structure, resulting at X tons, which was approx. X% of total imports in 2022. Hong Kong SAR (X tons) ranks second in terms of the total imports with a X% share, followed by Taiwan (Chinese) (X%). South Korea (X tons) took a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to milk imports into China stood at X%. At the same time, South Korea (X%), Taiwan (Chinese) (X%) and Hong Kong SAR (X%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of X% from 2012-2022. While the share of China (X p.p.) and South Korea (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Hong Kong SAR (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported milk in Eastern Asia, comprising X% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a X% share of total imports. It was followed by Taiwan (Chinese), with a X% share.

In China, milk imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Hong Kong SAR (X% per year) and Taiwan (Chinese) (X% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, increasing by X% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. Over the period under review, import prices attained the peak figure 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 Taiwan (Chinese) ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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