Cambodia has emerged as the largest export destination among ASEAN countries, with formula exports reaching $15.6 million last year. (Image courtesy of Namyang Dairy Products)
SEOUL, Feb. 19 (Korea Bizwire) — South Korean dairy companies are finding new growth opportunities through baby formula exports, particularly in Southeast Asia, where shipments have tripled over the past decade.
According to data from the Korea Agro-Fisheries & Food Trade Corporation (aT), baby formula exports to the 10 ASEAN member countries reached a record high of $37 million last year, tripling from $10.5 million in 2014. Export volume increased to 2,465 tons in 2024, up 2.6 times from 932 tons in 2014.
“As domestic sales of infant-related products decline due to persistently low birth rates, the Southeast Asian market could become a future growth engine for the formula industry,” said an industry official.
Cambodia has emerged as the largest export destination among ASEAN countries, with formula exports reaching $15.6 million last year, a fourteen-fold increase over the past decade. Namyang Dairy Products dominates this market, accounting for 80-90% of formula exports to Cambodia. The company has been marketing its flagship Imperial XO brand and launched Star Grow, a product specifically developed for Cambodian consumers.
Formula exports to Vietnam rose to $15 million in 2024, a 1.6-fold increase over the past decade. Lotte Wellfood has shown particularly strong growth in the Vietnamese market, strengthening relationships with local distributors through its Vietnam-specific formula brand Nubone. The company plans to expand Nubone’s distribution network to Malaysia.
Ildong Foodis is also focusing on the Vietnamese market, developing new export products centered on balanced nutrition for children.
Ashley Song (ashley@koreabizwire.com)
