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China - Carrots And Turnips - Market Analysis, Forecast, Size, Trends and Insights
Report Update: Nov 1, 2024

China - Carrots And Turnips - Market Analysis, Forecast, Size, Trends and Insights

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Mar 27, 2023

Carrot and Turnip Price in China Surges 54%, Averaging $799 per Ton

China Carrot And Turnip Export Price in February 2023

In February 2023, the carrot and turnip price amounted to $799 per ton (FOB, China), growing by 54% against the previous month. Overall, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the average export prices attained the maximum at $887 per ton in February 2022; however, from March 2022 to February 2023, the export prices remained at a lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was Hong Kong SAR ($2,209 per ton), while the average price for exports to Japan ($363 per ton) was amongst the lowest.

From February 2022 to February 2023, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+1.8%), while the prices for the other major destinations experienced a decline.

China Carrot And Turnip Exports

Carrot and turnip exports from China soared to 41K tons in February 2023, growing by 18% against the previous month. Overall, exports saw a moderate expansion. The pace of growth appeared the most rapid in March 2022 when exports increased by 85% month-to-month. The exports peaked at 87K tons in September 2022; however, from October 2022 to February 2023, the exports remained at a lower figure.

In value terms, carrot and turnip exports soared to $32M (IndexBox estimates) in February 2023. Over the period under review, exports enjoyed a notable expansion. The growth pace was the most rapid in May 2022 with an increase of 155% against the previous month. Over the period under review, the exports hit record highs at 64K tons in June 2022; however, from July 2022 to February 2023, the exports stood at a somewhat lower figure.

China Carrot And Turnip Exports by Country

Hong Kong SAR (8.4K tons), South Korea (6.5K tons) and Thailand (6.1K tons) were the main destinations of carrot and turnip exports from China, with a combined 52% share of total exports. Japan, the United Arab Emirates, Malaysia, Russia and Vietnam lagged somewhat behind, together accounting for a further 38%.

From February 2022 to February 2023, the biggest increases were in Vietnam (with a CAGR of +25.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($19M) emerged as the key foreign market for carrot and turnip exports from China, comprising 57% of total exports. The second position in the ranking was taken by Thailand ($2.7M), with an 8.2% share of total exports. It was followed by South Korea, with a 7.8% share.

From February 2022 to February 2023, the average monthly rate of growth in terms of value to Hong Kong SAR stood at +5.0%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Thailand (+3.2% per month) and South Korea (+0.6% per month).

China's Carrot and Turnip Prices Surge Due to Low Yields, Increased Demand, and Supply Chain Disruptions

The sudden rise in price is attributed to a combination of factors, including low harvest yields, increased demand, and supply chain disruptions.

According to agriculture experts, the low yields were primarily due to unfavorable weather conditions and inadequate investment in farming technology. Furthermore, the rise in demand can be attributed to the growing popularity of carrot and turnip-based dishes, as well as increased awareness of the health benefits of these root vegetables.

The supply chain disruptions caused by the pandemic have also contributed significantly to the increase in price. With lockdowns and travel restrictions in place, transportation of goods across the country has become challenging, leading to a shortage of supply in various regions.

This increase in price is likely to impact not only consumers but also businesses that rely on carrot and turnip as a primary ingredient. Food and beverage companies that offer dishes containing these vegetables may need to adjust prices to maintain profitability.

Overall, the surge in the price of carrot and turnip in China underscores the fragility of the global food supply chain and highlights the need for more investment in agriculture and infrastructure to ensure food security in the future.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the carrot and turnip market in China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • FCL 426 - Carrot

Country coverage:

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Trade (exports and imports) in China
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. MARKET STRUCTURE
    3. TRADE BALANCE
    4. PER CAPITA CONSUMPTION
    5. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. COUNTRIES WITH TOP YIELDS
    4. TOP EXPORTING COUNTRIES
    5. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION, HARVESTED AREA AND YIELD

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption In 2012-2023
    5. Imports, In Physical Terms, By Country, 2012–2023
    6. Imports, In Value Terms, By Country, 2012–2023
    7. Import Prices, By Country Of Origin, 2012–2023
    8. Exports, In Physical Terms, By Country, 2012–2023
    9. Exports, In Value Terms, By Country, 2012–2023
    10. Export Prices, By Country Of Destination, 2012–2023

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
    5. Trade Balance, In Physical Terms, 2012-2023
    6. Trade Balance, In Value Terms, 2012-2023
    7. Per Capita Consumption, 2012-2023
    8. Market Volume Forecast to 2030
    9. Market Value Forecast to 2030
    10. Products: Market Size And Growth, By Type
    11. Products: Average Per Capita Consumption, By Type
    12. Products: Exports And Growth, By Type
    13. Products: Export Prices And Growth, By Type
    14. Production Volume And Growth
    15. Yield And Growth
    16. Exports And Growth
    17. Export Prices And Growth
    18. Market Size And Growth
    19. Per Capita Consumption
    20. Imports And Growth
    21. Import Prices
    22. Production, In Physical Terms, 2012–2023
    23. Production, In Value Terms, 2012–2023
    24. Area Harvested, 2012–2023
    25. Yield, 2012–2023
    26. Imports, In Physical Terms, 2012–2023
    27. Imports, In Value Terms, 2012–2023
    28. Imports, In Physical Terms, By Country, 2023
    29. Imports, In Physical Terms, By Country, 2012–2023
    30. Imports, In Value Terms, By Country, 2012–2023
    31. Import Prices, By Country Of Origin, 2012–2023
    32. Exports, In Physical Terms, 2012–2023
    33. Exports, In Value Terms, 2012–2023
    34. Exports, In Physical Terms, By Country, 2023
    35. Exports, In Physical Terms, By Country, 2012–2023
    36. Exports, In Value Terms, By Country, 2012–2023
    37. Export Prices, By Country Of Destination, 2012–2023

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