ASEAN: Cherry Market 2024

Cherry Market Size in ASEAN

The ASEAN cherry market expanded rapidly to $X in 2022, rising by 8.1% against the previous year. In general, consumption posted prominent growth. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the near future.

Cherry Production in ASEAN

In value terms, cherry production fell notably to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a significant expansion. The growth pace was the most rapid in 2016 when the production volume increased by 63,230,450%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Lao People's Democratic Republic (X tons) constituted the country with the largest volume of cherry production, accounting for 99.9% of total volume.

From 2012 to 2022, the average annual rate of growth in terms of volume in Lao People's Democratic Republic amounted to -51.8%.

Cherry Exports

Exports in ASEAN

After four years of growth, shipments abroad of cherries decreased by -65.7% to X tons in 2022. In general, exports, however, showed a perceptible expansion. The growth pace was the most rapid in 2016 with an increase of 771%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then contracted significantly in the following year.

In value terms, cherry exports declined rapidly to $X in 2022. Overall, exports, however, recorded strong growth. The growth pace was the most rapid in 2018 with an increase of 123%. The level of export peaked at $X in 2021, and then shrank dramatically in the following year.

Exports by Country

Singapore represented the largest exporter of cherries in ASEAN, with the volume of exports recording X tons, which was near 49% of total exports in 2022. Vietnam (X tons) held the second position in the ranking, distantly followed by Thailand (X tons). All these countries together held near 50% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +56.9%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Singapore ($X) remains the largest cherry supplier in ASEAN, comprising 75% of total exports. The second position in the ranking was taken by Thailand ($X), with a 17% share of total exports.

In Singapore, cherry exports increased at an average annual rate of +3.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (+49.7% per year) and Vietnam (+5.6% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, picking up by 135% against the previous year. Over the period under review, the export price continues to indicate a slight expansion. The most prominent rate of growth was recorded in 2017 when the export price increased by 412% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.4%), while the other leaders experienced a decline in the export price figures.

Cherry Imports

Imports in ASEAN

In 2022, supplies from abroad of cherries was finally on the rise to reach X tons after two years of decline. Over the period under review, imports showed buoyant growth. The growth pace was the most rapid in 2017 with an increase of 47%. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, cherry imports reached $X in 2022. Overall, imports recorded a resilient expansion. The pace of growth appeared the most rapid in 2019 when imports increased by 41% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, Vietnam (X tons) was the largest importer of cherries, committing 63% of total imports. It was distantly followed by Thailand (X tons), Singapore (X tons), Malaysia (X tons) and Indonesia (X tons), together achieving a 35% share of total imports. Cambodia (X tons) followed a long way behind the leaders.

Imports into Vietnam increased at an average annual rate of +32.5% from 2012 to 2022. At the same time, Indonesia (+63.6%), Singapore (+20.5%), Cambodia (+18.1%), Malaysia (+5.6%) and Thailand (+4.4%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +63.6% from 2012-2022. From 2012 to 2022, the share of Vietnam, Indonesia and Singapore increased by +43, +4.4 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X), Thailand ($X) and Singapore ($X) constituted the countries with the highest levels of imports in 2022, with a combined 86% share of total imports. Malaysia, Indonesia and Cambodia lagged somewhat behind, together accounting for a further 14%.

Indonesia, with a CAGR of +61.8%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, picking up by 3.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2020 when the import price increased by 18%. The level of import peaked at $X per ton in 2013; however, from 2014 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 Thailand ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+9.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform