ASEAN: Modified Starches Market 2024

Modified Starches Market Size in ASEAN

The ASEAN modified starches market was estimated at $X in 2022, with an increase of 12% against the previous year. The total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.3% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Modified Starches Production in ASEAN

In value terms, modified starches production rose modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when the production volume increased by 18% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Modified Starches Exports

Exports in ASEAN

After two years of growth, shipments abroad of dextrins and other modified starches decreased by -4% to X tons in 2022. The total export volume increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when exports increased by 24%. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank slightly in the following year.

In value terms, modified starches exports rose notably to $X in 2022. Total exports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +60.2% against 2016 indices. The pace of growth was the most pronounced in 2018 with an increase of 23%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

In 2022, Thailand (X tons) represented the main exporter of dextrins and other modified starches, constituting 86% of total exports. It was distantly followed by Vietnam (X tons), committing a 12% share of total exports.

Exports from Thailand increased at an average annual rate of +2.8% from 2012 to 2022. At the same time, Vietnam (+7.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +7.5% from 2012-2022. While the share of Vietnam (+3.9 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Thailand (-3.8 p.p.) displayed negative dynamics.

In value terms, Thailand ($X) remains the largest modified starches supplier in ASEAN, comprising 88% of total exports. The second position in the ranking was held by Vietnam ($X), with a 9.2% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Thailand stood at +4.2%.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, growing by 15% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2019 when the export price increased by 24% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Vietnam totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+1.3%).

Modified Starches Imports

Imports in ASEAN

Modified starches imports skyrocketed to X tons in 2022, rising by 18% on the year before. Total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +87.2% against 2015 indices. The pace of growth appeared the most rapid in 2017 with an increase of 21%. The volume of import peaked in 2022 and is likely to continue growth in the near future.

In value terms, modified starches imports skyrocketed to $X in 2022. Total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +41.0% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Indonesia represented the main importing country with an import of around X tons, which recorded 54% of total imports. Vietnam (X tons) ranks second in terms of the total imports with a 16% share, followed by the Philippines (13%) and Malaysia (10%). The following importers - Thailand (X tons) and Singapore (X tons) - each reached a 6% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to modified starches imports into Indonesia stood at +4.1%. At the same time, Vietnam (+13.8%), Singapore (+8.7%) and the Philippines (+3.2%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +13.8% from 2012-2022. Malaysia and Thailand experienced a relatively flat trend pattern. From 2012 to 2022, the share of Vietnam increased by +8.9 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported dextrins and other modified starches in ASEAN, comprising 52% of total imports. The second position in the ranking was held by Vietnam ($X), with a 13% share of total imports. It was followed by the Philippines, with a 13% share.

In Indonesia, modified starches imports increased at an average annual rate of +6.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (+10.7% per year) and the Philippines (+6.0% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, picking up by 9% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The growth pace was the most rapid in 2013 an increase of 12%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices remained 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 ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+2.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform