ASEAN: Market for Forage Harvesters and Other Harvesting Machines 2024

Market Size for Forage Harvesters and Other Harvesting Machines in ASEAN

In 2021, the ASEAN market for forage harvesters and other harvesting machines increased by 14% to $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Production of Forage Harvesters and Other Harvesting Machines in ASEAN

In value terms, production of forage harvesters and other harvesting machines dropped modestly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a slight contraction. The most prominent rate of growth was recorded in 2016 when the production volume increased by 20% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Forage Harvesters and Other Harvesting Machines

Exports in ASEAN

In 2021, shipments abroad of forage harvesters and other harvesting machines was finally on the rise to reach X units after two years of decline. Over the period under review, exports, however, showed a abrupt slump. The most prominent rate of growth was recorded in 2018 when exports increased by 94%. The volume of export peaked at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of forage harvesters and other harvesting machines soared to $X in 2021. In general, exports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2016 with an increase of 97%. Over the period under review, the exports of hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Thailand represented the major exporter of forage harvesters and other harvesting machines in ASEAN, with the volume of exports resulting at X units, which was near 61% of total exports in 2021. Vietnam (X units) held a 20% share (based on physical terms) of total exports, which put it in second place, followed by Malaysia (14%). The following exporters - Singapore (X units) and Indonesia (X units) - together made up 4.9% of total exports.

From 2012 to 2021, average annual rates of growth with regard to forage harvesters and other harvesting machines exports from Thailand stood at -11.8%. At the same time, Vietnam (+9.3%) and Indonesia (+8.0%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +9.3% from 2012-2021. By contrast, Malaysia (-9.7%) and Singapore (-13.4%) illustrated a downward trend over the same period. While the share of Vietnam (+16 p.p.) and Indonesia (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Thailand (-12.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest forage harvesters and other harvesting machines supplier in ASEAN, comprising 63% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 19% share of total exports. It was followed by Malaysia, with a 15% share.

In Thailand, exports of forage harvesters and other harvesting machines plunged by an average annual rate of -10.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Vietnam (+11.2% per year) and Malaysia (-7.8% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2021, almost unchanged from the previous year. Over the last nine-year period, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2019 when the export price increased by 21% against the previous year. Over the period under review, the export prices reached the maximum in 2021 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+6.7%), while the other leaders experienced more modest paces of growth.

Imports of Forage Harvesters and Other Harvesting Machines

Imports in ASEAN

In 2021, overseas purchases of forage harvesters and other harvesting machines were finally on the rise to reach X units after two years of decline. In general, imports recorded a prominent increase. The pace of growth appeared the most rapid in 2017 with an increase of 114% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, imports of forage harvesters and other harvesting machines skyrocketed to $X in 2021. Overall, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 120%. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Thailand (X units) was the main importer of forage harvesters and other harvesting machines, comprising 74% of total imports. It was distantly followed by Indonesia (X units), committing a 15% share of total imports. The following importers - Cambodia (X units), Vietnam (X units), the Philippines (X units) and Brunei Darussalam (X units) - each recorded an 8.9% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to forage harvesters and other harvesting machines imports into Thailand stood at +17.7%. At the same time, Brunei Darussalam (+23.5%), Indonesia (+15.7%), Vietnam (+4.5%) and Cambodia (+3.5%) displayed positive paces of growth. Moreover, Brunei Darussalam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +23.5% from 2012-2021. By contrast, the Philippines (-24.0%) illustrated a downward trend over the same period. While the share of Thailand (+42 p.p.), Indonesia (+7.5 p.p.) and Brunei Darussalam (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of the Philippines (-45.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) constitutes the largest market for imported forage harvesters and other harvesting machines in ASEAN, comprising 73% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 17% share of total imports. It was followed by the Philippines, with a 3% share.

From 2012 to 2021, the average annual growth rate of value in Thailand stood at +13.6%. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (+12.3% per year) and the Philippines (-4.2% per year).

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2021, remaining constant against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.2%. The growth pace was the most rapid in 2013 an increase of 63%. The level of import peaked at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Philippines ($X per unit), while Brunei Darussalam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+26.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform