ASEAN: Fructose Market 2024

Fructose Market Size in ASEAN

After three years of decline, the ASEAN fructose market increased by 4.7% to $X in 2021. Over the period under review, consumption, however, continues to indicate a noticeable reduction. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Fructose Production in ASEAN

In value terms, fructose production shrank modestly to $X in 2021 estimated in export price. Overall, production saw a noticeable curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 11%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Fructose Exports

Exports in ASEAN

In 2021, overseas shipments of fructose and fructose syrup decreased by -7.1% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, exports, however, saw significant growth. The growth pace was the most rapid in 2020 when exports increased by 182% against the previous year. As a result, the exports reached the peak of X tons, and then declined in the following year.

In value terms, fructose exports amounted to $X in 2021. Overall, exports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2020 with an increase of 88%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Thailand represented the key exporter of fructose and fructose syrup in ASEAN, with the volume of exports reaching X tons, which was near 75% of total exports in 2021. It was distantly followed by Malaysia (X tons) and Indonesia (X tons), together mixing up a 22% share of total exports. Vietnam (X tons) took a relatively small share of total exports.

From 2012 to 2021, average annual rates of growth with regard to fructose exports from Thailand stood at +44.7%. At the same time, Vietnam (+52.6%), Indonesia (+18.7%) and Malaysia (+15.9%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +52.6% from 2012-2021. From 2012 to 2021, the share of Thailand and Vietnam increased by +43 and +1.9 percentage points, respectively.

In value terms, Thailand ($X) remains the largest fructose supplier in ASEAN, comprising 53% of total exports. The second position in the ranking was held by Indonesia ($X), with a 19% share of total exports. It was followed by Malaysia, with a 17% share.

From 2012 to 2021, the average annual growth rate of value in Thailand stood at +30.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+18.4% per year) and Malaysia (+13.6% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, increasing by 14% against the previous year. Overall, the export price, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2018 an increase of 14% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+6.8%), while the other leaders experienced a decline in the export price figures.

Fructose Imports

Imports in ASEAN

In 2021, supplies from abroad of fructose and fructose syrup increased by 6.3% to X tons, rising for the second consecutive year after two years of decline. Total imports indicated a temperate increase from 2012 to 2021: its volume increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +13.1% against 2019 indices. The growth pace was the most rapid in 2016 with an increase of 40% against the previous year. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, fructose imports rose notably to $X in 2021. The total import value increased at an average annual rate of +3.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 with an increase of 18% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Indonesia (X tons), distantly followed by the Philippines (X tons), Malaysia (X tons), Thailand (X tons), Vietnam (X tons) and Singapore (X tons) were the main importers of fructose and fructose syrup, together creating 97% of total imports.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +13.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Vietnam ($X) and the Philippines ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 61% of total imports. Thailand, Singapore and Malaysia lagged somewhat behind, together comprising a further 37%.

Among the main importing countries, Thailand, with a CAGR of +8.4%, recorded the highest growth rate of the value of imports, 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 2021, rising by 4.4% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the import price increased by 39% against the previous year. Over the period under review, import prices reached the maximum at $X per ton 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 Vietnam ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+7.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform