ASEAN: Herbicide Market 2024

Herbicide Market Size in ASEAN

The ASEAN herbicide market soared to $X in 2021, picking up by 15% against the previous year. The market value increased at an average annual rate of +1.8% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Herbicide Production in ASEAN

In value terms, herbicide production expanded sharply to $X in 2021 estimated in export price. The total production indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -8.0% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 48%. As a result, production attained the peak level of $X. From 2016 to 2021, production growth failed to regain momentum.

Herbicide Exports

Exports in ASEAN

In 2021, the amount of herbicides exported in ASEAN declined slightly to X tons, shrinking by -3.3% on the previous year's figure. Total exports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +41.7% against 2019 indices. The pace of growth appeared the most rapid in 2020 when exports increased by 47% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, herbicide exports rose markedly to $X in 2021. Total exports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +7.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +42.0% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 78% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Malaysia (X tons) represented the largest exporter of herbicides, achieving 72% of total exports. It was distantly followed by Indonesia (X tons), Vietnam (X tons) and Singapore (X tons), together generating a 26% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to herbicide exports from Malaysia stood at +9.8%. At the same time, Indonesia (+15.6%) and Vietnam (+12.2%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +15.6% from 2012-2021. By contrast, Singapore (-11.0%) illustrated a downward trend over the same period. While the share of Malaysia (+14 p.p.), Indonesia (+6.7 p.p.) and Vietnam (+2.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Singapore (-20.3 p.p.) displayed negative dynamics.

In value terms, the largest herbicide supplying countries in ASEAN were Malaysia ($X), Indonesia ($X) and Vietnam ($X), together accounting for 93% of total exports.

Indonesia, with a CAGR of +14.9%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, picking up by 15% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 22% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+2.9%), while the other leaders experienced mixed trends in the export price figures.

Herbicide Imports

Imports in ASEAN

In 2021, supplies from abroad of herbicides increased by 27% to X tons for the first time since 2017, thus ending a three-year declining trend. Total imports indicated a modest increase from 2012 to 2021: its volume increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when imports increased by 31%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, herbicide imports surged to $X in 2021. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by 51% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Thailand (X tons), distantly followed by Indonesia (X tons), the Philippines (X tons), Cambodia (X tons), Vietnam (X tons) and Malaysia (X tons) represented the key importers of herbicides, together generating 98% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Cambodia (with a CAGR of +48.2%), while imports 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 comprising 70% of total imports. These countries were followed by Malaysia and Cambodia, which together accounted for a further 27%.

Among the main importing countries, Cambodia, with a CAGR of +50.9%, 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

In 2021, the import price in ASEAN amounted to $X per ton, jumping by 17% against the previous year. Overall, the import price, however, continues to indicate a slight reduction. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($X per ton), while Cambodia ($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 (+11.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform