ASEAN: Insecticide Market 2024

Insecticide Market Size in ASEAN

The ASEAN insecticide market soared to $X in 2021, growing by 18% against the previous year. The total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +8.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +105.5% against 2015 indices. The level of consumption peaked in 2021 and is expected to retain growth in years to come.

Insecticide Production in ASEAN

In value terms, insecticide production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when the production volume increased by 46%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Insecticide Exports

Exports in ASEAN

In 2021, the amount of insecticides exported in ASEAN expanded notably to X tons, growing by 11% compared with 2020 figures. The total export volume increased at an average annual rate of +2.5% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when exports increased by 16% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, insecticide exports soared to $X in 2021. Total exports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +9.4% 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 +13.7% against 2017 indices. The pace of growth was the most pronounced in 2017 with an increase of 40%. The level of export peaked in 2021 and is likely to see gradual growth in the immediate term.

Exports by Country

In 2021, Indonesia (X tons) represented the major exporter of insecticides, committing 49% of total exports. Malaysia (X tons) ranks second in terms of the total exports with a 21% share, followed by Thailand (13%), Singapore (9.9%) and Vietnam (7.2%).

From 2012 to 2021, average annual rates of growth with regard to insecticide exports from Indonesia stood at +1.5%. At the same time, Thailand (+10.2%), Singapore (+8.9%) and Vietnam (+3.9%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +10.2% from 2012-2021. Malaysia experienced a relatively flat trend pattern. While the share of Thailand (+6 p.p.) and Singapore (+4.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Indonesia (-4.9 p.p.) and Malaysia (-6.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest insecticide supplying countries in ASEAN were Singapore ($X), Indonesia ($X) and Malaysia ($X), with a combined 90% share of total exports.

In terms of the main exporting countries, Singapore, with a CAGR of +21.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, with an increase of 4.2% against the previous year. Export price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, insecticide export price decreased by -10.0% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the export price increased by 37% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

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 Singapore ($X per ton), while Malaysia ($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 (+11.3%), while the other leaders experienced more modest paces of growth.

Insecticide Imports

Imports in ASEAN

In 2021, supplies from abroad of insecticides increased by 18% to X tons, rising for the second year in a row after two years of decline. In general, imports enjoyed prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of 46%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, insecticide imports totaled $X in 2021. Total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.7% 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 decreased by -0.9% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 29%. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Thailand (X tons), Vietnam (X tons), the Philippines (X tons), Indonesia (X tons), Malaysia (X tons) and Cambodia (X tons) represented roughly 91% of total imports in 2021. It was distantly followed by Myanmar (X tons), constituting a 6.1% share 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 +33.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest insecticide importing markets in ASEAN were Indonesia ($X), Vietnam ($X) and the Philippines ($X), with a combined 75% share of total imports. Malaysia, Cambodia and Myanmar lagged somewhat behind, together accounting for a further 18%.

In terms of the main importing countries, Cambodia, with a CAGR of +30.5%, saw the highest rates of growth with regard to 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, which is down by -2.4% against the previous year. Overall, the import price recorded a perceptible downturn. The most prominent rate of growth was recorded in 2018 an increase of 15% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2013; however, from 2014 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 Indonesia ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+8.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform