ASEAN: Inulin Market 2024

Inulin Market Size in ASEAN

The ASEAN inulin market contracted modestly to $X in 2021, with a decrease of -1.7% against the previous year. Over the period under review, consumption, however, recorded a noticeable descent. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Inulin Production in ASEAN

In value terms, inulin production shrank modestly to $X in 2021 estimated in export price. In general, production, however, recorded a noticeable reduction. The growth pace was the most rapid in 2014 when the production volume increased by 18% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Inulin Exports

Exports in ASEAN

For the fourth consecutive year, ASEAN recorded growth in overseas shipments of inulin, which increased by 16% to X tons in 2021. Over the period under review, exports posted significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 250%. The volume of export peaked in 2021 and is likely to continue growth in the near future.

In value terms, inulin exports surged to $X in 2021. Overall, exports continue to indicate significant growth. The pace of growth appeared the most rapid in 2014 when exports increased by 438%. The level of export peaked in 2021 and is likely to see gradual growth in the near future.

Exports by Country

Thailand prevails in exports structure, finishing at X tons, which was approx. 97% of total exports in 2021. Vietnam (X tons) held a little share of total exports.

Thailand was also the fastest-growing in terms of the inulin exports, with a CAGR of +57.7% from 2012 to 2021. At the same time, Vietnam (+39.8%) displayed positive paces of growth. From 2012 to 2021, the share of Thailand increased by +44 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest inulin supplier in ASEAN, comprising 97% of total exports. The second position in the ranking was held by Vietnam ($X), with a 1.8% share of total exports.

In Thailand, inulin exports expanded at an average annual rate of +57.8% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, with an increase of 20% against the previous year. In general, the export price, however, continues to indicate a mild contraction. The most prominent rate of growth was recorded in 2014 an increase of 54%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Vietnam totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+0.1%).

Inulin Imports

Imports in ASEAN

In 2021, approx. X tons of inulin were imported in ASEAN; rising by 2.9% compared with 2020. Total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +22.0% against 2016 indices. The most prominent rate of growth was recorded in 2016 with an increase of 15%. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the immediate term.

In value terms, inulin imports rose remarkably to $X in 2021. The total import value increased at an average annual rate of +4.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 19% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

In 2021, Indonesia (X tons) represented the key importer of inulin, comprising 49% of total imports. Thailand (X tons) took a 17% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (13%), the Philippines (11%) and Malaysia (8%). Singapore (X tons) took a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to inulin imports into Indonesia stood at +6.0%. At the same time, Vietnam (+12.3%), the Philippines (+8.6%), Singapore (+5.9%) and Thailand (+2.3%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +12.3% from 2012-2021. Malaysia experienced a relatively flat trend pattern. From 2012 to 2021, the share of Vietnam, Indonesia and the Philippines increased by +5.5, +2.7 and +2.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported inulin in ASEAN, comprising 50% of total imports. The second position in the ranking was held by Thailand ($X), with a 16% share of total imports. It was followed by the Philippines, with a 13% share.

From 2012 to 2021, the average annual growth rate of value in Indonesia stood at +5.6%. In the other countries, the average annual rates were as follows: Thailand (+1.1% per year) and the Philippines (+9.5% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, growing by 9.6% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in the Philippines ($X per ton) and Singapore ($X per ton), while Malaysia ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+0.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform