ASEAN: Market for Lucerne (Alfalfa) Meal And Pellets 2024

Market Size for Lucerne (Alfalfa) Meal And Pellets in ASEAN

The ASEAN lucerne meal and pellets market was estimated at $X in 2021, approximately equating the previous year. Over the period under review, consumption recorded resilient growth. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Production of Lucerne (Alfalfa) Meal And Pellets in ASEAN

In value terms, lucerne meal and pellets production contracted modestly to $X in 2021 estimated in export price. Overall, production recorded a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 42% against the previous year. The level of production peaked at $X in 2020, and then shrank slightly in the following year.

Exports of Lucerne (Alfalfa) Meal And Pellets

Exports in ASEAN

In 2021, shipments abroad of lucerne (alfalfa) meal and pellets increased by 36% to X tons, rising for the second year in a row after five years of decline. In general, exports, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2013 with an increase of 273% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, lucerne meal and pellets exports skyrocketed to $X in 2021. Overall, exports, however, showed a abrupt contraction. The pace of growth appeared the most rapid in 2013 with an increase of 267%. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Cambodia (X tons) was the key exporter of lucerne (alfalfa) meal and pellets, creating 57% of total exports. Thailand (X tons) held the second position in the ranking, distantly followed by Malaysia (X tons). All these countries together held near 41% share of total exports. Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Malaysia (with a CAGR of +3.4%), while the other leaders experienced a decline in the exports figures.

In value terms, Cambodia ($X) remains the largest lucerne meal and pellets supplier in ASEAN, comprising 55% of total exports. The second position in the ranking was held by Thailand ($X), with a 23% share of total exports. It was followed by Malaysia, with a 12% share.

In Cambodia, lucerne meal and pellets exports decreased by an average annual rate of -2.4% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (-18.8% per year) and Malaysia (+9.8% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, declining by -2.9% against the previous year. Export price indicated a perceptible increase from 2012 to 2021: its price increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, lucerne meal and pellets export price decreased by -14.0% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the export price increased by 64%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+6.4%), while the other leaders experienced more modest paces of growth.

Imports of Lucerne (Alfalfa) Meal And Pellets

Imports in ASEAN

In 2021, supplies from abroad of lucerne (alfalfa) meal and pellets increased by 5.7% to X tons, rising for the third year in a row after four years of decline. Overall, imports showed resilient growth. The pace of growth was the most pronounced in 2019 when imports increased by 103%. The volume of import peaked in 2021 and is likely to see gradual growth in the near future.

In value terms, lucerne meal and pellets imports totaled $X in 2021. In general, imports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2019 when imports increased by 98%. The level of import peaked in 2021 and is expected to retain growth in the near future.

Imports by Country

Malaysia (X tons) and the Philippines (X tons) represented the main importers of lucerne (alfalfa) meal and pellets in 2021, reaching near 35% and 33% of total imports, respectively. Thailand (X tons) took an 18% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (5.4%). Singapore (X tons), Brunei Darussalam (X tons) and Lao People's Democratic Republic (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Brunei Darussalam (with a CAGR of +91.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Thailand ($X) and the Philippines ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 85% share of total imports. These countries were followed by Singapore, Vietnam, Brunei Darussalam and Lao People's Democratic Republic, which together accounted for a further 14%.

Brunei Darussalam, with a CAGR of +83.5%, saw the highest growth rate of the value of imports, among the main importing countries 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, which is down by -4.9% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the import price increased by 52%. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Brunei Darussalam ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+6.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform