ASEAN: Vitamin Market 2024

Vitamin Market Size in ASEAN

The ASEAN vitamin market rose rapidly to $X in 2021, surging by 5.4% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +7.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +96.8% against 2012 indices. The level of consumption peaked in 2021 and is likely to continue growth in years to come.

Vitamin Production in ASEAN

In value terms, vitamin production stood at $X in 2021 estimated in export price. The total production indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +7.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -0.8% against 2018 indices. The most prominent rate of growth was recorded in 2014 with an increase of 22% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Vitamin Exports

Exports in ASEAN

In 2021, shipments abroad of provitamins and vitamins decreased by -11.9% to X tons, falling for the fourth consecutive year after six years of growth. Overall, exports saw a abrupt curtailment. The pace of growth was the most pronounced in 2016 when exports increased by 11%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, vitamin exports shrank remarkably to $X in 2021. In general, exports showed a pronounced descent. The pace of growth appeared the most rapid in 2016 with an increase of 13% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Singapore prevails in exports structure, reaching X tons, which was near 81% of total exports in 2021. Malaysia (X tons) held the second position in the ranking, followed by Thailand (X tons). All these countries together took near 17% share of total exports.

Exports from Singapore decreased at an average annual rate of -4.7% from 2012 to 2021. At the same time, Malaysia (+10.7%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +10.7% from 2012-2021. By contrast, Thailand (-15.4%) illustrated a downward trend over the same period. Malaysia (+7.5 p.p.) and Singapore (+3.9 p.p.) significantly strengthened its position in terms of the total exports, while Thailand saw its share reduced by -12.4% from 2012 to 2021, respectively.

In value terms, Singapore ($X) remains the largest vitamin supplier in ASEAN, comprising 81% of total exports. The second position in the ranking was held by Malaysia ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Singapore totaled -4.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+10.9% per year) and Thailand (-12.7% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, reducing by -3.7% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the export price increased by 26% against the previous year. As a result, the export price reached the peak level of $X per ton, and then declined slightly in the following year.

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 Malaysia ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+3.2%), while the other leaders experienced mixed trends in the export price figures.

Vitamin Imports

Imports in ASEAN

For the fourth year in a row, ASEAN recorded growth in supplies from abroad of provitamins and vitamins, which increased by 7% to X tons in 2021. The total import volume increased at an average annual rate of +4.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 14%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, vitamin imports totaled $X in 2021. The total import value increased at an average annual rate of +3.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 17%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Indonesia (X tons), Vietnam (X tons), Singapore (X tons), Thailand (X tons) and the Philippines (X tons) represented roughly 91% of total imports in 2021. It was distantly followed by Malaysia (X tons), comprising an 8.2% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the Philippines (with a CAGR of +12.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest vitamin importing markets in ASEAN were Singapore ($X), Indonesia ($X) and Vietnam ($X), together comprising 65% of total imports. Thailand, the Philippines and Malaysia lagged somewhat behind, together accounting for a further 34%.

Among the main importing countries, the Philippines, with a CAGR of +12.5%, 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

In 2021, the import price in ASEAN amounted to $X per ton, waning by -4.4% against the previous year. Overall, the import price recorded a slight slump. The pace of growth appeared the most rapid in 2018 when the import price increased by 17% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while the Philippines ($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 (+0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform