ASEAN: Preserved Sweet Corn Market 2024

Preserved Sweet Corn Market Size in ASEAN

In 2022, the ASEAN preserved sweet corn market was finally on the rise to reach $X after two years of decline. The total consumption indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Preserved Sweet Corn Production in ASEAN

In value terms, preserved sweet corn production declined modestly to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the production volume increased by 13%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Thailand (X tons) constituted the country with the largest volume of preserved sweet corn production, comprising approx. 94% of total volume. It was followed by Vietnam (X tons), with a 2.7% share of total production.

From 2012 to 2022, the average annual rate of growth in terms of volume in Thailand was relatively modest. In the other countries, the average annual rates were as follows: Vietnam (+0.7% per year) and Indonesia (+3.3% per year).

Preserved Sweet Corn Exports

Exports in ASEAN

In 2022, approx. X tons of sweet corn prepared or preserved were exported in ASEAN; reducing by -7.3% compared with 2021. The total export volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2014 when exports increased by 19%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, preserved sweet corn exports fell slightly to $X in 2022. The total export value increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2014 when exports increased by 15% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Thailand dominates exports structure, resulting at X tons, which was near 96% of total exports in 2022. Vietnam (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to preserved sweet corn exports from Thailand stood at +1.1%. At the same time, Vietnam (+12.7%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +12.7% from 2012-2022. While the share of Vietnam (+2.2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest preserved sweet corn supplier in ASEAN, comprising 95% of total exports. The second position in the ranking was held by Vietnam ($X), with a 4.2% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Thailand was relatively modest.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, rising by 3.7% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 11% against the previous year. The level of export peaked at $X per ton in 2013; afterwards, it flattened through to 2022.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Thailand amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+3.2%).

Preserved Sweet Corn Imports

Imports in ASEAN

Preserved sweet corn imports soared to X tons in 2022, increasing by 24% on 2021. The total import volume increased at an average annual rate of +4.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 48%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, preserved sweet corn imports soared to $X in 2022. Total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -3.7% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 46%. Over the period under review, imports attained the peak figure at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the Philippines (X tons) was the main importer of sweet corn prepared or preserved, creating 59% of total imports. Malaysia (X tons) held a 19% share (based on physical terms) of total imports, which put it in second place, followed by Singapore (12%) and Indonesia (6.2%). Vietnam (X tons) took a relatively small share of total imports.

The Philippines was also the fastest-growing in terms of the sweet corn prepared or preserved imports, with a CAGR of +8.1% from 2012 to 2022. At the same time, Vietnam (+1.7%) and Indonesia (+1.2%) displayed positive paces of growth. Malaysia and Singapore experienced a relatively flat trend pattern. From 2012 to 2022, the share of the Philippines increased by +18 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Philippines ($X) constitutes the largest market for imported sweet corn prepared or preserved in ASEAN, comprising 46% of total imports. The second position in the ranking was held by Malaysia ($X), with a 22% share of total imports. It was followed by Singapore, with a 16% share.

From 2012 to 2022, the average annual growth rate of value in the Philippines stood at +16.5%. In the other countries, the average annual rates were as follows: Malaysia (+0.5% per year) and Singapore (-0.3% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, dropping by -6.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The pace of growth appeared the most rapid in 2020 when the import price increased by 10% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2021, and then contracted in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+7.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform