ASEAN: Vinegar-Preserved Vegetable Market 2024

Vinegar-Preserved Vegetable Market Size in ASEAN

For the fifth year in a row, the ASEAN vinegar-preserved vegetable market recorded growth in sales value, which increased by 3% to $X in 2022. The total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +92.1% against 2013 indices. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Vinegar-Preserved Vegetable Production in ASEAN

In value terms, vinegar-preserved vegetable production shrank modestly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2019 with an increase of 62%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Vinegar-Preserved Vegetable Exports

Exports in ASEAN

In 2022, overseas shipments of vegetables in vinegar other than potatoes decreased by -33.3% to X tons, falling for the third year in a row after three years of growth. Over the period under review, exports recorded a drastic downturn. The most prominent rate of growth was recorded in 2014 with an increase of 27% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, vinegar-preserved vegetable exports fell to $X in 2022. Overall, exports saw a mild curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 30% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam represented the major exporting country with an export of about X tons, which amounted to 70% of total exports. It was distantly followed by Thailand (X tons), mixing up a 23% share of total exports. The following exporters - Malaysia (X tons), the Philippines (X tons) and Singapore (X tons) - each resulted at a 5.6% share of total exports.

Exports from Vietnam decreased at an average annual rate of -8.0% from 2012 to 2022. At the same time, the Philippines (+12.2%) and Malaysia (+4.7%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +12.2% from 2012-2022. By contrast, Singapore (-1.2%) and Thailand (-3.6%) illustrated a downward trend over the same period. Thailand (+6.8 p.p.) and Malaysia (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Vietnam saw its share reduced by -9.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest vinegar-preserved vegetable supplying countries in ASEAN were Vietnam ($X), Thailand ($X) and Malaysia ($X), with a combined 94% share of total exports. The Philippines and Singapore lagged somewhat behind, together accounting for a further 5.3%.

The Philippines, with a CAGR of +18.0%, saw the highest growth rate of the value of exports, among the main exporting countries 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 2022, increasing by 29% against the previous year. Export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vinegar-preserved vegetable export price increased by +49.0% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+6.5%), while the other leaders experienced more modest paces of growth.

Vinegar-Preserved Vegetable Imports

Imports in ASEAN

In 2022, imports of vegetables in vinegar other than potatoes in ASEAN expanded to X tons, with an increase of 1.5% against the previous year. The total import volume increased at an average annual rate of +2.1% 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 was the most pronounced in 2015 when imports increased by 26%. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, vinegar-preserved vegetable imports surged to $X in 2022. The total import value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2015 when imports increased by 23% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Singapore represented the key importing country with an import of around X tons, which resulted at 37% of total imports. The Philippines (X tons) took a 17% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (16%), Malaysia (14%) and Indonesia (9.1%). Vietnam (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to vinegar-preserved vegetable imports into Singapore stood at +1.3%. At the same time, Vietnam (+14.0%), the Philippines (+7.9%), Thailand (+3.0%) and Malaysia (+2.7%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +14.0% from 2012-2022. By contrast, Indonesia (-4.2%) illustrated a downward trend over the same period. The Philippines (+7.4 p.p.) and Vietnam (+2.6 p.p.) significantly strengthened its position in terms of the total imports, while Singapore and Indonesia saw its share reduced by -2.9% and -8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported vegetables in vinegar other than potatoes in ASEAN, comprising 40% of total imports. The second position in the ranking was held by Thailand ($X), with a 20% share of total imports. It was followed by the Philippines, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Singapore totaled +1.1%. In the other countries, the average annual rates were as follows: Thailand (+3.0% per year) and the Philippines (+9.7% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, surging by 14% against the previous year. In general, the import price showed a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2013; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+6.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform