ASEAN: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in ASEAN

In 2021, the ASEAN waffle and wafer market decreased by -0.7% to $X, falling for the second year in a row after three years of growth. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Waffle And Wafer Production in ASEAN

In value terms, waffle and wafer production rose slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.2% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the production volume increased by 17% against the previous year. As a result, production attained the peak level of $X; afterwards, it flattened through to 2021.

Waffle And Wafer Exports

Exports in ASEAN

In 2021, shipments abroad of waffles and wafers increased by 14% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports recorded a prominent expansion. The most prominent rate of growth was recorded in 2016 with an increase of 32%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, waffle and wafer exports surged to $X in 2021. In general, exports showed a remarkable increase. The growth pace was the most rapid in 2016 with an increase of 26% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia prevails in exports structure, resulting at X tons, which was near 86% of total exports in 2021. Malaysia (X tons) ranks second in terms of the total exports with a 7.7% share, followed by Thailand (4.7%).

Indonesia was also the fastest-growing in terms of the waffles and wafers exports, with a CAGR of +21.6% from 2012 to 2021. At the same time, Thailand (+5.8%) displayed positive paces of growth. By contrast, Malaysia (-2.1%) illustrated a downward trend over the same period. Indonesia (+32 p.p.) significantly strengthened its position in terms of the total exports, while Thailand and Malaysia saw its share reduced by -5.6% and -26.5% from 2012 to 2021, respectively.

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

In Indonesia, waffle and wafer exports increased at an average annual rate of +17.0% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-1.9% per year) and Thailand (+3.7% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, stabilizing at the previous year. In general, the export price, however, saw a perceptible contraction. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Malaysia ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+0.3%), while the other leaders experienced a decline in the export price figures.

Waffle And Wafer Imports

Imports in ASEAN

In 2021, purchases abroad of waffles and wafers decreased by -4.8% to X tons, falling for the second consecutive year after eight years of growth. Over the period under review, imports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2018 with an increase of 42% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, waffle and wafer imports stood at $X in 2021. In general, imports, however, continue to indicate resilient growth. The pace of growth was the most pronounced in 2018 when imports increased by 40% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

The countries with the highest levels of waffle and wafer imports in 2021 were the Philippines (X tons), Thailand (X tons) and Myanmar (X tons), together finishing at 64% of total import. Vietnam (X tons) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by Malaysia (12%) and Singapore (6.1%). Indonesia (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 Myanmar (with a CAGR of +60.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest waffle and wafer importing markets in ASEAN were Thailand ($X), the Philippines ($X) and Vietnam ($X), with a combined 59% share of total imports. Malaysia, Myanmar, Singapore and Indonesia lagged somewhat behind, together comprising a further 38%.

Among the main importing countries, Myanmar, with a CAGR of +49.1%, 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, picking up by 5.2% against the previous year. In general, the import price, however, continues to indicate a perceptible slump. The most prominent rate of growth was recorded in 2013 an increase of 8.2% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Singapore ($X per ton), while Myanmar ($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 (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform