Asia: Cherry Market 2024

Cherry Market Size in Asia

For the seventh year in a row, the Asian cherry market recorded growth in sales value, which increased by 6.9% to $X in 2022. The total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.2% 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 +97.1% against 2015 indices. Over the period under review, the market attained the maximum level in 2022 and is likely to continue growth in the near future.

Cherry Production in Asia

In value terms, cherry production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 37%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

The country with the largest volume of cherry production was Turkey (X tons), comprising approx. 54% of total volume. Moreover, cherry production in Turkey exceeded the figures recorded by the second-largest producer, Uzbekistan (X tons), fourfold. The third position in this ranking was held by Iran (X tons), with a 12% share.

In Turkey, cherry production expanded at an average annual rate of +4.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Uzbekistan (+12.4% per year) and Iran (-4.6% per year).

In 2022, the average yield of cherries in Asia rose to X tons per ha, increasing by 2.1% compared with the year before. The yield figure increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 14%. Over the period under review, the cherry yield reached the maximum level at X tons per ha in 2020; however, from 2021 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The cherry harvested area stood at X ha in 2022, remaining constant against the year before. Overall, the harvested area continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the harvested area increased by 8.1% against the previous year. As a result, the harvested area attained the peak level of X ha. From 2020 to 2022, the growth of the cherry harvested area remained at a somewhat lower figure.

Cherry Exports

Exports in Asia

After two years of growth, shipments abroad of cherries decreased by -9% to X tons in 2022. Overall, exports, however, showed a remarkable increase. The pace of growth appeared the most rapid in 2018 when exports increased by 72%. Over the period under review, the exports hit record highs at X tons in 2021, and then reduced in the following year.

In value terms, cherry exports rose sharply to $X in 2022. Over the period under review, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2018 when exports increased by 79%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Hong Kong SAR was the largest exporting country with an export of about X tons, which accounted for 69% of total exports. It was distantly followed by Turkey (X tons), Azerbaijan (X tons) and Uzbekistan (X tons), together comprising a 28% share of total exports.

Hong Kong SAR was also the fastest-growing in terms of the cherries exports, with a CAGR of +26.1% from 2012 to 2022. At the same time, Azerbaijan (+16.1%) displayed positive paces of growth. Turkey experienced a relatively flat trend pattern. By contrast, Uzbekistan (-11.6%) illustrated a downward trend over the same period. Hong Kong SAR (+44 p.p.) and Uzbekistan (+4.8 p.p.) significantly strengthened its position in terms of the total exports, while Turkey saw its share reduced by -44.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($X) remains the largest cherry supplier in Asia, comprising 85% of total exports. The second position in the ranking was taken by Turkey ($X), with an 8.8% share of total exports. It was followed by Azerbaijan, with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Hong Kong SAR stood at +29.3%. In the other countries, the average annual rates were as follows: Turkey (-1.5% per year) and Azerbaijan (+15.8% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, increasing by 20% against the previous year. Export price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cherry export price increased by +84.0% against 2015 indices. The pace of growth appeared the most rapid in 2016 an increase of 28% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

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 Hong Kong SAR ($X per ton), while Azerbaijan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+2.5%), while the other leaders experienced a decline in the export price figures.

Cherry Imports

Imports in Asia

In 2022, imports of cherries in Asia reduced to X tons, dropping by -5.7% against 2021. Overall, imports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2018 when imports increased by 75%. Over the period under review, imports reached the maximum at X tons in 2021, and then declined in the following year.

In value terms, cherry imports totaled $X in 2022. In general, imports, however, posted a remarkable increase. The pace of growth was the most pronounced in 2018 with an increase of 60% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

China was the major importing country with an import of about X tons, which finished at 56% of total imports. It was distantly followed by Hong Kong SAR (X tons), achieving a 34% share of total imports. The following importers - South Korea (X tons) and Taiwan (Chinese) (X tons) - each reached a 3.5% share of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +24.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported cherries in Asia, comprising 62% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 30% share of total imports. It was followed by South Korea, with a 2.6% share.

In China, cherry imports increased at an average annual rate of +24.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Hong Kong SAR (+18.4% per year) and South Korea (+3.5% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, with an increase of 17% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 27%. The level of import peaked at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :