Asia: Dry Vegetable Market 2024

Dry Vegetable Market Size in Asia

For the fourth year in a row, the Asian dry vegetable market recorded growth in sales value, which increased by 5.1% to $X in 2022. The market value increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the immediate term.

Dry Vegetable Production in Asia

In value terms, dry vegetable production fell to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2015 with an increase of 21% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Dry Vegetable Exports

Exports in Asia

After three years of growth, overseas shipments of dry vegetables decreased by -11.9% to X tons in 2022. The total export volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 when exports increased by 21% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then reduced in the following year.

In value terms, dry vegetable exports reached $X in 2022. Total exports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +36.8% against 2019 indices. The pace of growth appeared the most rapid in 2016 when exports increased by 36%. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China was the key exporting country with an export of about X tons, which accounted for 63% of total exports. It was distantly followed by India (X tons) and Turkey (X tons), together mixing up a 33% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to dry vegetable exports from China stood at +1.9%. At the same time, India (+7.6%) and Turkey (+2.7%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia, with a CAGR of +7.6% from 2012-2022. While the share of India (+10 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of China (-6.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest dry vegetable supplier in Asia, comprising 72% of total exports. The second position in the ranking was taken by India ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +2.2%. In the other countries, the average annual rates were as follows: India (+8.4% per year) and Turkey (+0.8% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, surging by 16% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the export price increased by 34%. Over the period under review, the export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+0.8%), while the other leaders experienced mixed trends in the export price figures.

Dry Vegetable Imports

Imports in Asia

In 2022, approx. X tons of dry vegetables were imported in Asia; growing by 1.8% against the year before. Total imports indicated a strong increase from 2012 to 2022: its volume 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, imports increased by +81.0% against 2012 indices. The pace of growth was the most pronounced in 2021 with an increase of 27% against the previous year. The volume of import peaked in 2022 and is likely to see gradual growth in the immediate term.

In value terms, dry vegetable imports rose sharply to $X in 2022. Total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +54.3% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 25% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Imports by Country

Israel (X tons), Japan (X tons) and Indonesia (X tons) represented roughly 50% of total imports in 2022. South Korea (X tons) took a 7.1% share (based on physical terms) of total imports, which put it in second place, followed by Malaysia (6.9%), Nepal (6.7%) and the Philippines (4.7%). The following importers - Thailand (X tons), Turkey (X tons), China (X tons), Vietnam (X tons), Singapore (X tons) and the United Arab Emirates (X tons) - together made up 14% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Nepal (with a CAGR of +58.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Israel ($X) and South Korea ($X) were the countries with the highest levels of imports in 2022, together accounting for 67% of total imports. Indonesia, Malaysia, the Philippines, Thailand, Turkey, Vietnam, Nepal, China, Singapore and the United Arab Emirates lagged somewhat behind, together accounting for a further 25%.

In terms of the main importing countries, Nepal, with a CAGR of +45.9%, saw the highest growth rate of 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 2022, the import price in Asia amounted to $X per ton, rising by 11% 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 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while Nepal ($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 (+12.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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