Asia: Market for Frozen Vegetables other than Potato and Corn 2024

Market Size for Frozen Vegetables other than Potato and Corn in Asia

The Asian market for frozen vegetables other than potato and corn was finally on the rise to reach $X in 2022, after two years of decline. Over the period under review, consumption showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 3.5%. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Production of Frozen Vegetables other than Potato and Corn in Asia

In value terms, production of frozen vegetables other than potato and corn reduced to $X in 2022 estimated in export price. Overall, production recorded a perceptible expansion. The pace of growth appeared the most rapid in 2018 with an increase of 31%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Frozen Vegetables other than Potato and Corn

Exports in Asia

In 2022, the amount of frozen vegetables other than potato and corn exported in Asia rose modestly to X tons, increasing by 2.4% compared with the year before. The total export volume increased at an average annual rate of +3.1% 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 2017 with an increase of 12%. Over the period under review, the exports of attained the maximum in 2022 and are likely to continue growth in the near future.

In value terms, exports of frozen vegetables other than potato and corn rose notably to $X in 2022. The total export value increased at an average annual rate of +3.6% 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 9.6%. Over the period under review, the exports of attained the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

China prevails in corn structure, amounting to X tons, which was near 79% of total exports in 2022. It was distantly followed by Turkey (X tons), creating a 5.4% share of total exports. The following exporters - India (X tons), Thailand (X tons), Taiwan (Chinese) (X tons) and Vietnam (X tons) - together made up 11% of total exports.

Exports from China increased at an average annual rate of +3.1% from 2012 to 2022. At the same time, Turkey (+11.4%), India (+6.4%) and Vietnam (+5.2%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +11.4% from 2012-2022. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Thailand (-3.6%) illustrated a downward trend over the same period. Turkey (+2.9 p.p.) significantly strengthened its position in terms of the total exports, while Thailand saw its share reduced by -2.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest frozen vegetables other than potato and corn supplier in Asia, comprising 74% of total exports. The second position in the ranking was taken by Turkey ($X), with a 5.4% share of total exports. It was followed by Thailand, with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +3.4%. In the other countries, the average annual rates were as follows: Turkey (+9.6% per year) and Thailand (-2.0% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, with an increase of 5.5% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 6.8%. The level of export peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while China ($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 (+4.1%), while the other leaders experienced more modest paces of growth.

Imports of Frozen Vegetables other than Potato and Corn

Imports in Asia

In 2022, approx. X tons of frozen vegetables other than potato and corn were imported in Asia; therefore, remained relatively stable against 2021. The total import volume increased at an average annual rate of +2.4% 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 2018 with an increase of 10%. Over the period under review, imports of hit record highs at X tons in 2021, and then reduced slightly in the following year.

In value terms, imports of frozen vegetables other than potato and corn rose slightly to $X in 2022. The total import value increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of 9%. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Imports by Country

Japan represented the key importer of frozen vegetables other than potato and corn in Asia, with the volume of imports accounting for X tons, which was approx. 47% of total imports in 2022. It was distantly followed by South Korea (X tons), achieving a 27% share of total imports. The United Arab Emirates (X tons), Taiwan (Chinese) (X tons), Hong Kong SAR (X tons), Israel (X tons) and China (X tons) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +13.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constitutes the largest market for imported frozen vegetables other than potato and corn in Asia, comprising 63% of total imports. The second position in the ranking was taken by South Korea ($X), with a 15% share of total imports. It was followed by the United Arab Emirates, with a 3.5% share.

In Japan, imports of frozen vegetables other than potato and corn increased at an average annual rate of +2.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+5.0% per year) and the United Arab Emirates (+6.7% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, rising by 5.4% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. As a result, import 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 importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while South Korea ($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 (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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