Asia: Market for Lucerne (Alfalfa) Meal And Pellets 2024

Market Size for Lucerne (Alfalfa) Meal And Pellets in Asia

In 2021, the Asian lucerne meal and pellets market decreased by -4.4% to $X for the first time since 2015, thus ending a five-year rising trend. The total consumption indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +64.5% against 2015 indices. Over the period under review, the market attained the maximum level at $X in 2020, and then contracted modestly in the following year.

Production of Lucerne (Alfalfa) Meal And Pellets in Asia

In value terms, lucerne meal and pellets production dropped to $X in 2021 estimated in export price. In general, production posted strong growth. The most prominent rate of growth was recorded in 2019 when the production volume increased by 27% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then contracted in the following year.

Exports of Lucerne (Alfalfa) Meal And Pellets

Exports in Asia

In 2021, overseas shipments of lucerne (alfalfa) meal and pellets increased by 21% to X tons, rising for the fourth consecutive year after three years of decline. Total exports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +112.8% against 2017 indices. The most prominent rate of growth was recorded in 2014 with an increase of 37%. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, lucerne meal and pellets exports shrank slightly to $X in 2021. Over the period under review, exports, however, saw a pronounced contraction. The most prominent rate of growth was recorded in 2020 with an increase of 51% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Oman dominates exports structure, amounting to X tons, which was near 77% of total exports in 2021. Turkey (X tons) ranks second in terms of the total exports with a 9.3% share, followed by Iran (5.9%). The United Arab Emirates (X tons) and Pakistan (X tons) followed a long way behind the leaders.

Exports from Oman increased at an average annual rate of +11.1% from 2012 to 2021. At the same time, Turkey (+47.2%), the United Arab Emirates (+9.9%) and Iran (+9.5%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +47.2% from 2012-2021. By contrast, Pakistan (-22.0%) illustrated a downward trend over the same period. Oman (+28 p.p.), Turkey (+8.9 p.p.) and Iran (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Pakistan saw its share reduced by -23.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Oman ($X) remains the largest lucerne meal and pellets supplier in Asia, comprising 69% of total exports. The second position in the ranking was taken by Turkey ($X), with a 14% share of total exports. It was followed by Iran, with a 6.6% share.

From 2012 to 2021, the average annual growth rate of value in Oman totaled -4.1%. In the other countries, the average annual rates were as follows: Turkey (+52.4% per year) and Iran (+16.8% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, waning by -17.7% against the previous year. In general, the export price continues to indicate a deep slump. The most prominent rate of growth was recorded in 2017 when the export price increased by 78% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iran (+6.7%), while the other leaders experienced more modest paces of growth.

Imports of Lucerne (Alfalfa) Meal And Pellets

Imports in Asia

In 2021, overseas purchases of lucerne (alfalfa) meal and pellets increased by 10% to X tons, rising for the second year in a row after four years of decline. Total imports indicated a pronounced increase from 2012 to 2021: its volume increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +65.0% against 2019 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 50% against the previous year. The volume of import peaked in 2021 and is likely to continue growth in years to come.

In value terms, lucerne meal and pellets imports rose rapidly to $X in 2021. The total import value increased at an average annual rate of +2.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when imports increased by 43% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, Saudi Arabia (X tons) and the United Arab Emirates (X tons) were the largest importers of lucerne (alfalfa) meal and pellets in Asia, together achieving 57% of total imports. It was distantly followed by Japan (X tons), Jordan (X tons), China (X tons) and Qatar (X tons), together comprising a 29% share of total imports. South Korea (X tons) took a relatively small share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by China (with a CAGR of +41.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest lucerne meal and pellets importing markets in Asia were Saudi Arabia ($X), the United Arab Emirates ($X) and Japan ($X), with a combined 61% share of total imports. Qatar, Jordan, China and South Korea lagged somewhat behind, together comprising a further 27%.

Jordan, with a CAGR of +34.2%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, surging by 1.7% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 14% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, 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 Qatar ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+2.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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