Asia-Pacific: Biological Product Market 2024

Biological Product Market Size in Asia-Pacific

The Asia-Pacific biological product market rose remarkably to $X in 2022, increasing by X% against the previous year. In general, consumption, however, recorded a strong increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Biological Product Production in Asia-Pacific

In value terms, biological product production soared to $X in 2022 estimated in export price. Overall, production, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Biological Product Exports

Exports in Asia-Pacific

In 2022, after four years of growth, there was significant decline in shipments abroad of biological products, when their volume decreased by X% to X tons. In general, exports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports attained the peak of X tons, and then reduced dramatically in the following year.

In value terms, biological product exports fell rapidly to $X in 2022. Over the period under review, exports, however, continue to indicate resilient growth. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of $X, and then declined rapidly in the following year.

Exports by Country

China dominates exports structure, amounting to X tons, which was approx. X% of total exports in 2022. It was distantly followed by South Korea (X tons), making up an X% share of total exports. India (X tons), Australia (X tons) and Singapore (X tons) took a relatively small share of total exports.

China was also the fastest-growing in terms of the biological products exports, with a CAGR of X% from 2012 to 2022. At the same time, South Korea (X%), Singapore (X%) and Australia (X%) displayed positive paces of growth. India experienced a relatively flat trend pattern. While the share of China (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Australia (X p.p.) and India (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest biological product supplying countries in Asia-Pacific were South Korea ($X), Singapore ($X) and Australia ($X), with a combined X% share of total exports.

South Korea, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, picking up by X% against the previous year. In general, the export price, however, continues to indicate a slight setback. Over the period under review, the export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2022, 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 Singapore ($X,937 per ton), while China ($X per ton) was amongst the lowest.

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

Biological Product Imports

Imports in Asia-Pacific

In 2022, after six years of growth, there was significant decline in purchases abroad of biological products, when their volume decreased by X% to X tons. Overall, imports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons, and then fell markedly in the following year.

In value terms, biological product imports dropped markedly to $X in 2022. Over the period under review, imports, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then declined significantly in the following year.

Imports by Country

Vietnam represented the main importer of biological products in Asia-Pacific, with the volume of imports resulting at X tons, which was approx. X% of total imports in 2022. It was distantly followed by China (X tons), Australia (X tons), Taiwan (Chinese) (X tons), Japan (X tons) and the Philippines (X tons), together generating a X% share of total imports. South Korea (X tons) followed a long way behind the leaders.

Imports into Vietnam increased at an average annual rate of X% from 2012 to 2022. At the same time, Taiwan (Chinese) (X%), the Philippines (X%), Australia (X%), China (X%) and South Korea (X%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of X% from 2012-2022. By contrast, Japan (X%) illustrated a downward trend over the same period. Vietnam (X p.p.), Taiwan (Chinese) (X p.p.), Australia (X p.p.) and the Philippines (X p.p.) significantly strengthened its position in terms of the total imports, while South Korea, China and Japan saw its share reduced by X%, X% and X% from 2012 to 2022, respectively.

In value terms, the largest biological product importing markets in Asia-Pacific were Japan ($X), China ($X) and Australia ($X), with a combined X% share of total imports. South Korea, Taiwan (Chinese), Vietnam and the Philippines lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Taiwan (Chinese), with a CAGR of X%, 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 2022, the import price in Asia-Pacific amounted to $X per ton, increasing by X% against the previous year. Import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 ($X,645 per ton), while Vietnam ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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