Asia-Pacific: Carob Market 2024

Carob Market Size in Asia-Pacific

For the fifth consecutive year, the Asia-Pacific carob market recorded decline in sales value, which decreased by -81.3% to $X in 2021. Overall, consumption continues to indicate a sharp setback. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Carob Production in Asia-Pacific

In value terms, carob production contracted markedly to $X in 2021 estimated in export price. Overall, production, however, saw a prominent increase. The pace of growth appeared the most rapid in 2020 when the production volume increased by 309%. As a result, production reached the peak level of $X, and then contracted rapidly in the following year.

Thailand (X tons) constituted the country with the largest volume of carob production, accounting for 52% of total volume. Moreover, carob production in Thailand exceeded the figures recorded by the second-largest producer, Pakistan (X tons), threefold. The third position in this ranking was taken by Macao SAR (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume in Thailand stood at -50.0%. In the other countries, the average annual rates were as follows: Pakistan (+2.3% per year) and Macao SAR (+1.5% per year).

Carob Exports

Exports in Asia-Pacific

In 2021, exports of carob in Asia-Pacific declined markedly to X tons, waning by -50.4% against the year before. Overall, exports faced a abrupt descent. The most prominent rate of growth was recorded in 2017 when exports increased by 69% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, carob exports shrank rapidly to $X in 2021. Over the period under review, exports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2017 when exports increased by 55% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The shipments of the four major exporters of carob, namely Australia, Malaysia, India and China, represented more than two-thirds of total export. It was distantly followed by Japan (X tons) and South Korea (X tons), together generating a 16% share of total exports. Pakistan (X tons) took a relatively small share of total exports.

From 2012 to 2021, the biggest increases were in South Korea (with a CAGR of +68.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest carob supplying countries in Asia-Pacific were Australia ($X), India ($X) and China ($X), with a combined 82% share of total exports. Japan, Malaysia, South Korea and Pakistan lagged somewhat behind, together comprising a further 18%.

South Korea, with a CAGR of +68.3%, recorded the highest growth rate of the value of exports, among 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

The export price in Asia-Pacific stood at $X per ton in 2021, reducing by -8.4% against the previous year. Overall, the export price, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2019 when the export price increased by 99% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+8.5%), while the other leaders experienced more modest paces of growth.

Carob Imports

Imports in Asia-Pacific

After three years of growth, purchases abroad of carob decreased by -81.7% to X tons in 2021. Overall, imports showed a deep contraction. The pace of growth was the most pronounced in 2013 when imports increased by 28% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, carob imports shrank significantly to $X in 2021. Over the period under review, imports showed a abrupt downturn. The pace of growth was the most pronounced in 2018 when imports increased by 43%. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Thailand (X tons) and Myanmar (X tons) represented roughly 67% of total imports in 2021. Indonesia (X tons) took a 6.8% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (6.7%) and Taiwan (Chinese) (4.7%). The following importers - Malaysia (X tons) and Cambodia (X tons) - each reached a 7.4% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Taiwan (Chinese) (with a CAGR of +54.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest carob importing markets in Asia-Pacific were Myanmar ($X), Thailand ($X) and Malaysia ($X), together comprising 67% of total imports. These countries were followed by Indonesia, Taiwan (Chinese), Vietnam and Cambodia, which together accounted for a further 17%.

Taiwan (Chinese), with a CAGR of +50.3%, saw the highest rates of growth with regard to the value of imports, in terms of 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

In 2021, the import price in Asia-Pacific amounted to $X per ton, growing by 36% against the previous year. Import price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when the import price increased by 50%. Over the period under review, import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Malaysia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Myanmar (+13.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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