Asia-Pacific: Sour Cherry Market 2024

Sour Cherry Market Size in Asia-Pacific

After four years of decline, the Asia-Pacific sour cherry market increased by 35% to $X in 2022. The total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -30.7% against 2017 indices. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Sour Cherry Production in Asia-Pacific

In value terms, sour cherry production surged to $X in 2022 estimated in export price. Over the period under review, production posted buoyant growth. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Singapore (X tons) constituted the country with the largest volume of sour cherry production, accounting for 65% of total volume. Moreover, sour cherry production in Singapore exceeded the figures recorded by the second-largest producer, Australia (X tons), fivefold. The third position in this ranking was taken by Afghanistan (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Singapore was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: Australia (+1.2% per year) and Afghanistan (+2.3% per year).

Sour Cherry Exports

Exports in Asia-Pacific

In 2022, the amount of sour cherries exported in Asia-Pacific rose notably to X tons, picking up by 11% on 2021 figures. Overall, exports, however, recorded a drastic downturn. The growth pace was the most rapid in 2016 with an increase of 127%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, sour cherry exports soared to $X in 2022. In general, exports, however, showed a abrupt descent. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Australia represented the main exporting country with an export of around X tons, which resulted at 45% of total exports. It was distantly followed by Afghanistan (X tons), Singapore (X tons), Hong Kong SAR (X tons) and Thailand (X tons), together committing a 47% share of total exports. China (X tons) and Pakistan (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to sour cherry exports from Australia stood at -2.8%. At the same time, Afghanistan (+54.5%), Pakistan (+49.5%), Hong Kong SAR (+20.4%) and China (+7.0%) displayed positive paces of growth. Moreover, Afghanistan emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +54.5% from 2012-2022. By contrast, Singapore (-2.2%) and Thailand (-3.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Afghanistan, Australia, Hong Kong SAR, Singapore, China and Pakistan increased by +22, +15, +8.2, +4.2, +2.4 and +1.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) emerged as the largest sour cherry supplier in Asia-Pacific, comprising 69% of total exports. The second position in the ranking was taken by Singapore ($X), with a 15% share of total exports. It was followed by Hong Kong SAR, with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Australia stood at -2.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (-0.6% per year) and Hong Kong SAR (+44.2% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, with an increase of 143% against the previous year. In general, the export price, however, continues to indicate a slight slump. The level of export peaked at $X per ton in 2012; however, from 2013 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 Australia ($X per ton), while Afghanistan ($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 (+19.7%), while the other leaders experienced more modest paces of growth.

Sour Cherry Imports

Imports in Asia-Pacific

After three years of decline, supplies from abroad of sour cherries increased by 13% to X tons in 2022. Overall, imports, however, saw a mild setback. The most prominent rate of growth was recorded in 2014 with an increase of 72% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, sour cherry imports expanded markedly to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when imports increased by 63%. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons), distantly followed by South Korea (X tons), Vietnam (X tons), Singapore (X tons), Malaysia (X tons) and Taiwan (Chinese) (X tons) represented the major importers of sour cherries, together creating 93% of total imports. Hong Kong SAR (X tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +34.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest sour cherry importing markets in Asia-Pacific were China ($X), South Korea ($X) and Singapore ($X), together accounting for 74% of total imports. Malaysia, Taiwan (Chinese), Hong Kong SAR and Vietnam lagged somewhat behind, together comprising a further 22%.

In terms of the main importing countries, Malaysia, with a CAGR of +29.2%, recorded 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

The import price in Asia-Pacific stood at $X per ton in 2022, declining by -6.2% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the import price increased by 33% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

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 Singapore ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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