Asia-Pacific: Chicory Market 2024

Chicory Market Size in Asia-Pacific

After three years of growth, the Asia-Pacific chicory market decreased by -0.1% to $X in 2021. The market value increased at an average annual rate of +4.1% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Chicory Production in Asia-Pacific

In value terms, chicory production reduced modestly to $X in 2021 estimated in export price. In general, production, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2015 with an increase of 89% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a lower figure.

The countries with the highest volumes of production in 2021 were the Philippines (X tons), India (X tons) and Myanmar (X tons), together comprising 98% of total production.

From 2012 to 2021, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by the Philippines (with a CAGR of +0.9%), while production for the other leaders experienced more modest paces of growth.

The average chicory yield contracted to X tons per ha in 2021, remaining stable against the year before. Over the period under review, the yield, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 1.3%. The level of yield peaked at X tons per ha in 2020, and then fell modestly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The chicory harvested area reached X ha in 2021, leveling off at 2020. In general, the harvested area continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 3.1%. The level of harvested area peaked at X ha in 2016; however, from 2017 to 2021, the harvested area failed to regain momentum.

Chicory Exports

Exports in Asia-Pacific

In 2021, approx. X tons of chicory were exported in Asia-Pacific; growing by 18% against 2020. Overall, exports posted a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 167%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in years to come.

In value terms, chicory exports contracted modestly to $X in 2021. In general, exports showed significant growth. The pace of growth appeared the most rapid in 2013 when exports increased by 193%. The level of export peaked at $X in 2020, and then reduced modestly in the following year.

Exports by Country

India was the main exporter of chicory in Asia-Pacific, with the volume of exports resulting at X tons, which was near 80% of total exports in 2021. It was distantly followed by Myanmar (X tons), comprising an 18% share of total exports. Vietnam (X tons) took a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to chicory exports from India stood at +14.4%. At the same time, Vietnam (+25.9%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +25.9% from 2012-2021. Myanmar experienced a relatively flat trend pattern. From 2012 to 2021, the share of India increased by +80 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest chicory supplier in Asia-Pacific, comprising 75% of total exports. The second position in the ranking was held by Vietnam ($X), with a 15% share of total exports.

From 2012 to 2021, the average annual growth rate of value in India amounted to +10.5%. In the other countries, the average annual rates were as follows: Vietnam (+51.7% per year) and Myanmar (+1.7% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, falling by -17% against the previous year. Export price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, chicory export price decreased by -24.0% against 2019 indices. The pace of growth appeared the most rapid in 2014 when the export price increased by 48%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+20.5%), while the other leaders experienced mixed trends in the export price figures.

Chicory Imports

Imports in Asia-Pacific

For the third year in a row, Asia-Pacific recorded growth in purchases abroad of chicory, which increased by 152% to X tons in 2021. In general, imports enjoyed a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, chicory imports skyrocketed to $X in 2021. Over the period under review, imports recorded a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the four major importers of chicory, namely Vietnam, Taiwan (Chinese), Australia and China, represented more than two-thirds of total import.

From 2012 to 2021, the biggest increases were in Australia (with a CAGR of +75.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X), Vietnam ($X) and Australia ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 76% share of total imports.

Among the main importing countries, Australia, with a CAGR of +74.9%, 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

In 2021, the import price in Asia-Pacific amounted to $X per ton, increasing by 14% against the previous year. In general, the import price, however, continues to indicate a pronounced setback. The growth pace was the most rapid in 2013 an increase of 47%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+24.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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