Asia-Pacific: Dry Vegetable Market 2024

Dry Vegetable Market Size in Asia-Pacific

In 2022, the Asia-Pacific dry vegetable market increased by 2.1% to $X, rising for the second year in a row after three years of decline. The market value increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2017; afterwards, it flattened through to 2022.

Dry Vegetable Production in Asia-Pacific

In value terms, dry vegetable production contracted slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 26% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Dry Vegetable Exports

Exports in Asia-Pacific

After two years of growth, overseas shipments of dry vegetables decreased by -12.4% to X tons in 2022. The total export volume increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 with an increase of 26%. Over the period under review, the exports reached the maximum at X tons in 2021, and then contracted in the following year.

In value terms, dry vegetable exports totaled $X in 2022. Total exports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +41.0% against 2019 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 39% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China represented the largest exporting country with an export of around X tons, which resulted at 67% of total exports. It was distantly followed by India (X tons), making up a 30% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to dry vegetable exports from China stood at +1.9%. At the same time, India (+7.6%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +7.6% from 2012-2022. While the share of India (+11 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of China (-6.5 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest dry vegetable supplier in Asia-Pacific, comprising 76% of total exports. The second position in the ranking was held by India ($X), with a 17% share of total exports.

From 2012 to 2022, the average annual growth rate of value in China totaled +2.2%.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, surging by 17% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 36% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while India amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+0.8%).

Dry Vegetable Imports

Imports in Asia-Pacific

In 2022, after two years of growth, there was decline in supplies from abroad of dry vegetables, when their volume decreased by -0.1% to X tons. The total import volume increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 12%. As a result, imports attained the peak of X tons, leveling off in the following year.

In value terms, dry vegetable imports rose remarkably to $X in 2022. The total import value increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 11%. The level of import peaked in 2022 and is likely to continue growth in years to come.

Imports by Country

In 2022, Japan (X tons) and Indonesia (X tons) represented the key importers of dry vegetables in Asia-Pacific, together amounting to approx. 37% of total imports. South Korea (X tons) held the next position in the ranking, followed by Malaysia (X tons), Nepal (X tons), Australia (X tons), the Philippines (X tons) and Thailand (X tons). All these countries together took near 46% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Nepal (with a CAGR of +58.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constitutes the largest market for imported dry vegetables in Asia-Pacific, comprising 44% of total imports. The second position in the ranking was taken by South Korea ($X), with an 11% share of total imports. It was followed by Indonesia, with an 8% share.

From 2012 to 2022, the average annual growth rate of value in Japan amounted to +1.4%. In the other countries, the average annual rates were as follows: South Korea (+2.2% per year) and Indonesia (+8.1% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, picking up by 7.9% against the previous year. Overall, the import price saw a relatively flat trend pattern. Over the period under review, import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while Nepal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+12.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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