Asia-Pacific: Market for Forage Harvesters and Other Harvesting Machines 2024

Market Size for Forage Harvesters and Other Harvesting Machines in Asia-Pacific

In 2021, the Asia-Pacific market for forage harvesters and other harvesting machines was finally on the rise to reach $X after two years of decline. Over the period under review, consumption, however, continues to indicate a mild slump. The most prominent rate of growth was recorded in 2018 with an increase of 9.8%. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Forage Harvesters and Other Harvesting Machines in Asia-Pacific

In value terms, production of forage harvesters and other harvesting machines expanded modestly to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 11% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Forage Harvesters and Other Harvesting Machines

Exports in Asia-Pacific

In 2021, exports of forage harvesters and other harvesting machines in Asia-Pacific dropped notably to X units, waning by -62.3% against 2020. In general, exports, however, recorded a moderate expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 131% against the previous year. The volume of export peaked at X units in 2020, and then reduced dramatically in the following year.

In value terms, exports of forage harvesters and other harvesting machines reduced markedly to $X in 2021. Overall, exports, however, posted measured growth. The most prominent rate of growth was recorded in 2016 when exports increased by 132% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China was the main exporting country with an export of about X units, which amounted to 54% of total exports. India (X units) held a 13% share (based on physical terms) of total exports, which put it in second place, followed by New Zealand (11%) and Australia (8.8%). The following exporters - Thailand (X units) and Japan (X units) - each accounted for an 8.2% share of total exports.

Exports from China increased at an average annual rate of +14.4% from 2012 to 2021. At the same time, New Zealand (+21.9%) and India (+13.6%) displayed positive paces of growth. Moreover, New Zealand emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +21.9% from 2012-2021. By contrast, Australia (-1.2%), Japan (-4.9%) and Thailand (-11.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China, New Zealand and India increased by +31, +8.4 and +7.1 percentage points, respectively.

In value terms, China ($X) remains the largest forage harvesters and other harvesting machines supplier in Asia-Pacific, comprising 48% of total exports. The second position in the ranking was taken by India ($X), with a 14% share of total exports. It was followed by New Zealand, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in China totaled +13.2%. In the other countries, the average annual rates were as follows: India (+15.7% per year) and New Zealand (+16.2% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per unit in 2021, surging by 22% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The level of export peaked at $X per unit in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+4.5%), while the other leaders experienced more modest paces of growth.

Imports of Forage Harvesters and Other Harvesting Machines

Imports in Asia-Pacific

In 2021, purchases abroad of forage harvesters and other harvesting machines decreased by -9.1% to X units, falling for the second consecutive year after three years of growth. Over the period under review, imports continue to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2017 with an increase of 67%. The volume of import peaked at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, imports of forage harvesters and other harvesting machines dropped significantly to $X in 2021. In general, imports recorded a pronounced contraction. The pace of growth was the most pronounced in 2017 with an increase of 80%. Over the period under review, imports of hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) was the major importer of forage harvesters and other harvesting machines, comprising 38% of total imports. Thailand (X units) ranks second in terms of the total imports with a 20% share, followed by Australia (17%) and New Zealand (6.7%). The following importers - Indonesia (X units), Japan (X units) and India (X units) - together made up 11% of total imports.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +17.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported forage harvesters and other harvesting machines in Asia-Pacific, comprising 42% of total imports. The second position in the ranking was held by Australia ($X), with a 16% share of total imports. It was followed by Thailand, with a 15% share.

From 2012 to 2021, the average annual growth rate of value in China totaled -5.4%. In the other countries, the average annual rates were as follows: Australia (-11.5% per year) and Thailand (+13.6% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per unit in 2021, reducing by -22% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 24%. Over the period under review, import prices reached the peak figure at $X per unit in 2020, and then reduced markedly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+1.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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