Asia-Pacific: Market for Frozen Vegetables other than Potato and Corn 2024

Market Size for Frozen Vegetables other than Potato and Corn in Asia-Pacific

The Asia-Pacific market for frozen vegetables other than potato and corn stood at $X in 2022, picking up by 3% against the previous year. The market value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 when the market value increased by 5.7%. The level of consumption peaked in 2022 and is likely to continue growth in the immediate term.

Production of Frozen Vegetables other than Potato and Corn in Asia-Pacific

In value terms, production of frozen vegetables other than potato and corn contracted slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2013 with an increase of 6.1%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Frozen Vegetables other than Potato and Corn

Exports in Asia-Pacific

In 2022, overseas shipments of frozen vegetables other than potato and corn increased by 4.4% to X tons for the first time since 2019, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 12% against the previous year. The volume of export peaked at X tons in 2019; afterwards, it flattened through to 2022.

In value terms, exports of frozen vegetables other than potato and corn amounted to $X in 2022. The total export value increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China prevails in corn structure, resulting at X tons, which was approx. 80% of total exports in 2022. It was distantly followed by New Zealand (X tons), constituting a 6.7% share of total exports. India (X tons), Thailand (X tons), Taiwan (Chinese) (X tons) and Vietnam (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to frozen vegetables other than potato and corn exports from China stood at +3.1%. At the same time, India (+6.4%), Vietnam (+5.2%) and New Zealand (+3.1%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +6.4% from 2012-2022. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Thailand (-3.6%) illustrated a downward trend over the same period. China (+3.1 p.p.) significantly strengthened its position in terms of the total exports, while Thailand saw its share reduced by -2.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest frozen vegetables other than potato and corn supplier in Asia-Pacific, comprising 75% of total exports. The second position in the ranking was held by New Zealand ($X), with a 5.6% share of total exports. It was followed by Thailand, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +3.4%. The remaining exporting countries recorded the following average annual rates of exports growth: New Zealand (+2.1% per year) and Thailand (-2.0% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, rising by 5% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 7.5%. Over the period under review, the export prices hit record highs in 2022 and is likely to see steady growth in years to come.

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 Thailand ($X per ton), while New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.1%), while the other leaders experienced more modest paces of growth.

Imports of Frozen Vegetables other than Potato and Corn

Imports in Asia-Pacific

In 2022, supplies from abroad of frozen vegetables other than potato and corn increased by 0.5% to X tons, rising for the eighth consecutive year after two years of decline. The total import volume increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 6.6%. Over the period under review, imports of attained the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, imports of frozen vegetables other than potato and corn rose remarkably to $X in 2022. The total import value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 7.7% against the previous year. Over the period under review, imports of attained the peak figure in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, Japan (X tons) represented the main importer of frozen vegetables other than potato and corn, constituting 49% of total imports. South Korea (X tons) took the second position in the ranking, distantly followed by Australia (X tons). All these countries together held approx. 36% share of total imports. The following importers - Taiwan (Chinese) (X tons), Hong Kong SAR (X tons) and China (X tons) - together made up 6.6% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +13.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constitutes the largest market for imported frozen vegetables other than potato and corn in Asia-Pacific, comprising 64% of total imports. The second position in the ranking was taken by South Korea ($X), with a 15% share of total imports. It was followed by Australia, with an 8.7% share.

In Japan, imports of frozen vegetables other than potato and corn increased at an average annual rate of +2.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+5.0% per year) and Australia (+3.5% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, surging by 6% against the previous year. Overall, the import price recorded a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Japan ($X per ton), while South Korea ($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 (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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