Asia-Pacific: Herbicide Market 2024

Herbicide Market Size in Asia-Pacific

In 2021, the Asia-Pacific herbicide market decreased by -8.3% to $X, falling for the second year in a row after three years of growth. The market value increased at an average annual rate of +2.7% from 2012 to 2021; however, 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 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Herbicide Production in Asia-Pacific

In value terms, herbicide production fell slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +5.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 17%. Over the period under review, production reached the peak level at $X in 2020, and then shrank modestly in the following year.

Herbicide Exports

Exports in Asia-Pacific

In 2021, shipments abroad of herbicides increased by 14% to X tons, rising for the second consecutive year after two years of decline. Total exports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +10.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +41.7% against 2019 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 36% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, herbicide exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, China (X tons) represented the major exporter of herbicides, mixing up 83% of total exports. It was distantly followed by India (X tons), committing a 10% share of total exports. Malaysia (X tons) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +9.8% from 2012 to 2021. At the same time, India (+19.6%) and Malaysia (+9.8%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +19.6% from 2012-2021. India (+5.5 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -1.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest herbicide supplier in Asia-Pacific, comprising 68% of total exports. The second position in the ranking was taken by India ($X), with a 22% share of total exports.

In China, herbicide exports expanded at an average annual rate of +12.5% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: India (+24.8% per year) and Malaysia (+10.9% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, growing by 27% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.6%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was India ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+4.3%), while the other leaders experienced more modest paces of growth.

Herbicide Imports

Imports in Asia-Pacific

In 2021, purchases abroad of herbicides increased by 15% to X tons, rising for the second consecutive year after two years of decline. Total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +45.3% against 2019 indices. The pace of growth was the most pronounced in 2020 when imports increased by 27%. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, herbicide imports soared to $X in 2021. The total import value increased at an average annual rate of +5.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Australia (X tons) was the key importer of herbicides, creating 33% of total imports. Thailand (X tons) held the second position in the ranking, followed by India (X tons), Indonesia (X tons), Japan (X tons), the Philippines (X tons) and Cambodia (X tons). All these countries together held approx. 45% share of total imports. The following importers - Vietnam (X tons), Malaysia (X tons), Taiwan (Chinese) (X tons), China (X tons), Bangladesh (X tons) and New Zealand (X tons) - together made up 18% of total imports.

Imports into Australia increased at an average annual rate of +11.0% from 2012 to 2021. At the same time, Cambodia (+48.2%), Taiwan (Chinese) (+23.1%), India (+22.1%), Bangladesh (+19.9%), Malaysia (+16.5%), the Philippines (+9.0%), New Zealand (+8.9%), Indonesia (+8.6%) and Japan (+4.5%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +48.2% from 2012-2021. By contrast, Thailand (-3.4%), China (-3.7%) and Vietnam (-9.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Australia, India, the Philippines, Cambodia, Taiwan (Chinese), Malaysia and Indonesia increased by +12, +6.1, +4.7, +4.4, +2.3, +2.2 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported herbicides in Asia-Pacific, comprising 33% of total imports. The second position in the ranking was taken by India ($X), with a 16% share of total imports. It was followed by Japan, with a 7.7% share.

From 2012 to 2021, the average annual growth rate of value in Australia amounted to +9.3%. The remaining importing countries recorded the following average annual rates of imports growth: India (+14.8% per year) and Japan (+2.4% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, growing by 17% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was New Zealand ($X per ton), while Cambodia ($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 (+11.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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