Asia-Pacific: Market for Lucerne (Alfalfa) Meal And Pellets 2024

Market Size for Lucerne (Alfalfa) Meal And Pellets in Asia-Pacific

In 2021, the Asia-Pacific lucerne meal and pellets market decreased by -5.2% to $X for the first time since 2015, thus ending a five-year rising trend. The total consumption indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +68.6% against 2015 indices. Over the period under review, the market hit record highs at $X in 2020, and then dropped in the following year.

Production of Lucerne (Alfalfa) Meal And Pellets in Asia-Pacific

In value terms, lucerne meal and pellets production fell to $X in 2021 estimated in export price. Overall, production enjoyed resilient growth. The growth pace was the most rapid in 2019 when the production volume increased by 29%. The level of production peaked at $X in 2020, and then dropped in the following year.

Exports of Lucerne (Alfalfa) Meal And Pellets

Exports in Asia-Pacific

In 2021, shipments abroad of lucerne (alfalfa) meal and pellets decreased by -19.4% to X tons, falling for the seventh consecutive year after three years of growth. Over the period under review, exports faced a abrupt decline. The most prominent rate of growth was recorded in 2014 when exports increased by 29% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, lucerne meal and pellets exports declined rapidly to $X in 2021. In general, exports saw a abrupt shrinkage. The growth pace was the most rapid in 2014 when exports increased by 47% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Australia dominates exports structure, resulting at X tons, which was approx. 90% of total exports in 2021. It was distantly followed by Pakistan (X tons), making up a 5.2% share of total exports. New Zealand (X tons) held a minor share of total exports.

Exports from Australia decreased at an average annual rate of -9.8% from 2012 to 2021. New Zealand (-4.7%) and Pakistan (-22.0%) illustrated a downward trend over the same period. While the share of Australia (+16 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Pakistan (-10.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) remains the largest lucerne meal and pellets supplier in Asia-Pacific, comprising 89% of total exports. The second position in the ranking was held by New Zealand ($X), with a 5.5% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Australia amounted to -9.2%. In the other countries, the average annual rates were as follows: New Zealand (-6.3% per year) and Pakistan (-23.7% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, picking up by 1.5% against the previous year. Over the last nine years, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2014 an increase of 14%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+0.7%), while the other leaders experienced a decline in the export price figures.

Imports of Lucerne (Alfalfa) Meal And Pellets

Imports in Asia-Pacific

In 2021, imports of lucerne (alfalfa) meal and pellets in Asia-Pacific soared to X tons, rising by 17% against the year before. Overall, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 18% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, lucerne meal and pellets imports surged to $X in 2021. In general, imports, however, continue to indicate a mild slump. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Japan (X tons) and China (X tons) represented the major importers of lucerne (alfalfa) meal and pellets in Asia-Pacific, together achieving 73% of total imports. It was distantly followed by South Korea (X tons) and Taiwan (Chinese) (X tons), together generating a 23% share of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +41.1%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Japan ($X) constitutes the largest market for imported lucerne (alfalfa) meal and pellets in Asia-Pacific, comprising 50% of total imports. The second position in the ranking was held by China ($X), with a 24% share of total imports. It was followed by South Korea, with a 16% share.

In Japan, lucerne meal and pellets imports shrank by an average annual rate of -4.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: China (+24.3% per year) and South Korea (+4.6% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, growing by 1.6% against the previous year. Overall, the import price, however, recorded a mild curtailment. The most prominent rate of growth was recorded in 2019 when the import price increased by 3.8% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Japan ($X per ton) and Taiwan (Chinese) ($X per ton), while China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :