Asia-Pacific: Peanut Butter Market 2024

Peanut Butter Market Size in Asia-Pacific

In 2022, the Asia-Pacific peanut butter market decreased by -1.7% to $X, falling for the second consecutive year after three years of growth. The total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -8.6% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Peanut Butter Production in Asia-Pacific

In value terms, peanut butter production rose modestly to $X in 2022 estimated in export price. The total production indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.3% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 15%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Peanut Butter Exports

Exports in Asia-Pacific

In 2022, shipments abroad of peanut butter and prepared or preserved groundnuts increased by 6.2% to X tons for the first time since 2017, thus ending a four-year declining trend. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 47%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, peanut butter exports expanded to $X in 2022. Over the period under review, exports, however, recorded a mild downturn. The pace of growth was the most pronounced in 2017 with an increase of 21%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China represented the main exporter of peanut butter and prepared or preserved groundnuts in Asia-Pacific, with the volume of exports accounting for X tons, which was near 81% of total exports in 2022. It was distantly followed by India (X tons), mixing up a 12% share of total exports. Thailand (X tons) took a relatively small share of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of peanut butter and prepared or preserved groundnuts. At the same time, India (+22.7%) and Thailand (+8.1%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +22.7% from 2012-2022. From 2012 to 2022, the share of India increased by +10 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest peanut butter supplier in Asia-Pacific, comprising 77% of total exports. The second position in the ranking was held by India ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to -2.6%. The remaining exporting countries recorded the following average annual rates of exports growth: India (+26.8% per year) and Thailand (+6.3% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, waning by -2.7% against the previous year. In general, the export price continues to indicate a mild shrinkage. The pace of growth was the most pronounced in 2016 when the export price increased by 11%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, 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 Thailand ($X per ton), while India ($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 (+3.3%), while the other leaders experienced a decline in the export price figures.

Peanut Butter Imports

Imports in Asia-Pacific

In 2022, the amount of peanut butter and prepared or preserved groundnuts imported in Asia-Pacific stood at X tons, with an increase of 3.9% against the previous year. Overall, imports saw a mild increase. The growth pace was the most rapid in 2016 when imports increased by 10%. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, peanut butter imports rose slightly to $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 7.8% against the previous year. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Japan (X tons) and South Korea (X tons) represented roughly 49% of total imports in 2022. It was distantly followed by Australia (X tons), New Zealand (X tons), Malaysia (X tons), Hong Kong SAR (X tons) and the Philippines (X tons), together mixing up a 30% share of total imports. The following importers - Singapore (X tons), Thailand (X tons), Pakistan (X tons) and Taiwan (Chinese) (X tons) - each accounted for a 12% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Pakistan (with a CAGR of +68.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest peanut butter importing markets in Asia-Pacific were Japan ($X), South Korea ($X) and Australia ($X), with a combined 53% share of total imports. Malaysia, Hong Kong SAR, New Zealand, the Philippines, Singapore, Thailand, Taiwan (Chinese) and Pakistan lagged somewhat behind, together accounting for a further 37%.

In terms of the main importing countries, Pakistan, with a CAGR of +65.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, shrinking by -2.2% against the previous year. Overall, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the import price increased by 8.8%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Hong Kong SAR ($X per ton), while Pakistan ($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 (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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