Asia: Prepared Mustard Market 2024

Prepared Mustard Market Size in Asia

After nine years of growth, the Asian prepared mustard market decreased by -6.8% to $X in 2021. The total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2020, and then reduced in the following year.

Prepared Mustard Production in Asia

In value terms, prepared mustard production fell modestly to $X in 2021 estimated in export price. The total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the production volume increased by 19% against the previous year. The level of production peaked at $X in 2020, and then contracted in the following year.

Prepared Mustard Exports

Exports in Asia

In 2021, exports of prepared mustard in Asia soared to X tons, growing by 27% on 2020 figures. In general, exports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 63%. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, prepared mustard exports soared to $X in 2021. Total exports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.0% 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 +67.5% against 2015 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Thailand (X tons), distantly followed by China (X tons), the United Arab Emirates (X tons), South Korea (X tons) and the Philippines (X tons) were the main exporters of prepared mustard, together comprising 79% of total exports. Turkey (X tons), Hong Kong SAR (X tons), Taiwan (Chinese) (X tons) and Singapore (X tons) held a minor share of total exports.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +28.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest prepared mustard supplying countries in Asia were China ($X), Thailand ($X) and Hong Kong SAR ($X), together comprising 64% of total exports.

Thailand, with a CAGR of +22.9%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, increasing by 9.3% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced decline. The pace of growth appeared the most rapid in 2020 when the export price increased by 19% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat 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 Hong Kong SAR ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.1%), while the other leaders experienced more modest paces of growth.

Prepared Mustard Imports

Imports in Asia

In 2021, the amount of prepared mustard imported in Asia rose rapidly to X tons, increasing by 9.1% compared with 2020. The total import volume increased at an average annual rate of +4.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 with an increase of 17% against the previous year. The volume of import peaked in 2021 and is likely to see steady growth in years to come.

In value terms, prepared mustard imports surged to $X in 2021. The total import value increased at an average annual rate of +4.1% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan (X tons) and South Korea (X tons) were the major importers of prepared mustard in 2021, accounting for approx. 19% and 19% of total imports, respectively. The United Arab Emirates (X tons) ranks next in terms of the total imports with an 11% share, followed by China (7.8%) and Israel (5.8%). Taiwan (Chinese) (X tons), Turkey (X tons), Hong Kong SAR (X tons), Vietnam (X tons), Kazakhstan (X tons), Lebanon (X tons), Thailand (X tons) and the Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +17.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), South Korea ($X) and the United Arab Emirates ($X) were the countries with the highest levels of imports in 2021, together accounting for 50% of total imports. These countries were followed by China, Hong Kong SAR, Israel, Taiwan (Chinese), Turkey, Vietnam, Thailand, Lebanon, Kazakhstan and the Philippines, which together accounted for a further 33%.

The Philippines, with a CAGR of +19.3%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, with an increase of 6.4% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. Over the period under review, import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

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 Hong Kong SAR ($X per ton), while Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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