Asia: Vegetable Tanning Extracts Market 2024

Vegetable Tanning Extracts Market Size in Asia

The Asian vegetable tanning extracts market contracted modestly to $X in 2022, waning by -2.7% against the previous year. In general, consumption continues to indicate a abrupt setback. The pace of growth appeared the most rapid in 2021 when the market value increased by 5.2%. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Vegetable Tanning Extracts Production in Asia

In value terms, vegetable tanning extracts production reduced modestly to $X in 2022 estimated in export price. In general, production continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2013 with an increase of 5.4%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Vegetable Tanning Extracts Exports

Exports in Asia

In 2022, the amount of tanning extracts of vegetable origin, tannins and their salts other derivatives exported in Asia shrank slightly to X tons, declining by -4.5% compared with the previous year. Overall, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when exports increased by 15% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, vegetable tanning extracts exports expanded sharply to $X in 2022. Total exports indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +41.9% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of 52%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Indonesia (X tons) was the main exporter of tanning extracts of vegetable origin, tannins and their salts other derivatives, generating 61% of total exports. India (X tons) took a 16% share (based on physical terms) of total exports, which put it in second place, followed by Turkey (8.1%) and Singapore (4.6%). The following exporters - Nepal (X tons) and China (X tons) - each amounted to a 4.3% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to vegetable tanning extracts exports from Indonesia stood at +1.3%. At the same time, Nepal (+44.8%), Turkey (+11.1%) and Singapore (+4.0%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing exporter exported in Asia, with a CAGR of +44.8% from 2012-2022. India experienced a relatively flat trend pattern. By contrast, China (-6.3%) illustrated a downward trend over the same period. While the share of Indonesia (+11 p.p.), Turkey (+5.4 p.p.), Nepal (+2.4 p.p.), India (+1.9 p.p.) and Singapore (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of China (-1.5 p.p.) displayed negative dynamics.

In value terms, Indonesia ($X) remains the largest vegetable tanning extracts supplier in Asia, comprising 68% of total exports. The second position in the ranking was taken by India ($X), with an 8.3% share of total exports. It was followed by Turkey, with a 6.6% share.

In Indonesia, vegetable tanning extracts exports increased at an average annual rate of +3.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+3.1% per year) and Turkey (+12.0% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, increasing by 10% against the previous year. Export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vegetable tanning extracts export price increased by +28.9% against 2020 indices. The pace of growth was the most pronounced in 2017 when the export price increased by 41%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the export prices remained at a somewhat lower figure.

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 China ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nepal (+10.1%), while the other leaders experienced more modest paces of growth.

Vegetable Tanning Extracts Imports

Imports in Asia

In 2022, approx. X tons of tanning extracts of vegetable origin, tannins and their salts other derivatives were imported in Asia; reducing by -26.5% on the year before. Over the period under review, imports recorded a slight decline. The most prominent rate of growth was recorded in 2021 with an increase of 44% against the previous year. As a result, imports attained the peak of X tons, and then dropped rapidly in the following year.

In value terms, vegetable tanning extracts imports dropped to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 30%. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

India was the major importing country with an import of around X tons, which finished at 42% of total imports. China (X tons) ranks second in terms of the total imports with a 24% share, followed by Turkey (8.4%). The following importers - Pakistan (X tons), Bangladesh (X tons), Japan (X tons), Thailand (X tons), South Korea (X tons), Vietnam (X tons) and the Philippines (X tons) - together made up 19% of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +9.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constitutes the largest market for imported tanning extracts of vegetable origin, tannins and their salts other derivatives in Asia, comprising 44% of total imports. The second position in the ranking was held by China ($X), with a 19% share of total imports. It was followed by Japan, with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India amounted to +4.2%. The remaining importing countries recorded the following average annual rates of imports growth: China (-1.9% per year) and Japan (+1.4% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, with an increase of 29% against the previous year. Over the last decade, it increased at an average annual rate of +2.4%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+6.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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