Asia: Wheat Starch Market 2024

Wheat Starch Market Size in Asia

In 2021, after six years of growth, there was significant decline in the Asian wheat starch market, when its value decreased by -5.8% to $X. The total consumption indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +4.9% 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 +61.7% against 2014 indices. Over the period under review, the market reached the maximum level at $X in 2020, and then fell in the following year.

Wheat Starch Production in Asia

In value terms, wheat starch production reduced to $X in 2021 estimated in export price. The total production indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +62.4% against 2014 indices. The most prominent rate of growth was recorded in 2016 with an increase of 18%. The level of production peaked at $X in 2020, and then reduced in the following year.

Wheat Starch Exports

Exports in Asia

In 2021, overseas shipments of wheat starch were finally on the rise to reach X tons after two years of decline. In general, exports recorded a slight increase. The growth pace was the most rapid in 2018 with an increase of 125% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, wheat starch exports amounted to $X in 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 122%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Singapore represented the major exporter of wheat starch in Asia, with the volume of exports finishing at X tons, which was near 46% of total exports in 2021. Kazakhstan (X tons) ranks second in terms of the total exports with a 22% share, followed by Iran (13%), Taiwan (Chinese) (4.7%) and China (4.6%). Vietnam (X tons) and Hong Kong SAR (X tons) followed a long way behind the leaders.

Exports from Singapore decreased at an average annual rate of -2.4% from 2012 to 2021. At the same time, Kazakhstan (+346.5%), Iran (+39.2%), Vietnam (+30.2%) and Taiwan (Chinese) (+2.3%) displayed positive paces of growth. Moreover, Kazakhstan emerged as the fastest-growing exporter exported in Asia, with a CAGR of +346.5% from 2012-2021. By contrast, Hong Kong SAR (-7.9%) and China (-10.3%) illustrated a downward trend over the same period. While the share of Kazakhstan (+22 p.p.), Iran (+12 p.p.) and Vietnam (+3.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Hong Kong SAR (-4 p.p.), China (-9.1 p.p.) and Singapore (-18.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest wheat starch supplier in Asia, comprising 42% of total exports. The second position in the ranking was held by Kazakhstan ($X), with an 18% share of total exports. It was followed by Hong Kong SAR, with a 9.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Singapore was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Kazakhstan (+368.2% per year) and Hong Kong SAR (-5.4% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, picking up by 3.3% against the previous year. Overall, the export price, however, saw a mild slump. The most prominent rate of growth was recorded in 2013 when the export price increased by 21%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kazakhstan (+4.9%), while the other leaders experienced more modest paces of growth.

Wheat Starch Imports

Imports in Asia

In 2021, overseas purchases of wheat starch were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports posted noticeable growth. The most prominent rate of growth was recorded in 2018 with an increase of 50% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, wheat starch imports expanded slightly to $X in 2021. Total imports indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -24.3% against 2018 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 65%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

The countries with the highest levels of wheat starch imports in 2021 were Singapore (X tons), Indonesia (X tons), Taiwan (Chinese) (X tons), South Korea (X tons), Thailand (X tons), Turkey (X tons), China (X tons) and Malaysia (X tons), together reaching 80% of total import. It was distantly followed by Hong Kong SAR (X tons), generating a 4.5% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by South Korea (with a CAGR of +74.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest wheat starch importing markets in Asia were Singapore ($X), South Korea ($X) and Indonesia ($X), with a combined 36% share of total imports.

South Korea, with a CAGR of +65.6%, saw the highest rates of growth with regard to the value of imports, among 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, increasing by 3.6% against the previous year. In general, the import price, however, showed a mild slump. The pace of growth was the most pronounced in 2018 when the import price increased by 10% 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.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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