China: Dry Bean Market 2024

Dry Bean Market Size in China

For the eleventh consecutive year, the Chinese dry bean market recorded growth in sales value, which increased by 32% to $X in 2022. In general, consumption recorded a significant expansion. Dry bean consumption peaked in 2022 and is expected to retain growth in the near future.

Dry Bean Production in China

In value terms, dry bean production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.6% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 27% against the previous year. Dry bean production peaked at $X in 2020; afterwards, it flattened through to 2022.

The average yield of beans (dry) in China dropped modestly to X tons per ha in 2022, approximately equating 2021 figures. The yield figure increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 8.7% against the previous year. Over the period under review, the average dry bean yield attained the maximum level at X tons per ha in 2017; afterwards, it flattened through to 2022. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of beans (dry) were harvested in China; remaining constant against 2021 figures. Overall, the harvested area, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 11% against the previous year. The dry bean harvested area peaked at X ha in 2019; however, from 2020 to 2022, the harvested area failed to regain momentum.

Dry Bean Exports

Exports from China

Dry bean exports from China fell rapidly to X tons in 2022, reducing by -15.3% compared with the year before. In general, exports recorded a deep reduction. The pace of growth appeared the most rapid in 2016 with an increase of 2.5%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, dry bean exports dropped to $X in 2022. Over the period under review, exports faced a abrupt curtailment. The growth pace was the most rapid in 2016 when exports increased by 9.5% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for dry bean exports from China, accounting for a 35% share of total exports. Moreover, dry bean exports to Japan exceeded the volume sent to the second major destination, South Korea (X tons), twofold. The third position in this ranking was taken by Indonesia (X tons), with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan stood at -4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-2.5% per year) and Indonesia (+3.3% per year).

In value terms, Japan ($X) remains the key foreign market for beans (dry) exports from China, comprising 40% of total exports. The second position in the ranking was held by South Korea ($X), with a 16% share of total exports. It was followed by the United States, with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+3.7% per year) and the United States (-4.1% per year).

Export Prices by Country

In 2022, the average dry bean export price amounted to $X per ton, increasing by 8.2% against the previous year. Overall, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, dry bean export price increased by +48.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 29%. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+8.2%), while the prices for the other major destinations experienced more modest paces of growth.

Dry Bean Imports

Imports into China

For the sixth consecutive year, China recorded growth in overseas purchases of beans (dry), which increased by 123% to X tons in 2022. Overall, imports continue to indicate a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, dry bean imports soared to $X in 2022. Over the period under review, imports showed significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Myanmar (X tons) constituted the largest supplier of dry bean to China, with a 59% share of total imports. Moreover, dry bean imports from Myanmar exceeded the figures recorded by the second-largest supplier, Uzbekistan (X tons), threefold. Australia (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from Myanmar amounted to +31.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Uzbekistan (+77.7% per year) and Australia (+35.7% per year).

In value terms, Myanmar ($X) constituted the largest supplier of beans (dry) to China, comprising 54% of total imports. The second position in the ranking was taken by Uzbekistan ($X), with an 18% share of total imports. It was followed by Australia, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Myanmar amounted to +31.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Uzbekistan (+97.0% per year) and Australia (+41.1% per year).

Import Prices by Country

In 2022, the average dry bean import price amounted to $X per ton, reducing by -6% against the previous year. Over the period under review, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, dry bean import price increased by +15.8% against 2019 indices. The growth pace was the most rapid in 2016 an increase of 39% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Ethiopia ($X per ton), while the price for Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+10.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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