Eastern Asia: Dry Vegetable Market 2024

Dry Vegetable Market Size in Eastern Asia

The East Asian dry vegetable market rose significantly to $X in 2022, growing by 7.8% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked in 2022 and is likely to see steady growth in years to come.

Dry Vegetable Production in Eastern Asia

In value terms, dry vegetable production stood at $X in 2022 estimated in export price. In general, production recorded a mild decrease. The most prominent rate of growth was recorded in 2015 when the production volume increased by 34%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Dry Vegetable Exports

Exports in Eastern Asia

In 2022, after two years of growth, there was decline in overseas shipments of dry vegetables, when their volume decreased by -1.5% to X tons. The total export volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 20% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then contracted slightly in the following year.

In value terms, dry vegetable exports rose modestly to $X in 2022. Total exports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +2.2% 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 +45.5% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 54%. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

The shipments of the one major exporters of dry vegetables, namely China, represented more than two-thirds of total export.

China was also the fastest-growing in terms of the dry vegetables exports, with a CAGR of +1.9% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest dry vegetable supplier in Eastern Asia.

In China, dry vegetable exports increased at an average annual rate of +2.2% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, growing by 5.5% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the export price increased by 44% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +0.3% per year.

Dry Vegetable Imports

Imports in Eastern Asia

In 2022, purchases abroad of dry vegetables increased by 8.3% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 9.1% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, dry vegetable imports rose sharply to $X in 2022. The total import value increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan was the major importer of dry vegetables in Eastern Asia, with the volume of imports reaching X tons, which was approx. 58% of total imports in 2022. South Korea (X tons) held a 24% share (based on physical terms) of total imports, which put it in second place, followed by China (6.4%) and Taiwan (Chinese) (5.2%). Hong Kong SAR (X tons) followed a long way behind the leaders.

Japan experienced a relatively flat trend pattern with regard to volume of imports of dry vegetables. At the same time, China (+20.5%) and Hong Kong SAR (+3.1%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +20.5% from 2012-2022. South Korea experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-2.5%) illustrated a downward trend over the same period. While the share of China (+5.4 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Japan (-1.6 p.p.), Taiwan (Chinese) (-1.9 p.p.) and South Korea (-2.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported dry vegetables in Eastern Asia, comprising 73% of total imports. The second position in the ranking was taken by South Korea ($X), with an 18% share of total imports. It was followed by Taiwan (Chinese), with a 3.9% share.

From 2012 to 2022, the average annual growth rate of value in Japan totaled +1.4%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+2.2% per year) and Taiwan (Chinese) (+3.2% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, with an increase of 3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The pace of growth was the most pronounced in 2020 when the import price increased by 20%. The level of import peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+6.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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