Eastern Asia: Herbicide Market 2024

Herbicide Market Size in Eastern Asia

The East Asian herbicide market dropped to $X in 2021, shrinking by -13.7% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Herbicide Production in Eastern Asia

In value terms, herbicide production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.1% 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 2014 when the production volume increased by 28%. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Herbicide Exports

Exports in Eastern Asia

In 2021, shipments abroad of herbicides increased by 13% to X tons, rising for the second consecutive year after two years of decline. Total exports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +9.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +40.2% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 39%. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, herbicide exports surged to $X in 2021. In general, exports posted strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) represented roughly 98% of total exports in 2021.

China was also the fastest-growing in terms of the herbicides exports, with a CAGR of +9.8% from 2012 to 2021. While the share of China (+2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2021, the average annual growth rate of value in China stood at +12.5%.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, surging by 37% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.0%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the rate of growth in terms of prices for China amounted to +2.5% per year.

Herbicide Imports

Imports in Eastern Asia

In 2021, supplies from abroad of herbicides increased by 6.6% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +3.3% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by 24%. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, herbicide imports amounted to $X in 2021. The total import value increased at an average annual rate of +1.9% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 27%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Japan represented the major importer of herbicides in Eastern Asia, with the volume of imports amounting to X tons, which was approx. 48% of total imports in 2021. Taiwan (Chinese) (X tons) took a 24% share (based on physical terms) of total imports, which put it in second place, followed by China (23%). South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Taiwan (Chinese) (with a CAGR of +23.1%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest herbicide importing markets in Eastern Asia were Japan ($X), China ($X) and Taiwan (Chinese) ($X), with a combined 92% share of total imports.

Taiwan (Chinese), with a CAGR of +15.4%, recorded the highest growth rate of 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

In 2021, the import price in Eastern Asia amounted to $X per ton, surging by 2.1% against the previous year. In general, the import price, however, showed a slight contraction. The most prominent rate of growth was recorded in 2019 when the import price increased by 5.7%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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 South Korea ($X per ton), while Taiwan (Chinese) ($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 (+5.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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