Eastern Asia: Market for Lucerne (Alfalfa) Meal And Pellets 2024

Market Size for Lucerne (Alfalfa) Meal And Pellets in Eastern Asia

In 2021, the East Asian lucerne meal and pellets market decreased by -7.8% to $X for the first time since 2015, thus ending a five-year rising trend. The total consumption indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +4.2% 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 +75.4% against 2015 indices. The level of consumption peaked at $X in 2020, and then contracted in the following year.

Production of Lucerne (Alfalfa) Meal And Pellets in Eastern Asia

In value terms, lucerne meal and pellets production reduced to $X in 2021 estimated in export price. In general, production continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 38% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then shrank in the following year.

Exports of Lucerne (Alfalfa) Meal And Pellets

Exports in Eastern Asia

Lucerne meal and pellets exports declined significantly to X tons in 2021, shrinking by -35.8% on 2020 figures. Over the period under review, exports continue to indicate a significant contraction. The pace of growth appeared the most rapid in 2020 with an increase of 190% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, lucerne meal and pellets exports dropped sharply to $X in 2021. Overall, exports faced a dramatic descent. The most prominent rate of growth was recorded in 2020 when exports increased by 208% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Japan (X tons) was the major exporter of lucerne (alfalfa) meal and pellets, mixing up 62% of total exports. China (X tons) took the second position in the ranking, followed by Hong Kong SAR (X tons). All these countries together took approx. 37% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to lucerne meal and pellets exports from Japan stood at +15.8%. At the same time, Hong Kong SAR (+75.8%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +75.8% from 2012-2021. By contrast, China (-38.5%) illustrated a downward trend over the same period. Japan (+61 p.p.) and Hong Kong SAR (+17 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -78.3% from 2012 to 2021, respectively.

In value terms, China ($X), Japan ($X) and Hong Kong SAR ($X) constituted the countries with the highest levels of exports in 2021, together comprising 99% of total exports.

Hong Kong SAR, with a CAGR of +58.3%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, picking up by 30% against the previous year. Overall, the export price enjoyed a prominent increase. The growth pace was the most rapid in 2018 when the export price increased by 54% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+18.7%), while the other leaders experienced mixed trends in the export price figures.

Imports of Lucerne (Alfalfa) Meal And Pellets

Imports in Eastern Asia

In 2021, the amount of lucerne (alfalfa) meal and pellets imported in Eastern Asia surged to X tons, rising by 18% on the year before. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by 19%. Over the period under review, imports attained the maximum in 2021 and are likely to see steady growth in the near future.

In value terms, lucerne meal and pellets imports surged to $X in 2021. Overall, imports, however, showed a mild decrease. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Japan (X tons) and China (X tons) represented the key importers of lucerne (alfalfa) meal and pellets in 2021, finishing at near 45% and 31% of total imports, respectively. South Korea (X tons) ranks next in terms of the total imports with a 19% share, followed by Taiwan (Chinese) (5.7%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by China (with a CAGR of +41.1%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Japan ($X) constitutes the largest market for imported lucerne (alfalfa) meal and pellets in Eastern Asia, comprising 52% of total imports. The second position in the ranking was held by China ($X), with a 25% share of total imports. It was followed by South Korea, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Japan amounted to -4.6%. In the other countries, the average annual rates were as follows: China (+24.3% per year) and South Korea (+4.6% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, increasing by 1.8% against the previous year. In general, the import price, however, showed a mild curtailment. The most prominent rate of growth was recorded in 2019 an increase of 3.3% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Japan ($X per ton) and Taiwan (Chinese) ($X per ton), while China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :