Eastern Asia: Prepared Mustard Market 2024

Prepared Mustard Market Size in Eastern Asia

The East Asian prepared mustard market reduced slightly to $X in 2021, dropping by -1.6% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.0% 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 +55.7% against 2012 indices. Over the period under review, the market hit record highs at $X in 2020, and then reduced in the following year.

Prepared Mustard Production in Eastern Asia

In value terms, prepared mustard production declined modestly to $X in 2021 estimated in export price. The total production indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -3.7% against 2018 indices. The pace of growth appeared the most rapid in 2017 with an increase of 25% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Prepared Mustard Exports

Exports in Eastern Asia

In 2021, the amount of prepared mustard exported in Eastern Asia contracted slightly to X tons, waning by -2.3% compared with the previous year. The total export volume increased at an average annual rate of +1.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2019 with an increase of 47%. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, prepared mustard exports surged to $X in 2021. Overall, exports, however, showed a relatively flat trend pattern. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

China represented the largest exporting country with an export of about X tons, which amounted to 57% of total exports. South Korea (X tons) took the second position in the ranking, distantly followed by Hong Kong SAR (X tons) and Taiwan (Chinese) (X tons). All these countries together held near 41% share of total exports. Japan (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to prepared mustard exports from China stood at +3.0%. At the same time, South Korea (+19.8%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +19.8% from 2012-2021. By contrast, Taiwan (Chinese) (-1.5%), Japan (-6.6%) and Hong Kong SAR (-8.3%) illustrated a downward trend over the same period. While the share of South Korea (+16 p.p.) and China (+6.4 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Japan (-2.7 p.p.), Taiwan (Chinese) (-3 p.p.) and Hong Kong SAR (-16.7 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest prepared mustard supplier in Eastern Asia, comprising 52% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 21% share of total exports. It was followed by South Korea, with a 13% share.

In China, prepared mustard exports expanded at an average annual rate of +1.5% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Hong Kong SAR (-1.8% per year) and South Korea (+15.2% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, picking up by 29% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.1%), while the other leaders experienced mixed trends in the export price figures.

Prepared Mustard Imports

Imports in Eastern Asia

Prepared mustard imports skyrocketed to X tons in 2021, with an increase of 16% on the year before. The total import volume increased at an average annual rate of +3.2% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, prepared mustard imports soared to $X in 2021. The total import value increased at an average annual rate of +2.6% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan (X tons) and South Korea (X tons) represented the largest importers of prepared mustard in 2021, finishing at approx. 36% and 36% of total imports, respectively. It was distantly followed by China (X tons), Taiwan (Chinese) (X tons) and Hong Kong SAR (X tons), together mixing up a 27% share of total imports.

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 +13.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), South Korea ($X) and China ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 83% share of total imports.

China, with a CAGR of +9.3%, recorded the highest growth rate of the value of imports, in terms of 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 Eastern Asia stood at $X per ton in 2021, picking up by 5.5% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 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 ($X per ton), while South Korea ($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 (+3.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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