Iran: Glucose Market 2024

Glucose Market Size in Iran

In 2021, after seven years of decline, there was growth in the Iranian glucose market, when its value increased by 2.9% to $X. In general, consumption continues to indicate a abrupt shrinkage. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Glucose Production in Iran

In value terms, glucose production stood at less than $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern.

Glucose Exports

Exports from Iran

In 2021, overseas shipments of glucose and glucose syrup decreased by -68% to X tons, falling for the second year in a row after three years of growth. Overall, exports recorded a dramatic contraction. The growth pace was the most rapid in 2017 with an increase of 418% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, glucose exports declined rapidly to $X in 2021. Over the period under review, exports showed a dramatic decline. The most prominent rate of growth was recorded in 2017 with an increase of 351%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Tajikistan (X tons), Oman (X tons) and Armenia (X tons) were the main destinations of glucose exports from Iran, together comprising 67% of total exports. These countries were followed by the United Arab Emirates, Lebanon, the UK, Canada and Azerbaijan, which together accounted for a further 34%.

From 2012 to 2021, the biggest increases were recorded for Lebanon (with a CAGR of +147.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for glucose exported from Iran were Oman ($X), Tajikistan ($X) and the UK ($X), together comprising 68% of total exports. These countries were followed by Lebanon, Armenia, the United Arab Emirates, Canada and Azerbaijan, which together accounted for a further 31%.

Lebanon, with a CAGR of +83.0%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average glucose export price amounted to $X per ton, with an increase of 71% against the previous year. In general, export price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, glucose export price increased by +83.3% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Armenia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Oman (+48.7%), while the prices for the other major destinations experienced more modest paces of growth.

Glucose Imports

Imports into Iran

In 2021, glucose imports into Iran declined notably to X tons, which is down by -58.4% on the year before. Over the period under review, imports showed a abrupt curtailment. The pace of growth was the most pronounced in 2019 when imports increased by 68%. Over the period under review, imports reached the peak figure at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, glucose imports dropped remarkably to $X in 2021. Overall, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2019 with an increase of 65% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of glucose to Iran, with a 86% share of total imports. Moreover, glucose imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), more than tenfold. India (X tons) ranked third in terms of total imports with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at -11.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+2.0% per year) and India (-16.2% per year).

In value terms, China ($X) constituted the largest supplier of glucose and glucose syrup to Iran, comprising 81% of total imports. The second position in the ranking was taken by Germany ($X), with a 7.1% share of total imports. It was followed by Turkey, with a 4.7% share.

From 2012 to 2021, the average annual growth rate of value from China totaled -9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+11.7% per year) and Turkey (-12.8% per year).

Import Prices by Country

The average glucose import price stood at $X per ton in 2021, with an increase of 25% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.0%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Turkey ($X per ton), while the price for Switzerland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+45.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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