Japan: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in Japan

In 2021, the Japanese waffle and wafer market increased by 24% to $X, rising for the sixth consecutive year after three years of decline. Overall, the total consumption indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.4% 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 +104.1% against 2015 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Waffle And Wafer Exports

Exports from Japan

In 2021, exports of waffles and wafers from Japan rose slightly to X tons, with an increase of 3.4% compared with 2020 figures. Overall, exports recorded significant growth. The pace of growth appeared the most rapid in 2014 when exports increased by 108%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, waffle and wafer exports expanded significantly to $X in 2021. In general, exports recorded a resilient expansion. The growth pace was the most rapid in 2014 with an increase of 87% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Hong Kong SAR (X tons), China (X tons) and the United States (X tons) were the main destinations of waffle and wafer exports from Japan, together comprising 63% of total exports. Taiwan (Chinese), Vietnam, South Korea, Thailand and Singapore lagged somewhat behind, together comprising a further 28%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +90.1%), while the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X), China ($X) and the United States ($X) appeared to be the largest markets for waffle and wafer exported from Japan worldwide, together accounting for 62% of total exports. Taiwan (Chinese), Vietnam, South Korea, Singapore and Thailand lagged somewhat behind, together accounting for a further 26%.

Vietnam, with a CAGR of +87.5%, recorded the highest growth rate of the value of exports, among 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

The average waffle and wafer export price stood at $X per ton in 2021, growing by 9.8% against the previous year. Over the period under review, the export price, however, showed a pronounced curtailment. The most prominent rate of growth was recorded in 2016 when the average export price increased by 19% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Singapore ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 the United States (+1.3%), while the prices for the other major destinations experienced a decline.

Waffle And Wafer Imports

Imports into Japan

In 2021, waffle and wafer imports into Japan rose sharply to X tons, surging by 15% compared with the year before. Over the period under review, total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +97.0% against 2014 indices. The pace of growth was the most pronounced in 2020 when imports increased by 18%. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, waffle and wafer imports soared to $X in 2021. In general, total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +83.5% against 2015 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Belgium (X tons) constituted the largest supplier of waffle and wafer to Japan, accounting for a 60% share of total imports. Moreover, waffle and wafer imports from Belgium exceeded the figures recorded by the second-largest supplier, Italy (X tons), sevenfold. The third position in this ranking was held by Austria (X tons), with a 5.5% share.

From 2012 to 2021, the average annual growth rate of volume from Belgium stood at +21.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-0.2% per year) and Austria (-0.9% per year).

In value terms, Belgium ($X) constituted the largest supplier of waffles and wafers to Japan, comprising 48% of total imports. The second position in the ranking was taken by Italy ($X), with a 19% share of total imports. It was followed by Austria, with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Belgium amounted to +18.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+5.3% per year) and Austria (-0.2% per year).

Import Prices by Country

In 2021, the average waffle and wafer import price amounted to $X per ton, increasing by 7.1% against the previous year. Overall, the import price, however, saw a mild decline. The pace of growth appeared the most rapid in 2013 when the average import price increased by 7.2%. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Italy ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+23.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :