Malaysia: Cherry Market 2024

Cherry Market Size in Malaysia

In 2022, after two years of growth, there was decline in the Malaysian cherry market, when its value decreased by -4.8% to $X. Over the period under review, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +43.7% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2021, and then reduced in the following year.

Cherry Exports

Exports from Malaysia

In 2022, cherry exports from Malaysia declined markedly to X tons, falling by -46.9% against the previous year's figure. Overall, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 1,815% against the previous year. The exports peaked at X tons in 2021, and then shrank notably in the following year.

In value terms, cherry exports fell rapidly to $X in 2022. Over the period under review, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2019 with an increase of 1,610%. The exports peaked at $X in 2021, and then fell notably in the following year.

Exports by Country

Singapore (X kg) was the main destination for cherry exports from Malaysia, accounting for a 63% share of total exports. Moreover, cherry exports to Singapore exceeded the volume sent to the second major destination, Indonesia (X kg), threefold. Austria (X kg) ranked third in terms of total exports with a 5.9% share.

From 2012 to 2022, the average annual growth rate of volume to Singapore totaled +47.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+75.0% per year) and Austria (+42.9% per year).

In value terms, Singapore ($X) emerged as the key foreign market for cherries exports from Malaysia, comprising 70% of total exports. The second position in the ranking was held by Indonesia ($X), with an 18% share of total exports. It was followed by Austria, with a 9% share.

From 2012 to 2022, the average annual growth rate of value to Singapore totaled +64.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+82.7% per year) and Austria (+65.7% per year).

Export Prices by Country

In 2022, the average cherry export price amounted to $X per ton, approximately reflecting the previous year. Over the period under review, the export price enjoyed a strong expansion. The most prominent rate of growth was recorded in 2015 an increase of 52%. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Austria ($X per ton), while the average price for exports to Brunei Darussalam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Austria (+16.0%), while the prices for the other major destinations experienced more modest paces of growth.

Cherry Imports

Imports into Malaysia

In 2022, supplies from abroad of cherries decreased by -1.7% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +20.7% against 2016 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 52%. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, cherry imports fell to $X in 2022. Overall, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.2% against 2019 indices. The growth pace was the most rapid in 2020 with an increase of 43%. Over the period under review, imports hit record highs at $X in 2021, and then fell in the following year.

Imports by Country

The United States (X tons), Turkey (X tons) and Australia (X tons) were the main suppliers of cherry imports to Malaysia, with a combined 70% share of total imports. Canada, New Zealand, Singapore, Argentina and Chile lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Argentina (with a CAGR of +36.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cherry suppliers to Malaysia were the United States ($X), Australia ($X) and New Zealand ($X), together comprising 69% of total imports. Turkey, Canada, Singapore, Argentina and Chile lagged somewhat behind, together accounting for a further 27%.

Argentina, with a CAGR of +35.3%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average cherry import price amounted to $X per ton, waning by -3.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2020 when the average import price increased by 30% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2021, and then dropped in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was New Zealand ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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