Malaysia: Preserved Asparagus Market 2024

Preserved Asparagus Market Size in Malaysia

The Malaysian preserved asparagus market shrank modestly to $X in 2022, waning by -3.9% against the previous year. Over the period under review, consumption showed a mild decline. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Preserved Asparagus Production in Malaysia

In value terms, preserved asparagus production contracted to $X in 2022 estimated in export price. Overall, production continues to indicate a perceptible downturn. The pace of growth appeared the most rapid in 2014 with an increase of 19%. Preserved asparagus production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Preserved Asparagus Exports

Exports from Malaysia

In 2022, overseas shipments of preserved asparagus were finally on the rise to reach X tons for the first time since 2016, thus ending a five-year declining trend. Overall, exports, however, recorded a dramatic downturn. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, preserved asparagus exports skyrocketed to $X in 2022. Over the period under review, exports, however, recorded a sharp reduction. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Thailand (X tons), Singapore (X tons) and Chile (X kg) were the main destinations of preserved asparagus exports from Malaysia, together accounting for 99% of total exports.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of -4.0%), while shipments for the other leaders experienced a decline.

In value terms, Thailand ($X) remains the key foreign market for preserved asparagus exports from Malaysia, comprising 88% of total exports. The second position in the ranking was taken by Singapore ($X), with a 6.5% share of total exports. It was followed by Chile, with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Thailand stood at -24.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-36.1% per year) and Chile (-14.1% per year).

Export Prices by Country

The average preserved asparagus export price stood at $X per ton in 2022, reducing by -25.9% against the previous year. Over the period under review, the export price continues to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2021 when the average export price increased by 126% against the previous year. As a result, the export price attained the peak level of $X per ton, and then shrank significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Singapore ($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 Indonesia (+5.5%), while the prices for the other major destinations experienced a decline.

Preserved Asparagus Imports

Imports into Malaysia

In 2022, the amount of preserved asparagus imported into Malaysia fell to X tons, dropping by -4.9% on the previous year's figure. In general, imports continue to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 when imports increased by 42%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, preserved asparagus imports expanded modestly to $X in 2022. Overall, imports continue to indicate a abrupt downturn. The growth pace was the most rapid in 2013 when imports increased by 30%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Chile (X tons) constituted the largest preserved asparagus supplier to Malaysia, accounting for a 49% share of total imports. Moreover, preserved asparagus imports from Chile exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by the United States (X tons), with a 20% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Chile amounted to -10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-18.4% per year) and the United States (-10.5% per year).

In value terms, the United States ($X) constituted the largest supplier of preserved asparagus to Malaysia, comprising 62% of total imports. The second position in the ranking was taken by Chile ($X), with a 24% share of total imports. It was followed by China, with a 9.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (-15.5% per year) and China (-23.1% per year).

Import Prices by Country

The average preserved asparagus import price stood at $X per ton in 2022, surging by 7.5% against the previous year. Overall, import price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, preserved asparagus import price increased by +40.3% against 2018 indices. The pace of growth was the most pronounced in 2015 an increase of 82% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a lower figure.

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 the United States ($X per ton), while the price for China ($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 (+14.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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