Malaysia: Vanilla Market 2024

Vanilla Market Size in Malaysia

In 2022, the Malaysian vanilla market was finally on the rise to reach $X after two years of decline. Overall, consumption, however, showed a abrupt downturn. Vanilla consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Vanilla Exports

Exports from Malaysia

In 2022, approx. X tons of vanilla were exported from Malaysia; with an increase of 45% compared with 2021 figures. Over the period under review, exports recorded a notable expansion. The growth pace was the most rapid in 2020 with an increase of 1,932% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, vanilla exports surged to $X in 2022. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 333%. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons) was the main destination for vanilla exports from Malaysia, with a 50% share of total exports. Moreover, vanilla exports to Indonesia exceeded the volume sent to the second major destination, Singapore (X tons), twofold. Brunei Darussalam (X tons) ranked third in terms of total exports with an 18% share.

From 2012 to 2022, the average annual growth rate of volume to Indonesia amounted to +3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+5.0% per year) and Brunei Darussalam (+28.8% per year).

In value terms, the largest markets for vanilla exported from Malaysia were Indonesia ($X), Brunei Darussalam ($X) and New Zealand ($X), with a combined 40% share of total exports. Singapore, Myanmar, Austria and the Philippines lagged somewhat behind, together accounting for a further 17%.

Myanmar, with a CAGR of +22.8%, recorded 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

The average vanilla export price stood at $X per ton in 2022, reducing by -9.7% against the previous year. Over the period under review, the export price recorded a noticeable setback. The most prominent rate of growth was recorded in 2021 an increase of 17% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to Singapore ($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 New Zealand (+33.1%), while the prices for the other major destinations experienced a decline.

Vanilla Imports

Imports into Malaysia

In 2022, overseas purchases of vanilla increased by 33% to X tons for the first time since 2018, thus ending a three-year declining trend. In general, imports, however, recorded a slight contraction. The growth pace was the most rapid in 2016 when imports increased by 48% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, vanilla imports soared to $X in 2022. Overall, imports, however, continue to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2016 with an increase of 52% against the previous year. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Australia (X tons), the United States (X tons) and Thailand (X tons) were the main suppliers of vanilla imports to Malaysia, together accounting for 79% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +60.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X) constituted the largest supplier of vanilla to Malaysia, comprising 34% of total imports. The second position in the ranking was held by the United States ($X), with a 10% share of total imports. It was followed by Thailand, with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Australia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-19.8% per year) and Thailand (+39.6% per year).

Import Prices by Country

The average vanilla import price stood at $X per ton in 2022, surging by 7.5% against the previous year. Over the period under review, the import price, however, showed a noticeable contraction. The growth pace was the most rapid in 2019 an increase of 9.8% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 Indonesia ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (-0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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