South-Eastern Asia: Artichoke Market 2024

Artichoke Market Size in South-Eastern Asia

The Southeast Asian artichoke market soared to $X in 2022, jumping by 30% against the previous year. Overall, consumption, however, saw a deep reduction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Artichoke Production in South-Eastern Asia

In value terms, artichoke production dropped to $X in 2022 estimated in export price. In general, production saw a deep slump. The growth pace was the most rapid in 2018 with an increase of 5.1%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Singapore (X tons) constituted the country with the largest volume of artichoke production, comprising approx. 96% of total volume. It was followed by Lao People's Democratic Republic (X tons), with a 2.5% share of total production.

In Singapore, artichoke production remained relatively stable over the period from 2012-2022.

Artichoke Exports

Exports in South-Eastern Asia

In 2022, the amount of artichokes exported in South-Eastern Asia contracted remarkably to X tons, waning by -44.6% against 2021 figures. Overall, exports, however, showed a significant increase. The growth pace was the most rapid in 2014 with an increase of 2,341% against the previous year. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, artichoke exports fell remarkably to $X in 2022. In general, exports, however, posted a significant expansion. The growth pace was the most rapid in 2014 with an increase of 227% against the previous year. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Singapore dominates exports structure, reaching X tons, which was approx. 96% of total exports in 2022. Vietnam (X tons) took a little share of total exports.

Singapore was also the fastest-growing in terms of the artichokes exports, with a CAGR of +46.6% from 2012 to 2022. At the same time, Vietnam (+32.9%) displayed positive paces of growth. While the share of Singapore (+44 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest artichoke supplier in South-Eastern Asia, comprising 96% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 3.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore stood at +28.1%.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, surging by 25% against the previous year. Over the period under review, the export price, however, faced a deep contraction. The most prominent rate of growth was recorded in 2013 when the export price increased by 94%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Singapore amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (-6.9%).

Artichoke Imports

Imports in South-Eastern Asia

After two years of growth, supplies from abroad of artichokes decreased by -1.3% to X tons in 2022. Total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.0% 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 +9.5% against 2019 indices. The pace of growth was the most pronounced in 2015 when imports increased by 39%. The volume of import peaked at X tons in 2021, and then fell in the following year.

In value terms, artichoke imports contracted slightly to $X in 2022. Total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.7% 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 2018 indices. The most prominent rate of growth was recorded in 2021 with an increase of 30%. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

Singapore represented the largest importer of artichokes in South-Eastern Asia, with the volume of imports recording X tons, which was approx. 55% of total imports in 2022. It was distantly followed by Cambodia (X tons), Thailand (X tons), Vietnam (X tons) and Malaysia (X tons), together achieving a 39% share of total imports. The Philippines (X tons) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to artichoke imports into Singapore stood at +3.4%. At the same time, the Philippines (+26.7%), Cambodia (+18.4%), Malaysia (+12.6%) and Vietnam (+6.9%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +26.7% from 2012-2022. Thailand experienced a relatively flat trend pattern. From 2012 to 2022, the share of Cambodia, Vietnam, the Philippines and Malaysia increased by +12, +5.6, +3.9 and +2.4 percentage points, respectively.

In value terms, Singapore ($X) constitutes the largest market for imported artichokes in South-Eastern Asia, comprising 72% of total imports. The second position in the ranking was taken by Thailand ($X), with a 14% share of total imports. It was followed by Malaysia, with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore totaled +7.0%. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (+4.4% per year) and Malaysia (+26.4% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, approximately mirroring the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The pace of growth appeared the most rapid in 2021 when the import price increased by 27%. As a result, import price reached the peak level of $X per ton, leveling off in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+12.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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