South-Eastern Asia: Carob Market 2024

Carob Market Size in South-Eastern Asia

In 2022, the Southeast Asian carob market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption, however, saw a deep setback. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Carob Production in South-Eastern Asia

In value terms, carob production surged to $X in 2022 estimated in export price. Over the period under review, production saw buoyant growth. The most prominent rate of growth was recorded in 2016 when the production volume increased by 588% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Thailand (X tons) constituted the country with the largest volume of carob production, accounting for 81% of total volume. Moreover, carob production in Thailand exceeded the figures recorded by the second-largest producer, Singapore (X tons), sixfold. The third position in this ranking was held by Lao People's Democratic Republic (X tons), with a 3.8% share.

From 2012 to 2022, the average annual growth rate of volume in Thailand totaled +717.0%. The remaining producing countries recorded the following average annual rates of production growth: Singapore (+0.8% per year) and Lao People's Democratic Republic (+1.2% per year).

Carob Exports

Exports in South-Eastern Asia

In 2022, shipments abroad of carob increased by 34% to X tons, rising for the third year in a row after two years of decline. Overall, exports showed a significant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 756% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, carob exports skyrocketed to $X in 2022. In general, exports, however, continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2016 with an increase of 217%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Vietnam (X tons), distantly followed by Singapore (X tons) were the largest exporters of carob, together achieving 100% of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +30.4%).

In value terms, Singapore ($X) emerged as the largest carob supplier in South-Eastern Asia, comprising 71% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 29% share of total exports.

In Singapore, carob exports decreased by an average annual rate of -1.6% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, picking up by 97% against the previous year. In general, the export price, however, showed a sharp contraction. The growth pace was the most rapid in 2019 when the export price increased by 165%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Vietnam amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (-10.4%).

Carob Imports

Imports in South-Eastern Asia

After five years of decline, supplies from abroad of carob increased by 25% to X tons in 2022. Over the period under review, imports, however, recorded a deep reduction. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, carob imports expanded remarkably to $X in 2022. In general, imports, however, saw a sharp decrease. The pace of growth appeared the most rapid in 2018 when imports increased by 33%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Thailand was the major importer of carob in South-Eastern Asia, with the volume of imports accounting for X tons, which was approx. 64% of total imports in 2022. It was distantly followed by Indonesia (X tons), Vietnam (X tons) and Cambodia (X tons), together creating a 30% share of total imports. Singapore (X tons) and Malaysia (X tons) followed a long way behind the leaders.

Imports into Thailand decreased at an average annual rate of -18.7% from 2012 to 2022. At the same time, Singapore (+46.8%), Malaysia (+2.5%) and Cambodia (+1.6%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +46.8% from 2012-2022. By contrast, Indonesia (-12.7%) and Vietnam (-25.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Indonesia, Cambodia, Singapore and Malaysia increased by +6.3, +5.7, +3.9 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) constitutes the largest market for imported carob in South-Eastern Asia, comprising 54% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 21% share of total imports. It was followed by Vietnam, with an 8.6% share.

From 2012 to 2022, the average annual growth rate of value in Thailand stood at -20.1%. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (-11.7% per year) and Vietnam (-32.4% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, falling by -8.6% against the previous year. In general, the import price recorded a perceptible descent. The pace of growth appeared the most rapid in 2018 an increase of 51%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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