South-Eastern Asia: Modified Starches Market 2024

Modified Starches Market Size in South-Eastern Asia

The Southeast Asian modified starches market amounted to $X in 2022, increasing by 12% against the previous year. The total consumption indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.2% against 2020 indices. The level of consumption peaked at $X in 2020; afterwards, it flattened through to 2022.

Modified Starches Production in South-Eastern Asia

In value terms, modified starches production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 18% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Modified Starches Exports

Exports in South-Eastern Asia

In 2022, shipments abroad of dextrins and other modified starches decreased by -4% to X tons for the first time since 2019, thus ending a two-year rising trend. The total export volume increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 24% against the previous year. The volume of export peaked at X tons in 2021, and then reduced slightly in the following year.

In value terms, modified starches exports rose sharply to $X in 2022. Total exports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +60.2% against 2016 indices. The pace of growth was the most pronounced in 2018 when exports increased by 23%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Thailand represented the major exporter of dextrins and other modified starches in South-Eastern Asia, with the volume of exports finishing at X tons, which was near 86% of total exports in 2022. It was distantly followed by Vietnam (X tons), creating a 12% share of total exports.

Exports from Thailand increased at an average annual rate of +2.8% from 2012 to 2022. At the same time, Vietnam (+7.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +7.5% from 2012-2022. Vietnam (+3.9 p.p.) significantly strengthened its position in terms of the total exports, while Thailand saw its share reduced by -3.8% from 2012 to 2022, respectively.

In value terms, Thailand ($X) remains the largest modified starches supplier in South-Eastern Asia, comprising 88% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 9.2% share of total exports.

In Thailand, modified starches exports expanded at an average annual rate of +4.2% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, rising by 15% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2019 when the export price increased by 24%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($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 Thailand (+1.3%).

Modified Starches Imports

Imports in South-Eastern Asia

Modified starches imports skyrocketed to X tons in 2022, picking up by 18% on 2021 figures. Total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +4.5% 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 +87.2% against 2015 indices. The pace of growth appeared the most rapid in 2017 with an increase of 21%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

In value terms, modified starches imports surged to $X in 2022. Total imports indicated a remarkable increase from 2012 to 2022: its value 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 +41.0% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Indonesia (X tons) represented the major importer of dextrins and other modified starches, comprising 54% of total imports. Vietnam (X tons) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by the Philippines (13%) and Malaysia (10%). The following importers - Thailand (X tons) and Singapore (X tons) - each reached a 6% share of total imports.

Imports into Indonesia increased at an average annual rate of +4.1% from 2012 to 2022. At the same time, Vietnam (+13.8%), Singapore (+8.7%) and the Philippines (+3.2%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +13.8% from 2012-2022. Malaysia and Thailand experienced a relatively flat trend pattern. Vietnam (+8.9 p.p.) significantly strengthened its position in terms of the total imports, while the Philippines, Indonesia, Thailand and Malaysia saw its share reduced by -1.7%, -1.7%, -1.7% and -5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported dextrins and other modified starches in South-Eastern Asia, comprising 52% of total imports. The second position in the ranking was held by Vietnam ($X), with a 13% share of total imports. It was followed by the Philippines, with a 13% share.

In Indonesia, modified starches imports increased at an average annual rate of +6.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+10.7% per year) and the Philippines (+6.0% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, surging by 9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2013 when the import price increased by 12% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+2.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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