South-Eastern Asia: Market for Lucerne (Alfalfa) Meal And Pellets 2024

Market Size for Lucerne (Alfalfa) Meal And Pellets in South-Eastern Asia

The Southeast Asian lucerne meal and pellets market amounted to $X in 2021, remaining stable against the previous year. Over the period under review, consumption recorded a resilient expansion. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Production of Lucerne (Alfalfa) Meal And Pellets in South-Eastern Asia

In value terms, lucerne meal and pellets production dropped slightly to $X in 2021 estimated in export price. Over the period under review, production posted a buoyant increase. The growth pace was the most rapid in 2018 with an increase of 41%. Over the period under review, production hit record highs at $X in 2020, and then dropped in the following year.

Exports of Lucerne (Alfalfa) Meal And Pellets

Exports in South-Eastern Asia

In 2021, shipments abroad of lucerne (alfalfa) meal and pellets increased by 36% to X tons, rising for the second consecutive year after five years of decline. Over the period under review, exports, however, recorded a deep contraction. The pace of growth was the most pronounced in 2013 when exports increased by 273%. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, lucerne meal and pellets exports skyrocketed to $X in 2021. Overall, exports, however, showed a abrupt setback. The pace of growth was the most pronounced in 2013 when exports increased by 267%. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Cambodia represented the largest exporting country with an export of about X tons, which accounted for 57% of total exports. Thailand (X tons) ranks second in terms of the total exports with a 31% share, followed by Malaysia (9.9%). Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of +3.4%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Cambodia ($X) remains the largest lucerne meal and pellets supplier in South-Eastern Asia, comprising 55% of total exports. The second position in the ranking was taken by Thailand ($X), with a 23% share of total exports. It was followed by Malaysia, with a 12% share.

In Cambodia, lucerne meal and pellets exports plunged by an average annual rate of -2.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Thailand (-18.8% per year) and Malaysia (+9.8% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, waning by -2.9% against the previous year. Export price indicated a tangible increase from 2012 to 2021: its price increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, lucerne meal and pellets export price decreased by -14.0% against 2019 indices. The growth pace was the most rapid in 2019 when the export price increased by 64% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, 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 ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+6.4%), while the other leaders experienced more modest paces of growth.

Imports of Lucerne (Alfalfa) Meal And Pellets

Imports in South-Eastern Asia

In 2021, supplies from abroad of lucerne (alfalfa) meal and pellets increased by 5.7% to X tons, rising for the third year in a row after four years of decline. Overall, imports showed a strong expansion. The growth pace was the most rapid in 2019 when imports increased by 103% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, lucerne meal and pellets imports amounted to $X in 2021. In general, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 98%. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in the near future.

Imports by Country

In 2021, Malaysia (X tons) and the Philippines (X tons) represented the main importers of lucerne (alfalfa) meal and pellets in South-Eastern Asia, together generating 68% of total imports. Thailand (X tons) took the next position in the ranking, distantly followed by Vietnam (X tons). All these countries together took near 24% share of total imports. Singapore (X tons), Brunei Darussalam (X tons) and Lao People's Democratic Republic (X tons) held a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Brunei Darussalam (with a CAGR of +91.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Thailand ($X) and the Philippines ($X) were the countries with the highest levels of imports in 2021, together comprising 85% of total imports. These countries were followed by Singapore, Vietnam, Brunei Darussalam and Lao People's Democratic Republic, which together accounted for a further 14%.

Brunei Darussalam, with a CAGR of +83.5%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2021, which is down by -4.9% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 52% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+6.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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