South-Eastern Asia: Vitamin Market 2024

Vitamin Market Size in South-Eastern Asia

The Southeast Asian vitamin market rose notably to $X in 2021, increasing by 5.4% against the previous year. The total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +7.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +96.8% against 2012 indices. The level of consumption peaked in 2021 and is expected to retain growth in years to come.

Vitamin Production in South-Eastern Asia

In value terms, vitamin production totaled $X in 2021 estimated in export price. The total production indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +7.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -0.8% against 2018 indices. The pace of growth appeared the most rapid in 2014 with an increase of 22% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Vitamin Exports

Exports in South-Eastern Asia

In 2021, overseas shipments of provitamins and vitamins decreased by -11.9% to X tons, falling for the fourth consecutive year after six years of growth. Overall, exports showed a deep downturn. The pace of growth appeared the most rapid in 2016 when exports increased by 11%. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, vitamin exports fell significantly to $X in 2021. Over the period under review, exports showed a pronounced downturn. The pace of growth appeared the most rapid in 2016 with an increase of 13%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Singapore prevails in exports structure, finishing at X tons, which was near 81% of total exports in 2021. Malaysia (X tons) ranks second in terms of the total exports with a 9.9% share, followed by Thailand (6.9%).

Exports from Singapore decreased at an average annual rate of -4.7% from 2012 to 2021. At the same time, Malaysia (+10.7%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +10.7% from 2012-2021. By contrast, Thailand (-15.4%) illustrated a downward trend over the same period. Malaysia (+7.5 p.p.) and Singapore (+3.9 p.p.) significantly strengthened its position in terms of the total exports, while Thailand saw its share reduced by -12.4% from 2012 to 2021, respectively.

In value terms, Singapore ($X) remains the largest vitamin supplier in South-Eastern Asia, comprising 81% of total exports. The second position in the ranking was held by Malaysia ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Singapore amounted to -4.9%. In the other countries, the average annual rates were as follows: Malaysia (+10.9% per year) and Thailand (-12.7% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, which is down by -3.7% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the export price increased by 26% against the previous year. As a result, the export price attained the peak level of $X per ton, and then fell in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+3.2%), while the other leaders experienced mixed trends in the export price figures.

Vitamin Imports

Imports in South-Eastern Asia

For the fourth year in a row, South-Eastern Asia recorded growth in supplies from abroad of provitamins and vitamins, which increased by 7.1% to X tons in 2021. The total import volume increased at an average annual rate of +4.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 14% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in years to come.

In value terms, vitamin imports reached $X in 2021. The total import value increased at an average annual rate of +3.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when imports increased by 17%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

The purchases of the five major importers of provitamins and vitamins, namely Indonesia, Vietnam, Singapore, Thailand and the Philippines, represented more than two-thirds of total import. It was distantly followed by Malaysia (X tons), committing an 8.2% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the Philippines (with a CAGR of +12.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Indonesia ($X) and Vietnam ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 65% of total imports. These countries were followed by Thailand, the Philippines and Malaysia, which together accounted for a further 34%.

In terms of the main importing countries, the Philippines, with a CAGR of +12.5%, recorded the highest growth rate of the value of imports, 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 -4.4% against the previous year. Over the period under review, the import price showed a mild setback. The growth pace was the most rapid in 2018 when the import price increased by 17% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Singapore ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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