South-Eastern Asia: Vanilla Market 2024

Vanilla Market Size in South-Eastern Asia

The Southeast Asian vanilla market surged to $X in 2022, growing by 20% against the previous year. Over the period under review, consumption saw temperate growth. Over the period under review, the market reached the peak level in 2022 and is likely to continue growth in the immediate term.

Vanilla Production in South-Eastern Asia

In value terms, vanilla production reduced slightly to $X in 2022 estimated in export price. The total production indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.9% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 49% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Indonesia (X tons) remains the largest vanilla producing country in South-Eastern Asia, comprising approx. 98% of total volume. It was followed by Thailand (X tons), with a 1.5% share of total production.

From 2012 to 2022, the average annual growth rate of volume in Indonesia stood at -2.9%.

Vanilla Exports

Exports in South-Eastern Asia

In 2022, shipments abroad of vanilla decreased by -7.5% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports, however, saw notable growth. The most prominent rate of growth was recorded in 2015 when exports increased by 70%. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, vanilla exports contracted dramatically to $X in 2022. Overall, exports, however, continue to indicate significant growth. The pace of growth was the most pronounced in 2016 when exports increased by 392%. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia dominates exports structure, accounting for X tons, which was near 88% of total exports in 2022. It was distantly followed by Thailand (X tons), committing an 8.1% share of total exports. Malaysia (X tons) held a relatively small share of total exports.

Exports from Indonesia increased at an average annual rate of +2.0% from 2012 to 2022. At the same time, Thailand (+45.2%) and Malaysia (+4.8%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +45.2% from 2012-2022. Thailand (+8.1 p.p.) significantly strengthened its position in terms of the total exports, while Indonesia saw its share reduced by -3.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) remains the largest vanilla supplier in South-Eastern Asia, comprising 99% of total exports. The second position in the ranking was taken by Thailand ($X), with a 0.3% share of total exports.

In Indonesia, vanilla exports expanded at an average annual rate of +26.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (+29.3% per year) and Malaysia (+0.6% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, with a decrease of -18.5% against the previous year. In general, the export price, however, recorded a significant increase. The most prominent rate of growth was recorded in 2016 an increase of 224% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Malaysia ($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 (+23.7%), while the other leaders experienced a decline in the export price figures.

Vanilla Imports

Imports in South-Eastern Asia

Vanilla imports surged to X tons in 2022, jumping by 88% on the previous year. Over the period under review, imports recorded a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, vanilla imports surged to $X in 2022. Overall, imports recorded significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 198%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Indonesia prevails in imports structure, finishing at X tons, which was approx. 85% of total imports in 2022. It was distantly followed by Malaysia (X tons), comprising a 5.1% share of total imports. The following importers - Singapore (X tons) and Brunei Darussalam (X tons) - together made up 7.4% of total imports.

Indonesia was also the fastest-growing in terms of the vanilla imports, with a CAGR of +31.8% from 2012 to 2022. At the same time, Brunei Darussalam (+13.0%) displayed positive paces of growth. By contrast, Malaysia (-1.6%) and Singapore (-7.2%) illustrated a downward trend over the same period. Indonesia (+68 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia and Singapore saw its share reduced by -13.6% and -21.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported vanilla in South-Eastern Asia, comprising 94% of total imports. The second position in the ranking was held by Singapore ($X), with a 2.9% share of total imports. It was followed by Malaysia, with a 0.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Indonesia totaled +47.7%. The remaining importing countries recorded the following average annual rates of imports growth: Singapore (-2.6% per year) and Malaysia (-5.7% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, reducing by -35.9% against the previous year. In general, the import price, however, posted a remarkable increase. The growth pace was the most rapid in 2017 when the import price increased by 126% against the previous year. The level of import peaked at $X per ton in 2020; however, from 2021 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 Indonesia ($X per ton), while Brunei Darussalam ($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 (+12.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :