Vietnam: Market for Bone Glues and Gelatin 2024

Market Size for Bone Glues and Gelatin in Vietnam

In 2022, the Vietnamese bone glue and gelatin market increased by 2.6% to $X for the first time since 2019, thus ending a two-year declining trend. Overall, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.0% 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 -9.6% against 2019 indices. Bone glue and gelatin consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Bone Glues and Gelatin in Vietnam

In value terms, bone glue and gelatin production contracted to $X in 2022 estimated in export price. Over the period under review, the total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.2% against 2019 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 63%. Bone glue and gelatin production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Bone Glues and Gelatin

Exports from Vietnam

In 2022, approx. X tons of bone glues and gelatin were exported from Vietnam; dropping by -23.4% compared with the previous year's figure. Overall, exports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2017 with an increase of 1,455%. Over the period under review, the exports attained the maximum at X tons in 2021, and then declined remarkably in the following year.

In value terms, bone glue and gelatin exports dropped markedly to $X in 2022. In general, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 1,391% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then fell dramatically in the following year.

Exports by Country

Cambodia (X tons), South Korea (X tons) and Italy (X tons) were the main destinations of bone glue and gelatin exports from Vietnam, with a combined 60% share of total exports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +348.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Italy ($X) and China ($X) constituted the largest markets for bone glue and gelatin exported from Vietnam worldwide, together accounting for 52% of total exports.

South Korea, with a CAGR of +346.0%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average bone glue and gelatin export price amounted to $X per ton, declining by -1.6% against the previous year. In general, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, bone glue and gelatin export price increased by +32.9% against 2019 indices. The pace of growth appeared the most rapid in 2020 an increase of 29%. The export price peaked at $X per ton in 2021, and then dropped in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+14.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Bone Glues and Gelatin

Imports into Vietnam

In 2022, overseas purchases of bone glues and gelatin were finally on the rise to reach X tons after three years of decline. Overall, total imports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -11.7% against 2018 indices. The pace of growth was the most pronounced in 2013 when imports increased by 27%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, bone glue and gelatin imports expanded remarkably to $X in 2022. The total import value increased at an average annual rate of +4.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 18%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), France (X tons) and Germany (X tons) were the main suppliers of bone glue and gelatin imports to Vietnam, with a combined 42% share of total imports. South Korea, the United States, Japan, Belgium, Brazil, Sweden and Italy lagged somewhat behind, together comprising a further 46%.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +17.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), France ($X) and Germany ($X) were the largest bone glue and gelatin suppliers to Vietnam, with a combined 43% share of total imports. South Korea, the United States, Japan, Belgium, Brazil, Sweden and Italy lagged somewhat behind, together accounting for a further 47%.

Belgium, with a CAGR of +16.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average bone glue and gelatin import price amounted to $X per ton, growing by 5.4% against the previous year. Over the period under review, the import price, however, recorded a slight shrinkage. The growth pace was the most rapid in 2020 an increase of 20% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Belgium ($X per ton) and the United States ($X per ton), while the price for France ($X per ton) and Sweden ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (-0.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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