Vietnam: Modified Starches Market 2024

Modified Starches Market Size in Vietnam

The Vietnamese modified starches market soared to $X in 2022, picking up by 16% against the previous year. Over the period under review, consumption, however, saw a abrupt slump. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Modified Starches Production in Vietnam

In value terms, modified starches production totaled $X in 2022 estimated in export price. In general, production, however, recorded a noticeable setback. The growth pace was the most rapid in 2018 when the production volume increased by 21% against the previous year. Modified starches production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Modified Starches Exports

Exports from Vietnam

In 2022, after six years of growth, there was significant decline in shipments abroad of dextrins and other modified starches, when their volume decreased by -8.1% to X tons. Over the period under review, exports, however, continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2016 when exports increased by 31% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2021, and then fell in the following year.

In value terms, modified starches exports contracted to $X in 2022. Overall, exports, however, saw a strong expansion. The growth pace was the most rapid in 2021 when exports increased by 30%. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

China (X tons) was the main destination for modified starches exports from Vietnam, accounting for a 79% share of total exports. Moreover, modified starches exports to China exceeded the volume sent to the second major destination, Japan (X tons), sixfold. The third position in this ranking was held by South Korea (X tons), with a 2.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at +26.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-5.8% per year) and South Korea (+60.2% per year).

In value terms, China ($X) remains the key foreign market for dextrins and other modified starches exports from Vietnam, comprising 73% of total exports. The second position in the ranking was taken by Japan ($X), with a 17% share of total exports. It was followed by the Philippines, with a 2.7% share.

From 2012 to 2022, the average annual growth rate of value to China stood at +26.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-3.1% per year) and the Philippines (+8.5% per year).

Export Prices by Country

The average modified starches export price stood at $X per ton in 2022, which is down by -3.7% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 11%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Japan ($X per ton) and the Philippines ($X per ton), while the average price for exports to China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+2.9%), while the prices for the other major destinations experienced more modest paces of growth.

Modified Starches Imports

Imports into Vietnam

In 2022, purchases abroad of dextrins and other modified starches decreased by -2.8% to X tons for the first time since 2015, thus ending a six-year rising trend. Over the period under review, imports, however, showed a strong increase. The pace of growth was the most pronounced in 2017 with an increase of 46% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then declined in the following year.

In value terms, modified starches imports reduced slightly to $X in 2022. Overall, imports, however, saw prominent growth. The pace of growth was the most pronounced in 2019 when imports increased by 38% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then fell in the following year.

Imports by Country

Italy (X tons), China (X tons) and the United States (X tons) were the main suppliers of modified starches imports to Vietnam, with a combined 57% share of total imports. The Netherlands, India, Denmark and Germany lagged somewhat behind, together comprising a further 8.1%.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +613.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), China ($X) and the United States ($X) constituted the largest modified starches suppliers to Vietnam, together accounting for 53% of total imports. The Netherlands, Germany, India and Denmark lagged somewhat behind, together accounting for a further 8.6%.

Denmark, with a CAGR of +591.3%, recorded the highest growth rate of 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

The average modified starches import price stood at $X per ton in 2022, dropping by -1.6% against the previous year. Overall, the import price saw a noticeable reduction. The most prominent rate of growth was recorded in 2019 an increase of 12% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+1.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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