Vietnam: Manuka Market 2024

Manuka Market Size in Vietnam

The Vietnamese manuka market contracted to $X in 2022, with a decrease of -10.2% against the previous year. In general, consumption saw a deep slump. Manuka consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Manuka Production in Vietnam

In value terms, manuka production contracted to $X in 2022 estimated in export price. Over the period under review, production saw a mild slump. The pace of growth appeared the most rapid in 2014 when the production volume increased by 17%. Manuka production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Manuka Exports

Exports from Vietnam

After four years of growth, shipments abroad of manuka decreased by -4.7% to X tons in 2022. Overall, total exports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +10.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +50.1% against 2017 indices. The most prominent rate of growth was recorded in 2013 with an increase of 63% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then contracted modestly in the following year.

In value terms, manuka exports dropped rapidly to $X in 2022. In general, exports, however, continue to indicate a pronounced expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 56% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for manuka exports from Vietnam, with a 71% share of total exports. Moreover, manuka exports to the United States exceeded the volume sent to the second major destination, the UK (X tons), sevenfold. The Netherlands (X tons) ranked third in terms of total exports with a 4.7% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +7.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+62.6% per year) and the Netherlands (+2,390.7% per year).

In value terms, the United States ($X) remains the key foreign market for manuka exports from Vietnam, comprising 62% of total exports. The second position in the ranking was taken by the UK ($X), with a 9.8% share of total exports. It was followed by the Netherlands, with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+52.4% per year) and the Netherlands (+2,216.7% per year).

Export Prices by Country

The average manuka export price stood at $X per ton in 2022, which is down by -11% against the previous year. In general, the export price recorded a abrupt contraction. The pace of growth appeared the most rapid in 2021 an increase of 29% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the United States ($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 Japan (+5.9%), while the prices for the other major destinations experienced a decline.

Manuka Imports

Imports into Vietnam

Manuka imports into Vietnam soared to X tons in 2022, picking up by 17% against the year before. Over the period under review, imports saw a measured expansion. The pace of growth appeared the most rapid in 2014 with an increase of 407% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, manuka imports rose slightly to $X in 2022. In general, imports enjoyed a measured expansion. The growth pace was the most rapid in 2014 with an increase of 365% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Australia (X tons) constituted the largest supplier of manuka to Vietnam, with a 71% share of total imports. Moreover, manuka imports from Australia exceeded the figures recorded by the second-largest supplier, Madagascar (X tons), sevenfold. The third position in this ranking was taken by China (X tons), with a 4.4% share.

From 2012 to 2022, the average annual growth rate of volume from Australia amounted to +22.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Madagascar (+9.5% per year) and China (+1.0% per year).

In value terms, Australia ($X) constituted the largest supplier of manuka to Vietnam, comprising 72% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 3.4% share of total imports. It was followed by China, with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Australia stood at +17.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-2.3% per year) and China (-0.8% per year).

Import Prices by Country

In 2022, the average manuka import price amounted to $X per ton, declining by -12.2% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 27%. The import price peaked at $X per ton in 2013; however, from 2014 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 Hong Kong SAR ($X per ton), while the price for Madagascar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+15.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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