Vietnam: Molasse Market 2024

Molasse Market Size in Vietnam

After two years of growth, the Vietnamese molasse market decreased by -0.4% to $X in 2022. In general, the total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +53.0% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2021, and then fell in the following year.

Molasse Production in Vietnam

In value terms, molasse production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 65% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Molasse Exports

Exports from Vietnam

In 2022, overseas shipments of molasses increased by 293% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, recorded a abrupt slump. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, molasse exports skyrocketed to $X in 2022. In general, exports, however, continue to indicate a abrupt shrinkage. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

South Korea (X tons) was the main destination for molasse exports from Vietnam, with a 62% share of total exports. Moreover, molasse exports to South Korea exceeded the volume sent to the second major destination, the Philippines (X tons), twofold. The third position in this ranking was held by Australia (X tons), with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Korea amounted to +336.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+65.0% per year) and Australia (+104.3% per year).

In value terms, South Korea ($X) emerged as the key foreign market for molasses exports from Vietnam, comprising 60% of total exports. The second position in the ranking was held by the Philippines ($X), with a 27% share of total exports. It was followed by Australia, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to South Korea stood at +209.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+66.1% per year) and Australia (+123.3% per year).

Export Prices by Country

The average molasse export price stood at $X per ton in 2022, declining by -39.8% against the previous year. In general, the export price, however, continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2021 when the average export price increased by 84%. As a result, the export price reached the peak level of $X per ton, and then reduced sharply in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to the UK ($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 Australia (+9.3%), while the prices for the other major destinations experienced more modest paces of growth.

Molasse Imports

Imports into Vietnam

After three years of growth, overseas purchases of molasses decreased by -5% to X tons in 2022. Overall, imports, however, posted temperate growth. The most prominent rate of growth was recorded in 2016 with an increase of 92%. Over the period under review, imports hit record highs at X tons in 2021, and then fell in the following year.

In value terms, molasse imports fell to $X in 2022. Over the period under review, imports, however, continue to indicate a tangible increase. The pace of growth was the most pronounced in 2016 when imports increased by 121%. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest molasse supplier to Vietnam, accounting for a 65% share of total imports. Moreover, molasse imports from India exceeded the figures recorded by the second-largest supplier, Myanmar (X tons), sixfold. The third position in this ranking was taken by Fiji (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India totaled +150.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Myanmar (-25.9% per year) and Fiji (+27.5% per year).

In value terms, India ($X) constituted the largest supplier of molasses to Vietnam, comprising 62% of total imports. The second position in the ranking was held by Fiji ($X), with a 13% share of total imports. It was followed by Myanmar, with an 8.7% share.

From 2012 to 2022, the average annual growth rate of value from India stood at +111.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Fiji (+43.9% per year) and Myanmar (-16.5% per year).

Import Prices by Country

In 2022, the average molasse import price amounted to $X per ton, dropping by -7.7% against the previous year. Overall, the import price, however, continues to indicate modest growth. The most prominent rate of growth was recorded in 2018 an increase of 26% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

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 Australia ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+120.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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