Vietnam: Prepared Mustard Market 2024

Prepared Mustard Market Size in Vietnam

After three years of decline, the Vietnamese prepared mustard market increased by 2.3% to $X in 2021. In general, consumption, however, continues to indicate a resilient expansion. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Prepared Mustard Production in Vietnam

In value terms, prepared mustard production reached $X in 2021 estimated in export price. Over the period under review, production, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by 86%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Prepared Mustard Exports

Exports from Vietnam

In 2021, prepared mustard exports from Vietnam surged to X tons, picking up by 224% on 2020. Overall, exports recorded buoyant growth. The growth pace was the most rapid in 2014 when exports increased by 262% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, prepared mustard exports soared to $X in 2021. Over the period under review, exports showed a prominent increase. The growth pace was the most rapid in 2014 when exports increased by 325% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for prepared mustard exports from Vietnam, accounting for a 43% share of total exports. Moreover, prepared mustard exports to Japan exceeded the volume sent to the second major destination, Malaysia (X tons), twofold. Germany (X kg) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan stood at +73.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+47.3% per year) and Germany (+24.1% per year).

In value terms, Japan ($X) emerged as the key foreign market for prepared mustard exports from Vietnam, comprising 43% of total exports. The second position in the ranking was held by Malaysia ($X), with a 20% share of total exports. It was followed by Sweden, with a 14% share.

From 2012 to 2021, the average annual growth rate of value to Japan totaled +69.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+47.9% per year) and Sweden (+27.4% per year).

Export Prices by Country

The average prepared mustard export price stood at $X per ton in 2021, rising by 10% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average export price increased by 18%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2021, 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 Sweden ($X per ton), while the average price for exports to Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+5.7%), while the prices for the other major destinations experienced more modest paces of growth.

Prepared Mustard Imports

Imports into Vietnam

In 2021, overseas purchases of prepared mustard decreased by -15% to X tons, falling for the second consecutive year after six years of growth. In general, imports, however, posted a strong increase. The growth pace was the most rapid in 2014 when imports increased by 98%. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, prepared mustard imports declined to $X in 2021. Overall, imports, however, posted resilient growth. The pace of growth was the most pronounced in 2014 with an increase of 35%. Over the period under review, imports reached the peak figure at $X in 2020, and then shrank in the following year.

Imports by Country

China (X tons), Japan (X tons) and Hong Kong SAR (X tons) were the main suppliers of prepared mustard imports to Vietnam, with a combined 60% share of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +45.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) constituted the largest supplier of prepared mustard to Vietnam, comprising 40% of total imports. The second position in the ranking was taken by China ($X), with a 16% share of total imports. It was followed by Japan, with a 15% share.

From 2012 to 2021, the average annual growth rate of value from Hong Kong SAR totaled +9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+39.3% per year) and Japan (+10.4% per year).

Import Prices by Country

In 2021, the average prepared mustard import price amounted to $X per ton, picking up by 6.3% against the previous year. Overall, the import price, however, saw a noticeable reduction. The most prominent rate of growth was recorded in 2013 an increase of 14% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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