Asia: Vanilla Market 2024

Vanilla Market Size in Asia

For the third consecutive year, the Asian vanilla market recorded growth in sales value, which increased by X% to $X in 2022. The total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2019 indices. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the near future.

Vanilla Production in Asia

In value terms, vanilla production fell slightly to $X in 2022 estimated in export price. The total production indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by X% against 2020 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by X%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Indonesia (X tons) constituted the country with the largest volume of vanilla production, comprising approx. X% of total volume. Moreover, vanilla production in Indonesia exceeded the figures recorded by the second-largest producer, China (X tons), fivefold. Turkey (X tons) ranked third in terms of total production with an X% share.

In Indonesia, vanilla production declined by an average annual rate of X% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: China (X% per year) and Turkey (X% per year).

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Vanilla Exports

Exports in Asia

In 2022, exports of vanilla in Asia totaled X tons, with an increase of X% against 2021 figures. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, vanilla exports shrank sharply to $X in 2022. Over the period under review, exports showed a prominent expansion. The growth pace was the most rapid in 2016 when exports increased by X%. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Turkey (X tons) and Indonesia (X tons) represented roughly X% of total exports in 2022. It was distantly followed by China (X tons), mixing up a X% share of total exports. Thailand (X tons), Saudi Arabia (X tons), Israel (X tons) and the United Arab Emirates (X tons) followed a long way behind the leaders.

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

In value terms, Indonesia ($X) remains the largest vanilla supplier in Asia, comprising X% of total exports. The second position in the ranking was taken by Turkey ($X), with a X% share of total exports. It was followed by China, with a X% share.

In Indonesia, vanilla exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Turkey (X% per year) and China (X% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, dropping by X% against the previous year. In general, the export price, however, continues to indicate a remarkable increase. The most prominent rate of growth was recorded in 2016 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the other leaders experienced more modest paces of growth.

Vanilla Imports

Imports in Asia

For the sixth consecutive year, Asia recorded growth in purchases abroad of vanilla, which increased by X% to X tons in 2022. Overall, imports continue to indicate strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, vanilla imports expanded markedly to $X in 2022. In general, imports posted strong growth. The most prominent rate of growth was recorded in 2017 with an increase of X%. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Indonesia (X tons) was the major importer of vanilla, committing X% of total imports. Syrian Arab Republic (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Saudi Arabia (X%). Japan (X tons), Malaysia (X tons), Azerbaijan (X tons), Singapore (X tons), Brunei Darussalam (X tons) and Iraq (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to vanilla imports into Indonesia stood at X%. At the same time, Syrian Arab Republic (X%), Brunei Darussalam (X%) and Saudi Arabia (X%) displayed positive paces of growth. Moreover, Syrian Arab Republic emerged as the fastest-growing importer imported in Asia, with a CAGR of X% from 2012-2022. By contrast, Malaysia (X%), Japan (X%), Azerbaijan (X%), Singapore (X%) and Iraq (X%) illustrated a downward trend over the same period. While the share of Indonesia (X p.p.), Syrian Arab Republic (X p.p.), Saudi Arabia (X p.p.) and Iraq (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Malaysia (X p.p.), Azerbaijan (X p.p.), Singapore (X p.p.) and Japan (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest vanilla importing markets in Asia were Indonesia ($X), Japan ($X) and Saudi Arabia ($X), with a combined X% share of total imports.

In terms of the main importing countries, Indonesia, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, shrinking by X% against the previous year. In general, the import price, however, showed buoyant growth. The most prominent rate of growth was recorded in 2017 an increase of X%. Over the period under review, import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while Iraq ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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