ASEAN: Biological Product Market 2024

Biological Product Market Size in ASEAN

The ASEAN biological product market declined to $X in 2023, shrinking by X% against the previous year. Overall, consumption posted a remarkable increase. As a result, consumption reached the peak level of $X. From 2021 to 2023, the growth of the market remained at a somewhat lower figure.

Biological Product Production in ASEAN

In value terms, biological product production reduced to $X in 2023 estimated in export price. Overall, production, however, showed resilient growth. The pace of growth was the most pronounced in 2020 with an increase of X%. As a result, production reached the peak level of $X. From 2021 to 2023, production growth failed to regain momentum.

Biological Product Exports

Exports in ASEAN

In 2023, the amount of biological products exported in ASEAN expanded remarkably to X tons, with an increase of X% on the previous year's figure. In general, exports, however, recorded a pronounced contraction. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2022 to 2023, the growth of the exports remained at a lower figure.

In value terms, biological product exports contracted dramatically to $X in 2023. Over the period under review, exports posted a remarkable increase. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

Exports by Country

In 2023, Indonesia (X tons), Singapore (X tons) and Vietnam (X tons) was the key exporter of biological products in ASEAN, mixing up X% of total export. Thailand (X tons) ranks next in terms of the total exports with a X% share, followed by Malaysia (X%).

From 2012 to 2023, the biggest increases were recorded for Vietnam (with a CAGR of X%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Singapore ($X) remains the largest biological product supplier in ASEAN, comprising X% of total exports. The second position in the ranking was taken by Indonesia ($X), with a X% share of total exports. It was followed by Vietnam, with a X% share.

In Singapore, biological product exports increased at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (X% per year) and Vietnam (X% per year).

Export Prices by Country

In 2023, the export price in ASEAN amounted to $X per ton, shrinking by X% against the previous year. Overall, the export price, however, showed a resilient expansion. The pace of growth was the most pronounced in 2022 an increase of X% against the previous year. As a result, the export price reached the peak level of $X,611 per ton, and then fell significantly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Singapore ($X,222 per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the other leaders experienced more modest paces of growth.

Biological Product Imports

Imports in ASEAN

In 2023, approx. X tons of biological products were imported in ASEAN; picking up by X% on 2022. In general, imports recorded a prominent expansion. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, imports attained the peak of X tons. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, biological product imports contracted sharply to $X in 2023. Overall, imports posted a resilient expansion. The pace of growth appeared the most rapid in 2021 when imports increased by X%. As a result, imports attained the peak of $X. From 2022 to 2023, the growth of imports failed to regain momentum.

Imports by Country

Vietnam represented the largest importing country with an import of around X tons, which reached X% of total imports. The Philippines (X tons) ranks second in terms of the total imports with a X% share, followed by Malaysia (X%), Brunei Darussalam (X%) and Indonesia (X%). The following importers - Thailand (X tons) and Cambodia (X tons) - together made up X% of total imports.

From 2012 to 2023, average annual rates of growth with regard to biological product imports into Vietnam stood at X%. At the same time, Brunei Darussalam (X%), the Philippines (X%), Cambodia (X%), Indonesia (X%) and Malaysia (X%) displayed positive paces of growth. Moreover, Brunei Darussalam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of X% from 2012-2023. Thailand experienced a relatively flat trend pattern. Brunei Darussalam (X p.p.), the Philippines (X p.p.) and Vietnam (X p.p.) significantly strengthened its position in terms of the total imports, while Indonesia, Thailand and Malaysia saw its share reduced by X%, X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest biological product importing markets in ASEAN were the Philippines ($X), Vietnam ($X) and Indonesia ($X), together comprising X% of total imports. Thailand, Malaysia, Brunei Darussalam and Cambodia lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Brunei Darussalam, 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 2023, the import price in ASEAN amounted to $X per ton, waning by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton, and then shrank significantly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Thailand ($X per ton), while Brunei Darussalam ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform