Asia-Pacific: Vanilla Market 2023

Vanilla Market Size in Asia-Pacific

In 2022, the Asia-Pacific vanilla market increased by 21% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.9% 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 +25.5% against 2020 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Vanilla Production in Asia-Pacific

In value terms, vanilla production dropped modestly to $X in 2022 estimated in export price. The total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +2.4% 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 +2.1% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 46%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Indonesia (X tons) constituted the country with the largest volume of vanilla production, accounting for 65% of total volume. Moreover, vanilla production in Indonesia exceeded the figures recorded by the second-largest producer, Papua New Guinea (X tons), fivefold. The third position in this ranking was held by China (X tons), with a 14% share.

In Indonesia, vanilla production contracted by an average annual rate of -2.9% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Papua New Guinea (+2.5% per year) and China (+1.3% per year).

Vanilla Exports

Exports in Asia-Pacific

In 2022, after three years of growth, there was decline in overseas shipments of vanilla, when their volume decreased by -0.5% to X tons. The total export volume increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 with an increase of 39%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, vanilla exports contracted to $X in 2022. In general, exports, however, continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2016 with an increase of 278%. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Papua New Guinea (X tons) and Indonesia (X tons) represented roughly 69% of total exports in 2022. China (X tons) held a 12% share (based on physical terms) of total exports, which put it in second place, followed by Australia (9.3%). Thailand (X tons) and New Zealand (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Thailand (with a CAGR of +45.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest vanilla supplying countries in Asia-Pacific were Indonesia ($X), Papua New Guinea ($X) and Australia ($X), together comprising 92% of total exports.

Papua New Guinea, with a CAGR of +32.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, dropping by -11.7% against the previous year. Over the period under review, the export price, however, showed strong growth. The growth pace was the most rapid in 2016 when the export price increased by 201%. Over the period under review, the export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Thailand ($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 (+23.7%), while the other leaders experienced more modest paces of growth.

Vanilla Imports

Imports in Asia-Pacific

In 2022, after three years of decline, there was significant growth in supplies from abroad of vanilla, when their volume increased by 59% to X tons. Total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, vanilla imports expanded rapidly to $X in 2022. Overall, imports recorded a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of 101% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Indonesia dominates imports structure, finishing at X tons, which was approx. 70% of total imports in 2022. Japan (X tons) held a 5.5% share (based on physical terms) of total imports, which put it in second place, followed by Australia (5.2%). Malaysia (X tons), Singapore (X tons), Brunei Darussalam (X tons) and Samoa (X tons) held a minor share of total imports.

Indonesia was also the fastest-growing in terms of the vanilla imports, with a CAGR of +31.8% from 2012 to 2022. At the same time, Samoa (+15.7%) and Brunei Darussalam (+13.0%) displayed positive paces of growth. Australia experienced a relatively flat trend pattern. By contrast, Malaysia (-1.6%), Japan (-4.4%) and Singapore (-7.2%) illustrated a downward trend over the same period. While the share of Indonesia (+61 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Malaysia (-5.2 p.p.), Australia (-5.3 p.p.), Singapore (-9.7 p.p.) and Japan (-11 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X), Japan ($X) and Australia ($X) constituted the countries with the highest levels of imports in 2022, with a combined 81% share of total imports.

Among the main importing countries, Indonesia, with a CAGR of +47.7%, recorded 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

The import price in Asia-Pacific stood at $X per ton in 2022, dropping by -30.4% against the previous year. In general, the import price, however, continues to indicate resilient growth. The growth pace was the most rapid in 2017 when the import price increased by 128% against the previous year. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while Brunei Darussalam ($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 (+16.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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