Asia: Vanilla Market 2023

Vanilla Market Size in Asia

The Asian vanilla market surged to $X in 2022, rising by 19% against the previous year. The total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 +29.7% against 2019 indices. Over the period under review, the market reached the peak level in 2022 and is likely to continue growth in years to come.

Vanilla Production in Asia

In value terms, vanilla production fell to $X in 2022 estimated in export price. The total production indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +2.2% 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 +3.9% against 2020 indices. The pace of growth was the most pronounced in 2016 with an increase of 47% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Indonesia (X tons) remains the largest vanilla producing country in Asia, comprising approx. 70% 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 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Indonesia amounted to -2.9%. In the other countries, the average annual rates were as follows: China (+1.3% per year) and Turkey (+2.5% per year).

Vanilla Exports

Exports in Asia

In 2022, shipments abroad of vanilla decreased by -0.1% to X tons, falling for the second year in a row after two years of growth. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when exports increased by 28%. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, vanilla exports declined rapidly to $X in 2022. In general, exports, however, showed a buoyant increase. The pace of growth appeared the most rapid in 2016 with an increase of 336% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Turkey (X tons) and Indonesia (X tons) represented the largest exporters of vanilla in 2022, accounting for near 42% and 34% of total exports, respectively. It was distantly followed by China (X tons), making up a 13% share of total exports. Thailand (X tons), Saudi Arabia (X tons) and the United Arab Emirates (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 leading 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, Indonesia ($X) remains the largest vanilla supplier in Asia, comprising 94% of total exports. The second position in the ranking was taken by Turkey ($X), with a 1.6% share of total exports. It was followed by China, with a 1.5% share.

From 2012 to 2022, the average annual growth rate of value in Indonesia amounted to +26.2%. In the other countries, the average annual rates were as follows: Turkey (+3.0% per year) and China (+14.6% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, shrinking by -23.8% against the previous year. Over the period under review, the export price, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2016 when the export price increased by 251%. The level of export peaked 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 ($X per ton), while Turkey ($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 (+23.7%), while the other leaders experienced more modest paces of growth.

Vanilla Imports

Imports in Asia

In 2022, imports of vanilla in Asia surged to X tons, with an increase of 36% on 2021. Overall, imports showed a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, vanilla imports expanded significantly to $X in 2022. In general, imports recorded a resilient increase. The growth pace was the most rapid in 2017 with an increase of 131%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Indonesia represented the key importing country with an import of about X tons, which resulted at 48% of total imports. It was distantly followed by Syrian Arab Republic (X tons) and Saudi Arabia (X tons), together comprising a 24% share of total imports. The following importers - Japan (X tons), Malaysia (X tons), Azerbaijan (X tons), Singapore (X tons), Brunei Darussalam (X tons) and Iraq (X tons) - together made up 15% of total imports.

From 2012 to 2022, average annual rates of growth with regard to vanilla imports into Indonesia stood at +31.8%. At the same time, Syrian Arab Republic (+41.7%), Brunei Darussalam (+13.0%) and Saudi Arabia (+11.2%) displayed positive paces of growth. Moreover, Syrian Arab Republic emerged as the fastest-growing importer imported in Asia, with a CAGR of +41.7% from 2012-2022. By contrast, Malaysia (-1.6%), Japan (-4.4%), Azerbaijan (-5.7%), Singapore (-7.2%) and Iraq (-13.9%) illustrated a downward trend over the same period. Indonesia (+42 p.p.), Syrian Arab Republic (+16 p.p.), Saudi Arabia (+1.8 p.p.) and Iraq (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia, Azerbaijan, Singapore and Japan saw its share reduced by -4.6%, -8%, -8.1% and -9.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X), Japan ($X) and Saudi Arabia ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 71% share of total imports.

Indonesia, with a CAGR of +47.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries 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, waning by -16.5% against the previous year. Overall, the import price, however, posted resilient growth. The pace of growth was the most pronounced in 2017 when the import price increased by 115%. Over the period under review, import prices attained the maximum 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 (+16.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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