Eastern Asia: Clove Market 2024

Clove Market Size in Eastern Asia

The East Asian clove market soared to $X in 2022, growing by X% against the previous year. Overall, consumption continues to indicate strong growth. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Clove Production in Eastern Asia

In value terms, clove production totaled $X in 2022 estimated in export price. Overall, production, however, showed a abrupt descent. The growth pace was the most rapid in 2014 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

China (X tons) remains the largest clove producing country in Eastern Asia, accounting for X% of total volume. It was followed by Hong Kong SAR (X tons), with a X% share of total production.

In China, clove production expanded at an average annual rate of X% over the period from 2012-2022.

In 2022, the average yield of cloves in Eastern Asia stood at X tons per ha, stabilizing at the previous year's figure. Over the period under review, the yield saw mild growth. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the clove yield attained the maximum level at X tons per ha in 2020; afterwards, it flattened through to 2022. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of cloves in Eastern Asia stood at X ha, approximately equating 2021 figures. In general, the harvested area showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the harvested area increased by X%. Over the period under review, the harvested area dedicated to clove production reached the peak figure at X ha in 2020; afterwards, it flattened through to 2022.

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Clove Exports

Exports in Eastern Asia

In 2022, after four years of growth, there was significant decline in shipments abroad of cloves, when their volume decreased by X% to X tons. Over the period under review, exports, however, showed a significant increase. The pace of growth appeared the most rapid in 2015 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2021, and then fell in the following year.

In value terms, clove exports stood at $X in 2022. In general, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

China (X tons) represented roughly X% of total exports in 2022.

China was also the fastest-growing in terms of the cloves exports, with a CAGR of X% from 2012 to 2022. While the share of China (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest clove supplier in Eastern Asia.

In China, clove exports expanded at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, increasing by X% against the previous year. Over the period under review, the export price, however, showed a mild reduction. The pace of growth was the most pronounced in 2021 when the export price increased by X%. Over the period under review, the export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to X% per year.

Clove Imports

Imports in Eastern Asia

In 2022, approx. X tons of cloves were imported in Eastern Asia; with an increase of X% on 2021 figures. Overall, imports posted a resilient expansion. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. The volume of import peaked in 2022 and is likely to see steady growth in the near future.

In value terms, clove imports rose remarkably to $X in 2022. Over the period under review, imports enjoyed a resilient increase. The pace of growth appeared the most rapid in 2020 when imports increased by X%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

China represented the key importer of cloves in Eastern Asia, with the volume of imports reaching X tons, which was approx. X% of total imports in 2022. It was distantly followed by Japan (X tons), creating a X% share of total imports. The following importers - South Korea (X tons) and Taiwan (Chinese) (X tons) - together made up X% of total imports.

China was also the fastest-growing in terms of the cloves imports, with a CAGR of X% from 2012 to 2022. At the same time, South Korea (X%) and Japan (X%) displayed positive paces of growth. By contrast, Taiwan (Chinese) (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by X percentage points.

In value terms, China ($X) constitutes the largest market for imported cloves in Eastern Asia, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual growth rate of value in China totaled X%. In the other countries, the average annual rates were as follows: Japan (X% per year) and South Korea (X% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, which is down by X% against the previous year. Overall, the import price saw a abrupt contraction. The most prominent rate of growth was recorded in 2014 an increase of X%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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