Eastern Asia: Millet Market 2024

Millet Market Size in Eastern Asia

The East Asian millet market expanded rapidly to $X in 2022, increasing by X% against the previous year. The total consumption indicated a strong increase 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 decreased by X% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Millet Production in Eastern Asia

In value terms, millet production expanded remarkably to $X in 2022 estimated in export price. In general, production recorded a buoyant expansion. The pace of growth was the most pronounced in 2017 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

The country with the largest volume of millet production was China (X tons), comprising approx. X% of total volume. It was followed by Democratic People's Republic of Korea (X tons), with a X% share of total production.

From 2012 to 2022, the average annual rate of growth in terms of volume in China totaled X%.

In 2022, the average millet yield in Eastern Asia expanded slightly to X tons per ha, surging by X% compared with 2021 figures. The yield indicated moderate growth from 2012 to 2022: its figure 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, millet yield decreased by X% against 2020 indices. 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 millet yield reached the peak 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 total area harvested in terms of millet production in Eastern Asia reached X ha, approximately mirroring the previous year's figure. The harvested area increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2019 with an increase of X%. The level of harvested area peaked at X ha in 2020; however, from 2021 to 2022, the harvested area failed to regain momentum.

Millet Exports

Exports in Eastern Asia

For the third year in a row, Eastern Asia recorded decline in shipments abroad of millet, which decreased by X% to X tons in 2022. Overall, exports continue to indicate a abrupt decline. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, millet exports declined sharply to $X in 2022. In general, exports recorded a pronounced slump. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The shipments of the one major exporters of millet, namely China, represented more than two-thirds of total export.

China was also the fastest-growing in terms of the millet exports, with a CAGR of X% from 2012 to 2022. China (X p.p.) significantly weakened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual growth rate of value in China stood at X%.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, waning by X% against the previous year. Over the period under review, the export price, however, showed a resilient expansion. The pace of growth appeared the most rapid in 2014 when the export price increased by X%. Over the period under review, the export prices hit record highs at $X per ton in 2021, and then fell in the following year.

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.

Millet Imports

Imports in Eastern Asia

In 2022, approx. X tons of millet were imported in Eastern Asia; waning by X% compared with the previous year's figure. In general, imports continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2014 when imports increased by X%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, millet imports declined to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

South Korea (X tons) and Japan (X tons) dominates imports structure, together constituting X% of total imports. It was distantly followed by Taiwan (Chinese) (X tons), constituting an X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Japan (with a CAGR of X%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest millet importing markets in Eastern Asia were South Korea ($X), Japan ($X) and Taiwan (Chinese) ($X), together accounting for X% of total imports.

Among the main importing countries, Japan, with a CAGR of X%, 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 mixed trends in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, rising by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :