ASEAN: Glucose Market 2024

Glucose Market Size in ASEAN

In 2023, the ASEAN glucose market increased by X% to $X, rising for the fourth consecutive year after two years of decline. The market value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The level of consumption peaked in 2023 and is expected to retain growth in the near future.

Glucose Production in ASEAN

In value terms, glucose production contracted to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2023, production stood at a somewhat lower figure.

Glucose Exports

Exports in ASEAN

In 2023, exports of glucose and glucose syrup in ASEAN dropped dramatically to X tons, falling by X% on the previous year's figure. Total exports indicated a measured expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2019 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

In value terms, glucose exports declined sharply to $X in 2023. Over the period under review, exports, however, recorded buoyant growth. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2022, and then shrank markedly in the following year.

Exports by Country

Thailand was the largest exporter of glucose and glucose syrup in ASEAN, with the volume of exports reaching X tons, which was approx. X% of total exports in 2023. Vietnam (X tons) held the second position in the ranking, distantly followed by Indonesia (X tons). All these countries together took near X% share of total exports. Malaysia (X tons) held a little share of total exports.

From 2012 to 2023, average annual rates of growth with regard to glucose exports from Thailand stood at X%. At the same time, Indonesia (X%) and Vietnam (X%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of X% from 2012-2023. By contrast, Malaysia (X%) illustrated a downward trend over the same period. While the share of Vietnam (X p.p.), Indonesia (X p.p.) and Thailand (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Malaysia (X p.p.) displayed negative dynamics.

In value terms, Thailand ($X), Vietnam ($X) and Indonesia ($X) were the countries with the highest levels of exports in 2023, together comprising X% of total exports.

Among the main exporting countries, Vietnam, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the export price in ASEAN amounted to $X per ton, with an increase of X% against the previous year. Over the last eleven-year period, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2020 when the export price increased by X% against the previous year. The level of export peaked in 2023 and is likely to see gradual growth in years to come.

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 Vietnam ($X per ton), while Thailand ($X per ton) was amongst the lowest.

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

Glucose Imports

Imports in ASEAN

In 2023, the amount of glucose and glucose syrup imported in ASEAN rose significantly to X tons, increasing by X% compared with the previous year. In general, imports showed a resilient increase. The growth pace was the most rapid in 2016 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2023 and are likely to see steady growth in years to come.

In value terms, glucose imports dropped to $X in 2023. Over the period under review, imports enjoyed a resilient expansion. The pace of growth was the most pronounced in 2022 when imports increased by X%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

The Philippines (X tons) and Indonesia (X tons) represented roughly X% of total imports in 2023. Thailand (X tons) held the next position in the ranking, followed by Vietnam (X tons) and Malaysia (X tons). All these countries together took near X% share of total imports. Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for Thailand (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), Indonesia ($X) and Thailand ($X) were the countries with the highest levels of imports in 2023, together accounting for X% of total imports.

Thailand, with a CAGR of X%, recorded the highest growth rate of the value of imports, among 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

The import price in ASEAN stood at $X per ton in 2023, declining by X% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, import prices hit record highs at $X per ton in 2022, and then reduced in the following year.

Average prices varied noticeably amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Singapore ($X per ton) and the Philippines ($X per ton), while Vietnam ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Philippines (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform