Vegetable Product Market

The article discusses the projected growth of the global vegetable product market from 2022 to 2030, with an anticipated increase in both volume and value terms. Key insights include the rise in consumption in 2022 after a two-year decline, leading countries in consumption and production, prominent growth rates in key markets, trends in import and export volumes and values, and price trends over the years. The analysis provides a comprehensive overview of the vegetable product market dynamics for industry stakeholders and investors.

Market Forecast

Driven by increasing demand for vegetable products worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.1% for the period from 2022 to 2030, which is projected to bring the market volume to 2,108M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market value to $6,317.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Vegetable Products

In 2022, consumption of vegetable products was finally on the rise to reach 1,926M tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 4.7%. Global consumption peaked at 1,959M tons in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

The global vegetable product market revenue stood at $4,885.4B in 2022, increasing by 3.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. Over the period under review, the global market attained the maximum level at $5,033.7B in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Brazil (724M tons), India (439M tons) and China (106M tons), with a combined 66% share of global consumption. Thailand, Pakistan, Mexico, Colombia, Indonesia and the United States lagged somewhat behind, together comprising a further 17%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Pakistan (with a CAGR of +4.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest vegetable product markets worldwide were Brazil ($1,798.7B), India ($1,165.1B) and China ($339.5B), with a combined 68% share of the global market. Thailand, Colombia, Pakistan, Mexico, the United States and Indonesia lagged somewhat behind, together accounting for a further 10%.

Pakistan, with a CAGR of +4.3%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of vegetable product per capita consumption was registered in Brazil (3,364 kg per person), followed by Thailand (1,314 kg per person), Colombia (680 kg per person) and Mexico (420 kg per person), while the world average per capita consumption of vegetable product was estimated at 3.3 kg per person.

In Brazil, vegetable product per capita consumption remained relatively stable over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Thailand (-1.0% per year) and Colombia (-0.6% per year).

Production

World Production of Vegetable Products

In 2022, production of vegetable products was finally on the rise to reach 1,924M tons after two years of decline. Over the period under review, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 4.7% against the previous year. Global production peaked at 1,958M tons in 2019; however, from 2020 to 2022, production failed to regain momentum. The general positive trend in terms output was largely conditioned by a relatively flat trend pattern of the harvested area and a relatively flat trend pattern in yield figures.

In value terms, vegetable product production expanded modestly to $5,720.2B in 2022 estimated in export price. The total output value increased at an average annual rate of +5.0% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when the production volume increased by 35%. Over the period under review, global production hit record highs at $5,985.4B in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Brazil (724M tons), India (439M tons) and China (103M tons), together comprising 66% of global production. Thailand, Pakistan, Mexico, Colombia, Indonesia and the United States lagged somewhat behind, together comprising a further 17%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Pakistan (with a CAGR of +4.2%), while production for the other global leaders experienced more modest paces of growth.

Yield

In 2022, the global average yield of vegetable products totaled 73 tons per ha, growing by 2% on the year before. Overall, the yield continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the yield increased by 3.7% against the previous year. The global yield peaked in 2022 and is likely to see gradual growth in years to come.

Harvested Area

In 2022, approx. 26M ha of vegetable products were harvested worldwide; standing approx. at 2021. Over the period under review, the harvested area saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the harvested area increased by 3.3%. The global harvested area peaked at 27M ha in 2014; however, from 2015 to 2022, the harvested area failed to regain momentum.

Imports

World Imports of Vegetable Products

In 2022, supplies from abroad of vegetable products increased by 25% to 2.7M tons, rising for the sixth year in a row after two years of decline. Over the period under review, imports saw a buoyant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 38% against the previous year. Global imports peaked in 2022 and are likely to continue growth in the near future.

In value terms, vegetable product imports skyrocketed to $1.6B in 2022. In general, imports enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 26%. Over the period under review, global imports reached the peak figure in 2022 and are likely to see steady growth in years to come.

Imports By Country

China prevails in imports structure, recording 2.3M tons, which was approx. 86% of total imports in 2022. Italy (47K tons) followed a long way behind the leaders.

Imports into China increased at an average annual rate of +10.8% from 2012 to 2022. At the same time, Italy (+11.3%) displayed positive paces of growth. Moreover, Italy emerged as the fastest-growing importer imported in the world, with a CAGR of +11.3% from 2012-2022. From 2012 to 2022, the share of China increased by +11 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest vegetable product importing markets worldwide were Italy ($232M) and China ($198M).

Among the main importing countries, Italy, with a CAGR of +24.5%, recorded the highest growth rate of the value of imports, over the period under review.

Import Prices By Country

In 2022, the average vegetable product import price amounted to $589 per ton, dropping by -4.7% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 24%. Global import price peaked at $727 per ton in 2016; however, from 2017 to 2022, import prices remained at a 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 Italy ($4,922 per ton), while China totaled $86 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+11.8%).

Exports

World Exports of Vegetable Products

Global vegetable product exports amounted to 512K tons in 2022, picking up by 2.1% compared with the previous year's figure. Overall, total exports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +46.8% against 2016 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 23%. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, vegetable product exports rose slightly to $1.6B in 2022. In general, exports continue to indicate a strong increase. The growth pace was the most rapid in 2021 when exports increased by 28% against the previous year. The global exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports By Country

China represented the main exporting country with an export of about 172K tons, which accounted for 34% of total exports. Spain (58K tons) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by Portugal (7%) and Myanmar (4.9%). Nigeria (20K tons), Indonesia (18K tons), France (16K tons), Turkey (15K tons), Algeria (11K tons), South Africa (11K tons), the Netherlands (8.9K tons), Lao People's Democratic Republic (8.6K tons) and Morocco (8.4K tons) held a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to vegetable product exports from China stood at +4.0%. At the same time, Myanmar (+75.2%), Morocco (+31.8%), France (+18.5%), Algeria (+15.6%), Lao People's Democratic Republic (+13.4%), Indonesia (+12.7%), Nigeria (+11.1%), the Netherlands (+9.6%), Spain (+5.2%), Portugal (+2.8%), Turkey (+2.0%) and South Africa (+1.5%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in the world, with a CAGR of +75.2% from 2012-2022. From 2012 to 2022, the share of Myanmar, France, Indonesia and Nigeria increased by +4.8, +2.1, +1.7 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($651M) remains the largest vegetable product supplier worldwide, comprising 42% of global exports. The second position in the ranking was taken by Morocco ($161M), with a 10% share of global exports. It was followed by Portugal, with a 7.5% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +5.8%. In the other countries, the average annual rates were as follows: Morocco (+65.9% per year) and Portugal (+23.3% per year).

Export Prices By Country

The average vegetable product export price stood at $3,041 per ton in 2022, leveling off at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.3%. The most prominent rate of growth was recorded in 2021 when the average export price increased by 23% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Morocco ($19,256 per ton), while Myanmar ($722 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+25.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform