Tapioca And Substitutes Market

The global tapioca and substitutes market is expected to see a steady increase in consumption, production, imports, and exports over the next eight years. Consumption volume is projected to reach 240K tons by 2030, with a CAGR of +2.4%. In value terms, the market is forecast to reach $386M by 2030, with a CAGR of +4.5%. The United States, Taiwan (Chinese), and Indonesia are among the top consumers and producers of tapioca. Global exports peaked in 2022, reaching 165K tons, with Taiwan (Chinese) as the largest exporter. Overall, the market is poised for continued growth in the near future.

Market Forecast

Driven by increasing demand for tapioca and substitutes 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 +2.4% for the period from 2022 to 2030, which is projected to bring the market volume to 240K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market value to $386M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Tapioca And Substitutes

In 2022, the amount of tapioca and substitutes consumed worldwide was estimated at 199K tons, picking up by 6.2% against the previous year's figure. The total consumption volume increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, global consumption attained the maximum volume in 2022 and is likely to continue growth in years to come.

The global tapioca and substitutes market size rose sharply to $271M in 2022, increasing by 12% 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 +3.6% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked in 2022 and is likely to see steady growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (27K tons), Bangladesh (15K tons) and Indonesia (15K tons), together comprising 28% of global consumption. Taiwan (Chinese), Thailand, Malaysia, Nigeria, Myanmar, Canada, Australia, France, Italy and the United Arab Emirates lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Italy (with a CAGR of +47.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($47M) led the market, alone. The second position in the ranking was taken by Taiwan (Chinese) ($19M). It was followed by Indonesia.

In the United States, the tapioca and substitutes market expanded at an average annual rate of +11.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (-12.9% per year) and Indonesia (+5.3% per year).

The countries with the highest levels of tapioca and substitutes per capita consumption in 2022 were the United Arab Emirates (558 kg per 1000 persons), Taiwan (Chinese) (495 kg per 1000 persons) and Australia (241 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +47.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Tapioca And Substitutes

In 2022, global tapioca and substitutes production skyrocketed to 194K tons, rising by 15% against the previous year's figure. The total output volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. As a result, production attained the peak volume and is likely to continue growth in the immediate term.

In value terms, tapioca and substitutes production contracted to $230M in 2022 estimated in export price. The total output value increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 with an increase of 15%. As a result, production attained the peak level of $235M. From 2020 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Taiwan (Chinese) (77K tons), Thailand (47K tons) and Indonesia (17K tons), with a combined 73% share of global production. India, Cote d'Ivoire, China, Italy, Myanmar and Brazil lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +799.3%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Tapioca And Substitutes

In 2022, approx. 170K tons of tapioca and substitutes were imported worldwide; flattening at the year before. In general, imports, however, saw a resilient expansion. The growth pace was the most rapid in 2019 with an increase of 54%. Global imports peaked at 170K tons in 2021, and then contracted in the following year.

In value terms, tapioca and substitutes imports expanded rapidly to $244M in 2022. Over the period under review, imports, however, continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2019 when imports increased by 85%. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, the United States (31K tons), distantly followed by Bangladesh (15K tons), China (12K tons) and Malaysia (8.1K tons) were the major importers of tapioca and substitutes, together generating 38% of total imports. Nigeria (7.6K tons), France (7.6K tons), Canada (7.1K tons), Myanmar (6.8K tons), the United Arab Emirates (6.7K tons), Australia (6.4K tons), the Philippines (5.4K tons), the Netherlands (4.8K tons) and South Korea (4.3K tons) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to tapioca and substitutes imports into the United States stood at +8.3%. At the same time, Nigeria (+75.2%), Myanmar (+67.1%), South Korea (+24.6%), Canada (+18.2%), the United Arab Emirates (+16.1%), the Netherlands (+15.7%), Australia (+13.8%), Malaysia (+12.1%), Bangladesh (+8.8%), China (+7.1%) and France (+7.0%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in the world, with a CAGR of +75.2% from 2012-2022. By contrast, the Philippines (-4.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Myanmar, Canada, the United Arab Emirates, South Korea, Australia and Malaysia increased by +4.4, +4, +2.6, +2.1, +2, +1.6 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($57M) constitutes the largest market for imported tapioca and substitutes worldwide, comprising 24% of global imports. The second position in the ranking was taken by Canada ($14M), with a 5.7% share of global imports. It was followed by Nigeria, with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States stood at +13.1%. In the other countries, the average annual rates were as follows: Canada (+20.2% per year) and Nigeria (+77.7% per year).

Import Prices By Country

In 2022, the average tapioca and substitutes import price amounted to $1,436 per ton, surging by 12% against the previous year. Over the last decade, it increased at an average annual rate of +3.7%. The most prominent rate of growth was recorded in 2019 when the average import price increased by 20% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

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 ($2,958 per ton), while Myanmar ($338 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+7.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Tapioca And Substitutes

In 2022, global tapioca and substitutes exports was estimated at 165K tons, surging by 9.3% against 2021. Overall, exports showed buoyant growth. The pace of growth appeared the most rapid in 2019 when exports increased by 35%. The global exports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, tapioca and substitutes exports shrank to $210M in 2022. In general, exports recorded a prominent increase. The pace of growth appeared the most rapid in 2019 when exports increased by 68% against the previous year. As a result, the exports reached the peak of $212M. From 2020 to 2022, the growth of the global exports remained at a somewhat lower figure.

Exports By Country

In 2022, Taiwan (Chinese) (66K tons) represented the largest exporter of tapioca and substitutes, achieving 40% of total exports. It was distantly followed by Thailand (37K tons), India (13K tons) and China (12K tons), together mixing up a 38% share of total exports. The following exporters - Cote d'Ivoire (6K tons), Indonesia (4.3K tons), the United States (3.8K tons), Myanmar (3.8K tons), Belgium (3.6K tons), Brazil (3.3K tons) and the Netherlands (2.8K tons) - together made up 17% of total exports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +21.5%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($101M) remains the largest tapioca and substitutes supplier worldwide, comprising 48% of global exports. The second position in the ranking was held by Thailand ($32M), with a 15% share of global exports. It was followed by China, with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Taiwan (Chinese) amounted to +16.3%. In the other countries, the average annual rates were as follows: Thailand (+5.6% per year) and China (+6.8% per year).

Export Prices By Country

The average tapioca and substitutes export price stood at $1,277 per ton in 2022, waning by -8.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2019 when the average export price increased by 24%. As a result, the export price reached the peak level of $1,627 per ton. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Netherlands ($3,050 per ton), while Myanmar ($271 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+11.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform