Global Fructose Imports Spike with Exploding Demand from China
IndexBox has just published a new report: ‘World – Fructose And Fructose Syrup – Market Analysis, Forecast, Size, Trends And Insights’. Here is a summary of the report’s key findings.
Global imports of fructose and fructose syrup rose by +8.6% y-o-y to 4M tonnes in 2020. China has extraordinarily increased fructose purchases sixfold, driving out the leading importer, Mexico, from the first to the second place in the global import ranking. Thailand, Viet Nam and Myanmar remain the key suppliers of fructose to China. Outside these countries, Indonesia saw the highest growth rate in terms of supplies to China.
Global Imports of Fructose and Fructose Syrup
In 2020, global imports of fructose and fructose syrup amounted to 4M tonnes, growing by +8.6% against 2019. In value terms, fructose imports amounted to $2.8B (IndexBox estimates) in 2020.
China (1,096K tonnes) and Mexico (825K tonnes) represented the major importers of fructose and fructose syrup in 2020, amounting to approx. 27% and 21% of total imports, respectively. Germany (203K tonnes) held the next position in the ranking, followed by the U.S. (202K tonnes). All these countries together held approx. 10% share of total imports. Indonesia (163K tonnes), the Netherlands (127K tonnes), Canada (107K tonnes), France (92K tonnes), South Korea (87K tonnes), the UK (77K tonnes), Thailand (73K tonnes) and Malaysia (70K tonnes) held a relatively small share of total imports.
In 2020, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by China, while imports for the other global leaders experienced more modest paces of growth.
In value terms, the largest fructose importing markets worldwide were China ($422M), Mexico ($333M) and the U.S. ($230M), with a combined 36% share of global imports.
In 2020, the average fructose import price amounted to $693 per tonne, dropping by -7.9% against the previous year. Last year, the most notable rate of growth in terms of prices was attained by Canada, while the other global leaders experienced more modest paces of growth.
Imports of Fructose and Fructose Syrup into China
The volume of fructose and fructose syrup imported into China surged from 173K tonnes in 2019 to 1.1M tonnes in 2020. In value terms, fructose imports skyrocketed from $89M in 2019 to $422M in 2020.
Thailand (507K tonnes), Viet Nam (272K tonnes) and Myanmar (112K tonnes) were the main suppliers of fructose imports to China, with a combined 81% share of total imports. These countries were followed by Malaysia, Lao People’s Democratic Republic and Indonesia, which together accounted for a further 16%.
In 2020, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia and Thailand, while imports for the other leaders experienced more modest paces of growth.
In value terms, Thailand ($191M), Viet Nam ($101M) and Malaysia ($39M) constituted the largest fructose suppliers to China, together accounting for 78% of total imports.
Source: IndexBox Platform