Sweet potatoe market in Eastern Asia

Earlier Report Observations

In 2018, the East Asian sweet potato market volume stood at 54.7 million tons, supported by the rapid expansion of snack segments like dried sweet potato and the entry of major players such as CJ CheilJedang. Market volume declined to 51.8 million tons in 2019, then recovered to 53.1 million tons in 2020 as the COVID-19 pandemic boosted demand for convenient and healthy home meal replacement products.

After 2020, increased cultivation area and production in South Korea helped lift the market volume to 53.2 million tons in 2021. The volume stabilized around 52.7 million tons in 2022, while the market continued to diversify with growing popularity of healthy snack options. By 2023, the physical volume rose slightly to 53.0 million tons, aided by new product development and brand strengthening in the industry, even as persistent inflation and rising input costs drove the market value down to $49.6 billion.

Production sweet potatoe in Eastern Asia

In kind, 2017-2020, K t

Top producers of sweet potatoe, 2017-2020

World map of production of sweet potatoe, 2017-2020

In 2019, Eastern Asia produced 51,846 thousand tonnes of sweet potato, marking the lowest output in recent years. Production then rebounded in 2020 to 53,118 thousand tonnes, representing a 2.5% increase from the previous year. The highest production level was recorded in 2018 at 54,736 thousand tonnes. The most significant year-over-year decline occurred in 2019 with a 5.3% drop, while the largest increase was seen in 2018 with a 3.2% rise.

Annual dynamics of production in Eastern Asia in kind, 2017-2020, K t

In value, 2017-2020, M $ US

In 2019, the value of sweet potato production in Eastern Asia reached its lowest point at $51,417 million. This was followed by a substantial recovery in 2020, with production valued at $57,970 million, reflecting a significant 12.7% increase from the previous year. The peak value was recorded in 2018 at $58,378 million. The most pronounced decline occurred in 2019 with an 11.9% decrease. Over the period from 2017 to 2020, production value grew by 5.3%, translating to an annualized growth rate of 1.7%.

Annual dynamics of production in Eastern Asia in value, 2017-2020, M $ US

Exports sweet potatoe from Eastern Asia

Exports in kind, t

Eastern Asia's sweet potato exports have declined for two consecutive years. In 2020, the region exported 33,547 tonnes, representing a sharp 36.8% decrease from the previous year. The highest export volume was recorded in 2018 at 74,181 tonnes, which also saw the largest annual increase of 17.4%. Between 2017 and 2020, exports fell by 46.9%, equivalent to an annualized decline of 19.0%.

Annual dynamics of product's exports from Eastern Asia in kind, 2017-2020, t

From 2017 to 2020, sweet potato exports from Eastern Asia were relatively diversified. Vietnam accounted for 28.4% of export volume, followed by the Netherlands at 2.7% and Singapore at 2.0%. Together, these three markets represented just 33.1% of total export flows, indicating a broad distribution across multiple destinations.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Eastern Asia in kind, 2017-2020

Exports in value, K $ US

The value of sweet potato exports from Eastern Asia has decreased for two straight years. In 2020, exports totaled $36,611 thousand, reflecting a sharp 30.4% decline from the previous year. The peak export value was recorded in 2018 at $79,117 thousand, which also experienced the largest annual increase of 20.6%. The most significant decline occurred in 2019 with a 33.5% drop. Over the 2017-2020 period, export value fell by 44.2%, corresponding to a compound annual growth rate of -17.7%.

Annual dynamics of product's exports from Eastern Asia in value, 2017-2020, K $ US

Between 2017 and 2020, no single market dominated sweet potato exports from Eastern Asia in value terms. Vietnam accounted for 9.5% of export value, Singapore for 5.5%, and Thailand for 4.0%. Collectively, these three markets represented only 19.1% of total export value, with the remainder distributed among numerous smaller trading partners, each holding modest individual shares.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Eastern Asia in value, 2017-2020

Imports sweet potatoe to Eastern Asia

Imports in kind, t

Eastern Asia's sweet potato imports have increased for two consecutive years. In 2020, imports reached 26,374 tonnes, showing a solid 14.9% growth compared to the previous year. The lowest import volume was recorded in 2018 at 21,719 tonnes, which also saw the largest annual decline of 7.0%. Over the 2017-2020 period, imports grew by 12.9%, equivalent to an annualized increase of 4.1%.

Annual dynamics of product's imports to Eastern Asia in kind, 2017-2020, t

From 2017 to 2020, Vietnam remained the leading supplier of sweet potato to Eastern Asia, accounting for 29.1% of import volume. Indonesia followed with 18.9%, and 'Asia, not elsewhere specified' contributed 0.5%. Together, these three sources represented 48.4% of total import volume during this period.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Eastern Asia in kind, 2017-2020

Imports in value, K $ US

The value of sweet potato imports into Eastern Asia has risen for two straight years. In 2020, imports amounted to $34,054 thousand, reflecting a slight 2.2% increase from the previous year. The lowest import value was recorded in 2018 at $32,479 thousand, which also experienced the largest annual decline of 0.5%. The most significant increase occurred in 2019 with a 2.6% rise. Over the 2017-2020 period, import value grew by 4.4%, corresponding to a compound annual growth rate of 1.4%.

Annual dynamics of product's imports to Eastern Asia in value, 2017-2020, K $ US

Between 2017 and 2020, Vietnam continued to be the primary supplier of sweet potato to Eastern Asia in value terms, accounting for 35.1% of import value. Indonesia followed with 17.5%, and 'Asia, not elsewhere specified' contributed 0.9%. Collectively, these three sources represented 53.5% of total import value during this period.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Eastern Asia in value, 2017-2020