ASEAN: Baking Soda Market 2024

Baking Soda Market Size in ASEAN

In 2021, the ASEAN baking soda market increased by 3% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Baking Soda Production in ASEAN

In value terms, baking soda production shrank slightly to $X in 2021 estimated in export price. In general, production, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of 60% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Baking Soda Exports

Exports in ASEAN

In 2021, baking soda exports in ASEAN stood at X tons, almost unchanged from the previous year's figure. Overall, exports saw significant growth. The growth pace was the most rapid in 2016 when exports increased by 735%. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, baking soda exports rose remarkably to $X in 2021. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2016 when exports increased by 308% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Thailand was the largest exporting country with an export of around X tons, which reached 60% of total exports. It was distantly followed by Singapore (X tons), generating a 39% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +84.6%).

In value terms, Thailand ($X) and Singapore ($X) appeared to be the countries with the highest levels of exports in 2021.

Thailand, with a CAGR of +69.3%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, increasing by 5.5% against the previous year. In general, the export price, however, recorded a abrupt decline. The pace of growth appeared the most rapid in 2019 when the export price increased by 22% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Thailand stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (-8.3%).

Baking Soda Imports

Imports in ASEAN

In 2021, the amount of baking soda imported in ASEAN expanded markedly to X tons, with an increase of 6.7% on the previous year's figure. The total import volume increased at an average annual rate of +5.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when imports increased by 13%. The volume of import peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, baking soda imports skyrocketed to $X in 2021. Total imports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +11.7% against 2018 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Indonesia (X tons) represented the main importer of baking soda, achieving 42% of total imports. Vietnam (X tons) held an 18% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (18%), Malaysia (9.1%) and the Philippines (7.4%). The following importers - Singapore (X tons) and Myanmar (X tons) - together made up 4.8% of total imports.

Imports into Indonesia increased at an average annual rate of +3.9% from 2012 to 2021. At the same time, Vietnam (+18.2%), Singapore (+15.7%), Myanmar (+10.7%), the Philippines (+10.0%) and Malaysia (+3.0%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +18.2% from 2012-2021. Thailand experienced a relatively flat trend pattern. From 2012 to 2021, the share of Vietnam, the Philippines and Singapore increased by +12, +2.4 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest baking soda importing markets in ASEAN were Indonesia ($X), Vietnam ($X) and Thailand ($X), together comprising 75% of total imports.

Vietnam, with a CAGR of +22.7%, recorded the highest rates of growth with regard to 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

In 2021, the import price in ASEAN amounted to $X per ton, surging by 16% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Singapore ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+3.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform