ASEAN: Sauce And Seasoning Market 2024

Sauce And Seasoning Market Size in ASEAN

In 2021, after three years of growth, there was decline in the ASEAN sauce and seasoning market, when its value decreased by -2.6% to $X. Overall, consumption, however, continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2020, and then fell in the following year.

Sauce And Seasoning Production in ASEAN

In value terms, sauce and seasoning production fell slightly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the production volume increased by 13%. The level of production peaked at $X in 2020, and then fell modestly in the following year.

Sauce And Seasoning Exports

Exports in ASEAN

Sauce and seasoning exports expanded notably to X tons in 2021, with an increase of 13% against the previous year's figure. Total exports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +39.9% against 2014 indices. The growth pace was the most rapid in 2014 with an increase of 22% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, sauce and seasoning exports rose notably to $X in 2021. Total exports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +75.6% against 2012 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Thailand (X tons) was the main exporter of sauces and seasonings, committing 56% of total exports. It was distantly followed by Indonesia (X tons), Malaysia (X tons), the Philippines (X tons), Vietnam (X tons) and Singapore (X tons), together committing a 44% share of total exports.

Exports from Thailand increased at an average annual rate of +7.0% from 2012 to 2021. At the same time, the Philippines (+10.6%), Vietnam (+10.0%), Indonesia (+8.1%) and Singapore (+1.6%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +10.6% from 2012-2021. Malaysia experienced a relatively flat trend pattern. While the share of the Philippines (+2.8 p.p.), Thailand (+2.6 p.p.) and Vietnam (+2.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Singapore (-3 p.p.) and Malaysia (-6.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest sauce and seasoning supplier in ASEAN, comprising 54% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 12% share of total exports. It was followed by Malaysia, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in Thailand totaled +7.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+7.1% per year) and Malaysia (+2.3% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, falling by -1.8% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the export price increased by 9.1% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+4.3%), while the other leaders experienced more modest paces of growth.

Sauce And Seasoning Imports

Imports in ASEAN

In 2021, approx. X tons of sauces and seasonings were imported in ASEAN; growing by 16% against the year before. Total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +7.7% 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 +95.7% against 2012 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 17%. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in the near future.

In value terms, sauce and seasoning imports totaled $X in 2021. Total imports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +7.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +84.0% against 2012 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 15%. Over the period under review, imports reached the peak figure in 2021 and are likely to see steady growth in years to come.

Imports by Country

In 2021, the Philippines (X tons), Singapore (X tons), Malaysia (X tons), Thailand (X tons) and Indonesia (X tons) was the largest importer of sauces and seasonings in ASEAN, constituting 79% of total import. Vietnam (X tons) ranks next in terms of the total imports with a 5.9% share, followed by Lao People's Democratic Republic (5%) and Cambodia (4.7%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Thailand (with a CAGR of +20.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), Singapore ($X) and Malaysia ($X) constituted the countries with the highest levels of imports in 2021, with a combined 56% share of total imports. These countries were followed by Thailand, Indonesia, Vietnam, Lao People's Democratic Republic and Cambodia, which together accounted for a further 39%.

In terms of the main importing countries, Cambodia, with a CAGR of +17.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, dropping by -5.2% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 4.4% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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 Vietnam ($X per ton), while Lao People's Democratic Republic ($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 (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform