ASEAN: Soups Market 2024

Soups Market Size in ASEAN

The ASEAN soups market stood at $X in 2021, with an increase of 1.9% against the previous year. The market value increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2019; afterwards, it flattened through to 2021.

Soups Production in ASEAN

In value terms, soups production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 18% against the previous year. Over the period under review, production reached the peak level at $X in 2017; afterwards, it flattened through to 2021.

Soups Exports

Exports in ASEAN

In 2021, approx. X tons of soups and broths were exported in ASEAN; waning by -16.8% compared with the previous year. Over the period under review, exports continue to indicate a slight curtailment. The pace of growth appeared the most rapid in 2013 with an increase of 62% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, soups exports expanded notably to $X in 2021. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 35% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2021, Thailand (X tons) represented the major exporter of soups and broths, achieving 80% of total exports. It was distantly followed by Malaysia (X tons), mixing up a 13% share of total exports. The following exporters - Vietnam (X tons) and Singapore (X tons) - each resulted at a 4% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to soups exports from Thailand stood at +3.9%. At the same time, Singapore (+6.0%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +6.0% from 2012-2021. By contrast, Malaysia (-4.7%) and Vietnam (-25.6%) illustrated a downward trend over the same period. Thailand (+32 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia and Vietnam saw its share reduced by -4.2% and -27% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest soups supplier in ASEAN, comprising 79% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 12% share of total exports. It was followed by Vietnam, with a 2.9% share.

From 2012 to 2021, the average annual growth rate of value in Thailand totaled +6.9%. In the other countries, the average annual rates were as follows: Malaysia (-5.8% per year) and Vietnam (-23.2% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, surging by 34% against the previous year. Over the last nine years, it increased at an average annual rate of +1.4%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Malaysia ($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 (+3.3%), while the other leaders experienced mixed trends in the export price figures.

Soups Imports

Imports in ASEAN

In 2021, supplies from abroad of soups and broths increased by 6.8% to X tons, rising for the third year in a row after two years of decline. Total imports indicated a temperate expansion from 2012 to 2021: its volume increased at an average annual rate of +3.4% 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 +32.6% against 2018 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 75%. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, soups imports skyrocketed to $X in 2021. Total imports indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +4.3% 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 +36.6% against 2016 indices. The pace of growth appeared the most rapid in 2016 when imports increased by 36% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

In 2021, Singapore (X tons) was the major importer of soups and broths, achieving 37% of total imports. The Philippines (X tons) took a 22% share (based on physical terms) of total imports, which put it in second place, followed by Indonesia (16%), Thailand (13%) and Malaysia (5.5%). Vietnam (X tons) and Lao People's Democratic Republic (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Lao People's Democratic Republic (with a CAGR of +36.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest soups importing markets in ASEAN were Singapore ($X), Indonesia ($X) and Thailand ($X), with a combined 78% share of total imports. These countries were followed by the Philippines, Malaysia, Vietnam and Lao People's Democratic Republic, which together accounted for a further 20%.

Among the main importing countries, Lao People's Democratic Republic, with a CAGR of +36.8%, 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, growing by 9.8% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the import price increased by 21% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+6.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform