Asia: Market for Mixed Condiments, Sauses and Seasonings 2022

Market Size for Mixed Condiments, Sauses and Seasonings in Asia

After three years of growth, the Asian market for mixed condiments, sauses and seasonings decreased by -1.6% to $X in 2021. The total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +63.4% against 2014 indices. Over the period under review, the market attained the maximum level at $X in 2020, and then declined slightly in the following year.

Production of Mixed Condiments, Sauses and Seasonings in Asia

In value terms, mixed condiment, sause and seasoning production declined to $X in 2021 estimated in export price. The total production indicated a buoyant increase 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, production increased by +65.7% against 2014 indices. The growth pace was the most rapid in 2019 when the production volume increased by 24% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then contracted in the following year.

Exports of Mixed Condiments, Sauses and Seasonings

Exports in Asia

In 2021, mixed condiment, sause and seasoning exports in Asia surged to X tons, rising by 19% against the year before. Total exports indicated a buoyant increase from 2012 to 2021: its volume 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, exports increased by +30.6% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 24% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, mixed condiment, sause and seasoning exports soared to $X in 2021. Over the period under review, exports posted a resilient expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) and Thailand (X tons) represented the key exporters of mixed condiments, sauses and seasonings in 2021, accounting for near 32% and 24% of total exports, respectively. South Korea (X tons) ranks next in terms of the total exports with a 6.5% share, followed by Japan (5.7%). The following exporters - Hong Kong SAR (X tons), the United Arab Emirates (X tons), Indonesia (X tons), the Philippines (X tons), Malaysia (X tons), Vietnam (X tons), Oman (X tons), Turkey (X tons) and India (X tons) - together made up 27% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Indonesia (with a CAGR of +19.7%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest mixed condiment, sause and seasoning supplier in Asia, comprising 39% of total exports. The second position in the ranking was held by Thailand ($X), with an 18% share of total exports. It was followed by Japan, with a 9.1% share.

In China, mixed condiment, sause and seasoning exports expanded at an average annual rate of +13.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+6.9% per year) and Japan (+5.5% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, with an increase of 2.2% against the previous year. Over the last nine years, it increased at an average annual rate of +2.1%. The pace of growth was the most pronounced in 2019 when the export price increased by 19%. The level of export peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Japan ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.5%), while the other leaders experienced more modest paces of growth.

Imports of Mixed Condiments, Sauses and Seasonings

Imports in Asia

In 2021, imports of mixed condiments, sauses and seasonings in Asia rose sharply to X tons, growing by 9.2% compared with 2020 figures. Total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +5.8% 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 +66.2% against 2012 indices. The most prominent rate of growth was recorded in 2015 with an increase of 9.6% against the previous year. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in years to come.

In value terms, mixed condiment, sause and seasoning imports rose rapidly to $X in 2021. Total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.2% 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 +71.9% against 2012 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the twelve major importers of mixed condiments, sauses and seasonings, namely South Korea, Hong Kong SAR, Japan, the Philippines, China, Malaysia, Saudi Arabia, Singapore, the United Arab Emirates, Kazakhstan, Thailand and Indonesia, represented more than two-thirds of total import. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in Thailand (with a CAGR of +20.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Hong Kong SAR ($X) and South Korea ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 31% of total imports. These countries were followed by China, the Philippines, Saudi Arabia, Singapore, Malaysia, the United Arab Emirates, Taiwan (Chinese), Thailand, Indonesia and Kazakhstan, which together accounted for a further 47%.

Among the main importing countries, China, with a CAGR of +11.9%, recorded the highest rates of growth with regard to 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

In 2021, the import price in Asia amounted to $X per ton, picking up by 4% against the previous year. In general, the import price showed a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Taiwan (Chinese) ($X per ton), while Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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