Asia-Pacific: Market for Mixed Condiments, Sauses and Seasonings 2022

Market Size for Mixed Condiments, Sauses and Seasonings in Asia-Pacific

After three years of growth, the Asia-Pacific market for mixed condiments, sauses and seasonings decreased by -0.1% to $X in 2021. The total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.1% 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 +66.0% against 2015 indices. Over the period under review, the market hit record highs at $X in 2020, and then fell modestly in the following year.

Production of Mixed Condiments, Sauses and Seasonings in Asia-Pacific

In value terms, mixed condiment, sause and seasoning production stood at $X in 2021 estimated in export price. The total production indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +68.2% against 2014 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 23%. The level of production peaked in 2021 and is expected to retain growth in the near future.

Exports of Mixed Condiments, Sauses and Seasonings

Exports in Asia-Pacific

In 2021, exports of mixed condiments, sauses and seasonings in Asia-Pacific skyrocketed to X tons, picking up by 16% compared with 2020 figures. Total exports indicated prominent growth 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 +26.5% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 24%. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, mixed condiment, sause and seasoning exports surged to $X in 2021. Total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +8.7% 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 +111.8% against 2012 indices. 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 roughly 59% of total exports in 2021. South Korea (X tons) took a 6.9% share (based on physical terms) of total exports, which put it in second place, followed by Japan (6.1%) and Hong Kong SAR (4.6%). Indonesia (X tons), the Philippines (X tons), Malaysia (X tons), New Zealand (X tons), Vietnam (X tons), Australia (X tons) and India (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main 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 ($X) remains the largest mixed condiment, sause and seasoning supplier in Asia-Pacific, comprising 40% of total exports. The second position in the ranking was taken by Thailand ($X), with a 19% share of total exports. It was followed by Japan, with a 9.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China amounted to +13.9%. In the other countries, the average annual rates were as follows: Thailand (+6.9% per year) and Japan (+5.5% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, growing by 4.1% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.1%. The pace of growth appeared the most rapid in 2019 an increase of 20% against the previous year. The level of export peaked in 2021 and is likely to continue growth in the immediate term.

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

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

Imports of Mixed Condiments, Sauses and Seasonings

Imports in Asia-Pacific

For the tenth year in a row, Asia-Pacific recorded growth in purchases abroad of mixed condiments, sauses and seasonings, which increased by 4.7% to X tons in 2021. The total import volume increased at an average annual rate of +4.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when imports increased by 12% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, mixed condiment, sause and seasoning imports rose remarkably to $X in 2021. Total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.6% 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 +63.9% against 2012 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The countries with the highest levels of mixed condiment, sause and seasoning imports in 2021 were South Korea (X tons), Hong Kong SAR (X tons), Australia (X tons), Japan (X tons), the Philippines (X tons), China (X tons), Malaysia (X tons), Singapore (X tons), Thailand (X tons), Indonesia (X tons), Taiwan (Chinese) (X tons) and New Zealand (X tons), together amounting to 88% of total import.

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, the largest mixed condiment, sause and seasoning importing markets in Asia-Pacific were Australia ($X), Japan ($X) and Hong Kong SAR ($X), together comprising 39% of total imports. South Korea, China, the Philippines, Singapore, Malaysia, Taiwan (Chinese), New Zealand, Thailand and Indonesia lagged somewhat behind, together accounting for a further 51%.

China, with a CAGR of +11.9%, recorded the highest growth rate of the value of imports, in terms of 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 Asia-Pacific amounted to $X per ton, rising by 8% against the previous year. Over the period under review, the import price saw a slight expansion. As a result, import price reached 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, the country with the highest price was Taiwan (Chinese) ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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