Asia-Pacific: Baking Soda Market 2024

Baking Soda Market Size in Asia-Pacific

In 2021, the Asia-Pacific baking soda market increased by 0.1% to $X, rising for the sixth consecutive year after three years of decline. The market value increased at an average annual rate of +2.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in years to come.

Baking Soda Production in Asia-Pacific

In value terms, baking soda production contracted slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 19%. Over the period under review, production reached the peak level at $X in 2020, and then fell slightly in the following year.

Baking Soda Exports

Exports in Asia-Pacific

Baking soda exports declined to X tons in 2021, which is down by -12.6% compared with 2020. Total exports indicated a temperate expansion from 2012 to 2021: its volume increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 77%. The volume of export peaked at X tons in 2020, and then shrank in the following year.

In value terms, baking soda exports rose sharply to $X in 2021. Total exports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when exports increased by 32%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

In 2021, China (X tons) was the key exporter of baking soda, constituting 77% of total exports. Thailand (X tons) took the second position in the ranking, followed by Singapore (X tons). All these countries together took approx. 18% share of total exports. India (X tons) followed a long way behind the leaders.

China experienced a relatively flat trend pattern with regard to volume of exports of baking soda. At the same time, Thailand (+84.6%), Singapore (+75.3%) and India (+21.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +84.6% from 2012-2021. Thailand (+11 p.p.), Singapore (+7.1 p.p.) and India (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -19.8% from 2012 to 2021, respectively.

In value terms, China ($X) remains the largest baking soda supplier in Asia-Pacific, comprising 69% of total exports. The second position in the ranking was held by Thailand ($X), with a 14% share of total exports. It was followed by Singapore, with a 9.6% share.

In China, baking soda exports expanded at an average annual rate of +1.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Thailand (+69.3% per year) and Singapore (+30.4% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, growing by 21% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 61%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Singapore ($X per ton) and Thailand ($X per ton), while China ($X per ton) and India ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.1%), while the other leaders experienced a decline in the export price figures.

Baking Soda Imports

Imports in Asia-Pacific

For the tenth consecutive year, Asia-Pacific recorded growth in overseas purchases of baking soda, which increased by 3% to X tons in 2021. Total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +7.4% 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 +90.6% against 2012 indices. The most prominent rate of growth was recorded in 2016 with an increase of 11% against the previous year. The volume of import peaked in 2021 and is likely to continue growth in the near future.

In value terms, baking soda imports skyrocketed to $X in 2021. Total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.9% 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 +15.7% against 2018 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 20%. The level of import peaked in 2021 and is likely to see gradual growth in the near future.

Imports by Country

In 2021, South Korea (X tons), distantly followed by Indonesia (X tons), China (X tons), Vietnam (X tons), Thailand (X tons), Australia (X tons) and Japan (X tons) were the main importers of baking soda, together achieving 79% of total imports. Taiwan (Chinese) (X tons), Malaysia (X tons), Bangladesh (X tons), the Philippines (X tons), India (X tons) and Hong Kong SAR (X tons) held a little share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by China (with a CAGR of +33.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), China ($X) and Indonesia ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 49% of total imports. Vietnam, Australia, Thailand, Japan, Taiwan (Chinese), Hong Kong SAR, Malaysia, the Philippines, India and Bangladesh lagged somewhat behind, together comprising a further 45%.

Among the main importing countries, Hong Kong SAR, with a CAGR of +32.8%, 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 Asia-Pacific stood at $X per ton in 2021, with an increase of 14% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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 Hong Kong SAR ($X per ton), while Bangladesh ($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 more modest paces of growth.

Source: IndexBox Platform

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