Asia-Pacific: Soups Market 2024

Soups Market Size in Asia-Pacific

After five years of growth, the Asia-Pacific soups market decreased by -0.4% to $X in 2021. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 8.5%. The level of consumption peaked at $X in 2020, and then declined slightly in the following year.

Soups Production in Asia-Pacific

In value terms, soups production reduced to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.6% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 10% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then dropped in the following year.

Soups Exports

Exports in Asia-Pacific

Soups exports reduced to X tons in 2021, waning by -2.5% compared with the previous year. The total export volume increased at an average annual rate of +2.4% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of 26%. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, soups exports surged to $X in 2021. The total export value increased at an average annual rate of +3.8% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, China (X tons), Thailand (X tons), Japan (X tons), Australia (X tons) and New Zealand (X tons) was the major exporter of soups and broths in Asia-Pacific, mixing up 81% of total export. It was distantly followed by South Korea (X tons), constituting a 7.7% share of total exports. Taiwan (Chinese) (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 South Korea (with a CAGR of +16.7%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and Thailand ($X) were the countries with the highest levels of exports in 2021, with a combined 65% share of total exports. Australia, New Zealand, South Korea and Taiwan (Chinese) lagged somewhat behind, together comprising a further 29%.

South Korea, with a CAGR of +15.6%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, jumping by 24% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. As a result, the export price reached 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 Japan ($X per ton), while New Zealand ($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 (+4.4%), while the other leaders experienced more modest paces of growth.

Soups Imports

Imports in Asia-Pacific

In 2021, purchases abroad of soups and broths decreased by -0.9% to X tons for the first time since 2018, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +1.3% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 13% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, soups imports reached $X in 2021. The total import value increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when imports increased by 11%. The level of import peaked in 2021 and is expected to retain growth in years to come.

Imports by Country

In 2021, Hong Kong SAR (X tons), distantly followed by Australia (X tons), Japan (X tons), Singapore (X tons), Taiwan (Chinese) (X tons) and the Philippines (X tons) represented the largest importers of soups and broths, together committing 78% of total imports. South Korea (X tons), Indonesia (X tons), New Zealand (X tons), Thailand (X tons) and China (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 main importing countries, was attained by Indonesia (with a CAGR of +23.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X), Japan ($X) and Australia ($X) were the countries with the highest levels of imports in 2021, together accounting for 57% of total imports. Taiwan (Chinese), Singapore, Indonesia, Thailand, New Zealand, South Korea, China and the Philippines lagged somewhat behind, together comprising a further 36%.

Indonesia, with a CAGR of +31.2%, saw 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, increasing by 6.9% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 13%. Over the period under review, import prices hit record highs in 2021 and is likely to see steady growth in years to come.

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

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