Asia: Sauce And Seasoning Market 2024

Sauce And Seasoning Market Size in Asia

The Asian sauce and seasoning market was estimated at $X in 2021, remaining constant against the previous year. The market 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 in certain years. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in the near future.

Sauce And Seasoning Production in Asia

In value terms, sauce and seasoning production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.9% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 when the production volume increased by 18% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Sauce And Seasoning Exports

Exports in Asia

Sauce and seasoning exports rose rapidly to X tons in 2021, growing by 12% against the previous year's figure. Total exports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +5.9% 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 +19.2% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 21%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, sauce and seasoning exports surged to $X in 2021. Total exports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +8.2% 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 +104.0% against 2012 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China was the largest exporting country with an export of about X tons, which reached 35% of total exports. Thailand (X tons) took the second position in the ranking, distantly followed by Japan (X tons) and South Korea (X tons). All these countries together took near 32% share of total exports. The following exporters - Hong Kong SAR (X tons), Indonesia (X tons), Malaysia (X tons), the Philippines (X tons), Vietnam (X tons), Turkey (X tons), Oman (X tons), Taiwan (Chinese) (X tons) and Singapore (X tons) - together made up 27% of total exports.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +10.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest sauce and seasoning supplier in Asia, comprising 38% of total exports. The second position in the ranking was taken by Thailand ($X), with a 17% share of total exports. It was followed by Japan, with a 9.6% share.

In China, sauce and seasoning exports increased at an average annual rate of +12.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+7.0% per year) and Japan (+5.7% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, picking up by 5.7% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2019 an increase of 14%. Over the period under review, the export prices reached the peak figure in 2021 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while Turkey ($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 (+6.2%), while the other leaders experienced more modest paces of growth.

Sauce And Seasoning Imports

Imports in Asia

For the tenth consecutive year, Asia recorded growth in purchases abroad of sauces and seasonings, which increased by 12% to X tons in 2021. Total imports indicated a prominent increase 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 +66.3% against 2012 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, sauce and seasoning imports skyrocketed to $X in 2021. Total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.3% 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 +72.9% 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 sauces and seasonings, namely South Korea, Hong Kong SAR, Japan, Saudi Arabia, the Philippines, China, the United Arab Emirates, Singapore, Malaysia, Thailand, Indonesia and Kazakhstan, represented more than two-thirds of total import. Taiwan (Chinese) (X tons) held a minor 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 Thailand (with a CAGR of +20.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest sauce and seasoning importing markets in Asia were Japan ($X), Hong Kong SAR ($X) and South Korea ($X), together comprising 28% of total imports. China, Saudi Arabia, the United Arab Emirates, the Philippines, Singapore, Malaysia, Taiwan (Chinese), Thailand, Indonesia and Kazakhstan lagged somewhat behind, together comprising a further 46%.

China, with a CAGR of +10.9%, 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 amounted to $X per ton, rising by 3.1% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the import price increased by 3.7%. Over the period under review, import prices attained the peak figure in 2021 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while Thailand ($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 (+3.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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