Asia: Baking Soda Market 2024

Baking Soda Market Size in Asia

In 2021, the Asian baking soda market decreased by -1.5% to $X for the first time since 2015, thus ending a five-year rising trend. The market value increased at an average annual rate of +2.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2020, and then fell slightly in the following year.

Baking Soda Production in Asia

In value terms, baking soda production skyrocketed to $X in 2021 estimated in export price. In general, production, however, continues to indicate a strong expansion. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Baking Soda Exports

Exports in Asia

After four years of growth, shipments abroad of baking soda decreased by -6.6% to X tons in 2021. Overall, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2017 when exports increased by 58%. The volume of export peaked at X tons in 2020, and then shrank in the following year.

In value terms, baking soda exports amounted to $X in 2021. Over the period under review, exports, however, enjoyed buoyant growth. The growth pace was the most rapid in 2015 when exports increased by 37%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Turkey (X tons) and China (X tons) prevails in exports structure, together mixing up 86% of total exports. It was distantly followed by Thailand (X tons), comprising a 6.1% share of total exports. The following exporters - Singapore (X tons) and India (X tons) - together made up 5.6% of total exports.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +95.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest baking soda supplying countries in Asia were China ($X), Turkey ($X) and Thailand ($X), together comprising 88% of total exports.

In terms of the main exporting countries, Turkey, with a CAGR of +95.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, surging by 11% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 37%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Turkey ($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 (+0.1%), while the other leaders experienced a decline in the export price figures.

Baking Soda Imports

Imports in Asia

For the tenth year in a row, Asia recorded growth in overseas purchases of baking soda, which increased by less than 0.1% to X tons in 2021. Total imports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +6.2% 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 +72.3% against 2012 indices. The pace of growth was the most pronounced in 2016 with an increase of 14%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, baking soda imports rose notably to $X in 2021. Total imports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +64.2% against 2012 indices. The growth pace was the most rapid in 2018 with an increase of 18%. The level of import peaked in 2021 and is likely to see gradual growth in the immediate term.

Imports by Country

In 2021, South Korea (X tons), distantly followed by Indonesia (X tons), China (X tons), Vietnam (X tons) and Thailand (X tons) represented the key importers of baking soda, together committing 65% of total imports. Japan (X tons), Taiwan (Chinese) (X tons), Malaysia (X tons), Bangladesh (X tons), the Philippines (X tons), India (X tons), Hong Kong SAR (X tons) and Israel (X tons) followed a long way behind the leaders.

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) were the countries with the highest levels of imports in 2021, together accounting for 47% of total imports. Vietnam, Thailand, Japan, Taiwan (Chinese), Hong Kong SAR, Malaysia, the Philippines, India, Israel and Bangladesh lagged somewhat behind, together accounting for a further 38%.

In terms of the main importing countries, Hong Kong SAR, with a CAGR of +32.8%, 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

The import price in Asia stood at $X per ton in 2021, with an increase of 11% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: 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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