Asia: Soups Market 2024

Soups Market Size in Asia

In 2021, the Asian soups market decreased by -2.3% to $X for the first time since 2018, thus ending a two-year rising trend. The market value increased at an average annual rate of +1.8% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 9% against the previous year. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Soups Production in Asia

In value terms, soups production contracted 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; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 12%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Soups Exports

Exports in Asia

In 2021, soups exports in Asia rose markedly to X tons, with an increase of 9.8% compared with the year before. The total export volume increased at an average annual rate of +5.8% over the period 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 2013 when exports increased by 36%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, soups exports skyrocketed to $X in 2021. Total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.6% 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 +61.0% against 2015 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The shipments of the five major exporters of soups and broths, namely Turkey, China, Thailand, Japan and the United Arab Emirates, represented more than two-thirds of total export. It was distantly followed by South Korea (X tons), constituting a 6.4% 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 key exporting countries, was attained by the United Arab Emirates (with a CAGR of +43.7%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and the United Arab Emirates ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 58% share of total exports.

The United Arab Emirates, with a CAGR of +57.0%, recorded the highest growth rate of 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 stood at $X per ton in 2021, surging by 11% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. 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 ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+9.2%), while the other leaders experienced more modest paces of growth.

Soups Imports

Imports in Asia

In 2021, soups imports in Asia rose modestly to X tons, increasing by 2.6% compared with the previous year. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2016 with an increase of 18%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, soups imports expanded rapidly to $X in 2021. The total import value increased at an average annual rate of +2.9% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2016 when imports increased by 12%. 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 Japan (X tons), Saudi Arabia (X tons), Singapore (X tons), Iraq (X tons) and Taiwan (Chinese) (X tons) were the major importers of soups and broths, together creating 59% of total imports. The Philippines (X tons), Jordan (X tons), South Korea (X tons), Indonesia (X tons), the United Arab Emirates (X tons), Oman (X tons) and Thailand (X tons) took a relatively small share of total imports.

Imports into Hong Kong SAR increased at an average annual rate of +5.2% from 2012 to 2021. At the same time, Indonesia (+23.6%), Iraq (+13.9%), Taiwan (Chinese) (+9.3%), Oman (+9.0%), Saudi Arabia (+5.8%), Jordan (+5.8%), Singapore (+3.9%) and Thailand (+1.5%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in Asia, with a CAGR of +23.6% from 2012-2021. The Philippines experienced a relatively flat trend pattern. By contrast, Japan (-3.1%), the United Arab Emirates (-3.6%) and South Korea (-8.0%) illustrated a downward trend over the same period. While the share of Hong Kong SAR (+4 p.p.), Iraq (+3.1 p.p.), Indonesia (+2.2 p.p.), Taiwan (Chinese) (+2.1 p.p.) and Saudi Arabia (+2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of the United Arab Emirates (-1.9 p.p.), South Korea (-5.1 p.p.) and Japan (-8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($X), Japan ($X) and Saudi Arabia ($X) constituted the countries with the highest levels of imports in 2021, with a combined 44% share of total imports. Taiwan (Chinese), Singapore, Indonesia, Jordan, Thailand, Iraq, South Korea, the United Arab Emirates, Oman and the Philippines lagged somewhat behind, together accounting for a further 34%.

Indonesia, with a CAGR of +31.2%, recorded the highest growth rate of the value of imports, among 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 3.6% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the import price increased by 4% against the previous year. As a result, import price attained the peak level of $X per ton; afterwards, it flattened through to 2021.

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 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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