Asia: Soya Sauce Market 2024

Soya Sauce Market Size in Asia

The Asian soya sauce market rose slightly to $X in 2022, picking up by 4.7% against the previous year. The total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -9.8% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Soya Sauce Production in Asia

In value terms, soya sauce production expanded sharply to $X in 2022 estimated in export price. The total production indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.1% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 14% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Soya Sauce Exports

Exports in Asia

Soya sauce exports contracted modestly to X tons in 2022, remaining stable against 2021. Total exports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +59.9% against 2012 indices. The growth pace was the most rapid in 2021 when exports increased by 15%. As a result, the exports reached the peak of X tons, leveling off in the following year.

In value terms, soya sauce exports fell to $X in 2022. Total exports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +58.6% against 2012 indices. The pace of growth appeared the most rapid in 2021 with an increase of 17% against the previous year. As a result, the exports reached the peak of $X, and then fell modestly in the following year.

Exports by Country

In 2022, China (X tons) represented the major exporter of soya sauce, making up 46% of total exports. Japan (X tons) took a 12% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (7.7%), Taiwan (Chinese) (6.8%), Singapore (6.3%) and Hong Kong SAR (4.8%). Indonesia (X tons) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +6.3% from 2012 to 2022. At the same time, Japan (+9.1%), Thailand (+7.7%), Indonesia (+4.4%) and Singapore (+3.2%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Asia, with a CAGR of +9.1% from 2012-2022. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-2.5%) illustrated a downward trend over the same period. China (+6 p.p.), Japan (+3.8 p.p.) and Thailand (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese) and Hong Kong SAR saw its share reduced by -4.1% and -5.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest soya sauce supplier in Asia, comprising 36% of total exports. The second position in the ranking was held by Japan ($X), with a 14% share of total exports. It was followed by Singapore, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +6.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (+4.5% per year) and Singapore (+3.4% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, stabilizing at the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 6.8% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.0%), while the other leaders experienced more modest paces of growth.

Soya Sauce Imports

Imports in Asia

In 2022, approx. X tons of soya sauce were imported in Asia; declining by -4.1% compared with 2021 figures. The total import volume increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 11%. As a result, imports reached the peak of X tons, and then contracted in the following year.

In value terms, soya sauce imports contracted to $X in 2022. Total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +46.4% against 2013 indices. The growth pace was the most rapid in 2018 with an increase of 14%. Over the period under review, imports reached the peak figure at $X in 2021, and then reduced in the following year.

Imports by Country

The purchases of the twelve major importers of soya sauce, namely Hong Kong SAR, Indonesia, South Korea, China, Singapore, the Philippines, Thailand, Malaysia, Lao People's Democratic Republic, Taiwan (Chinese), the United Arab Emirates and Vietnam, represented more than two-thirds of total import. Israel (X tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +10.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X), China ($X) and Indonesia ($X) were the countries with the highest levels of imports in 2022, with a combined 30% share of total imports. South Korea, Thailand, Singapore, the Philippines, Malaysia, Taiwan (Chinese), Vietnam, the United Arab Emirates, Israel and Lao People's Democratic Republic lagged somewhat behind, together accounting for a further 50%.

Vietnam, with a CAGR of +11.0%, saw the highest rates of growth with regard to 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

The import price in Asia stood at $X per ton in 2022, falling by -2.2% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the import price increased by 5.1% against the previous year. The level of import peaked at $X per ton in 2021, and then shrank in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Israel ($X per ton), while Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+6.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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