Australia: Soups Market 2024

Soups Market Size in Australia

In 2021, the Australian soups market decreased by -3.4% to $X, falling for the second consecutive year after four years of growth. Overall, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Soups Production in Australia

In value terms, soups production amounted to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the production volume increased by 26% against the previous year. Soups production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Soups Exports

Exports from Australia

In 2021, shipments abroad of soups and broths increased by 27% to X tons, rising for the second consecutive year after two years of decline. Overall, total exports indicated a buoyant increase from 2012 to 2021: its volume 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 +51.2% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of 29%. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, soups exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +3.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded 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

Hong Kong SAR (X tons), Japan (X tons) and New Zealand (X tons) were the main destinations of soups exports from Australia, with a combined 71% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +103.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), South Korea ($X) and New Zealand ($X) were the largest markets for soups exported from Australia worldwide, together accounting for 68% of total exports. Hong Kong SAR, China, Singapore and the Philippines lagged somewhat behind, together accounting for a further 27%.

Hong Kong SAR, with a CAGR of +77.7%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average soups export price amounted to $X per ton, growing by 25% against the previous year. Overall, the export price, however, continues to indicate a pronounced reduction. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to New Zealand (+4.2%), while the prices for the other major destinations experienced mixed trend patterns.

Soups Imports

Imports into Australia

In 2021, approx. X tons of soups and broths were imported into Australia; waning by -13.2% against the previous year's figure. Overall, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 37%. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, soups imports contracted to $X in 2021. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 12% against the previous year. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, New Zealand (X tons) constituted the largest soups supplier to Australia, with a 64% share of total imports. Moreover, soups imports from New Zealand exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fourfold. The third position in this ranking was taken by Croatia (X tons), with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from New Zealand stood at -2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+5.7% per year) and Croatia (+15.2% per year).

In value terms, New Zealand ($X) constituted the largest supplier of soups and broths to Australia, comprising 49% of total imports. The second position in the ranking was held by Thailand ($X), with a 17% share of total imports. It was followed by Japan, with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from New Zealand totaled -4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+8.6% per year) and Japan (+10.7% per year).

Import Prices by Country

The average soups import price stood at $X per ton in 2021, with an increase of 15% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 59%. Over the period under review, average import prices attained the maximum in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Croatia ($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 States (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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