Brazil: Soya Sauce Market 2024

Soya Sauce Market Size in Brazil

The Brazilian soya sauce market rose sharply to $X in 2022, with an increase of 5.4% against the previous year. Over the period under review, the total consumption indicated a temperate increase 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, consumption decreased by -4.6% against 2020 indices. Soya sauce consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Soya Sauce Production in Brazil

In value terms, soya sauce production rose markedly to $X in 2022 estimated in export price. Overall, the total production indicated tangible 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 -5.0% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of 36% against the previous year. Soya sauce production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Soya Sauce Exports

Exports from Brazil

For the third consecutive year, Brazil recorded growth in shipments abroad of soya sauce, which increased by 9.1% to X tons in 2022. Overall, total exports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +7.8% 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 +24.9% against 2018 indices. The growth pace was the most rapid in 2015 when exports increased by 30%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, soya sauce exports amounted to $X in 2022. Over the period under review, exports posted a strong increase. The most prominent rate of growth was recorded in 2017 when exports increased by 30%. The exports peaked in 2022 and are likely to continue growth in years to come.

Exports by Country

Argentina (X tons), Sweden (X tons) and the United States (X tons) were the main destinations of soya sauce exports from Brazil, with a combined 43% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +81.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Sweden ($X) and Argentina ($X) appeared to be the largest markets for soya sauce exported from Brazil worldwide, with a combined 44% share of total exports. The United States, Uruguay, Spain, Colombia, Paraguay, Chile and Bolivia lagged somewhat behind, together comprising a further 45%.

The United States, with a CAGR of +67.9%, recorded the highest growth rate of 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 2022, the average soya sauce export price amounted to $X per ton, reducing by -5.3% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2014 when the average export price increased by 17% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then dropped in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Chile ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+2.2%), while the prices for the other major destinations experienced more modest paces of growth.

Soya Sauce Imports

Imports into Brazil

For the sixth consecutive year, Brazil recorded growth in supplies from abroad of soya sauce, which increased by 8.8% to X tons in 2022. In general, imports saw a strong increase. The pace of growth was the most pronounced in 2015 with an increase of 44% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in years to come.

In value terms, soya sauce imports shrank to $X in 2022. Overall, imports recorded significant growth. The growth pace was the most rapid in 2013 with an increase of 83%. Imports peaked at $X in 2021, and then fell modestly in the following year.

Imports by Country

China (X tons), the United States (X tons) and Singapore (X tons) were the main suppliers of soya sauce imports to Brazil, together accounting for 83% of total imports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +30.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of soya sauce to Brazil, comprising 56% of total imports. The second position in the ranking was taken by China ($X), with a 25% share of total imports. It was followed by Japan, with a 7.3% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +28.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+32.7% per year) and Japan (+6.5% per year).

Import Prices by Country

In 2022, the average soya sauce import price amounted to $X per ton, with a decrease of -8.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.9%. The most prominent rate of growth was recorded in 2013 an increase of 32% against the previous year. The import price peaked at $X per ton in 2021, and then dropped in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+13.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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