China: Sauce And Seasoning Market 2024

Sauce And Seasoning Market Size in China

After three years of growth, the Chinese sauce and seasoning market decreased by -6.3% to $X in 2021. The market value increased at an average annual rate of +3.8% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020, and then fell in the following year.

Sauce And Seasoning Production in China

In value terms, sauce and seasoning production fell to $X in 2021 estimated in export price. In general, the total production indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +34.4% against 2017 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by 35%. Over the period under review, production reached the peak level at $X in 2020, and then shrank in the following year.

Sauce And Seasoning Exports

Exports from China

In 2021, the amount of sauces and seasonings exported from China totaled X tons, with an increase of 14% against the previous year. Over the period under review, total exports 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, exports increased by +18.5% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 51%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, sauce and seasoning exports soared to $X in 2021. Overall, exports enjoyed a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons), South Korea (X tons) and Hong Kong SAR (X tons) were the main destinations of sauce and seasoning exports from China, together comprising 32% of total exports. Thailand, Malaysia, the Philippines, Nigeria, Japan, Ghana, Indonesia, Australia, Russia and the Netherlands lagged somewhat behind, together comprising a further 37%.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +31.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Hong Kong SAR ($X) and Malaysia ($X) were the largest markets for sauce and seasoning exported from China worldwide, together comprising 54% of total exports.

Thailand, with a CAGR of +54.0%, 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

The average sauce and seasoning export price stood at $X per ton in 2021, picking up by 16% against the previous year. Over the period under review, export price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sauce and seasoning export price increased by +87.5% against 2017 indices. The growth pace was the most rapid in 2019 an increase of 31%. The export price peaked in 2021 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Ghana ($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 Malaysia (+21.3%), while the prices for the other major destinations experienced more modest paces of growth.

Sauce And Seasoning Imports

Imports into China

For the tenth consecutive year, China recorded growth in purchases abroad of sauces and seasonings, which increased by 12% to X tons in 2021. In general, imports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of 16% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, sauce and seasoning imports totaled $X in 2021. Over the period under review, imports continue to indicate a prominent expansion. The growth pace was the most rapid in 2015 when imports increased by 18% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

South Korea (X tons), Thailand (X tons) and Japan (X tons) were the main suppliers of sauce and seasoning imports to China, with a combined 56% share of total imports. Taiwan (Chinese), the United States, Singapore, Hong Kong SAR, the Philippines, Malaysia, Australia, Vietnam, Italy and Germany lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +40.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest sauce and seasoning suppliers to China were South Korea ($X), Thailand ($X) and Japan ($X), together comprising 45% of total imports. Taiwan (Chinese), the United States, Singapore, Italy, Hong Kong SAR, Malaysia, Australia, Germany, the Philippines and Vietnam lagged somewhat behind, together accounting for a further 47%.

In terms of the main suppliers, Vietnam, with a CAGR of +35.5%, saw 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

In 2021, the average sauce and seasoning import price amounted to $X per ton, remaining relatively unchanged against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average import price increased by 13% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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