Eastern Asia: Market for Mixed Condiments, Sauses and Seasonings 2022

Market Size for Mixed Condiments, Sauses and Seasonings in Eastern Asia

The East Asian market for mixed condiments, sauses and seasonings stood at $X in 2021, increasing by 5.5% against the previous year. In general, consumption, however, showed a buoyant expansion. Over the period under review, the market reached the peak level in 2021 and is likely to see steady growth in years to come.

Production of Mixed Condiments, Sauses and Seasonings in Eastern Asia

In value terms, mixed condiment, sause and seasoning production expanded remarkably to $X in 2021 estimated in export price. Overall, production, however, enjoyed prominent growth. The pace of growth appeared the most rapid in 2019 with an increase of 33%. Over the period under review, production attained the peak level in 2021 and is expected to retain growth in years to come.

Exports of Mixed Condiments, Sauses and Seasonings

Exports in Eastern Asia

In 2021, approx. X tons of mixed condiments, sauses and seasonings were exported in Eastern Asia; growing by 16% on 2020. Total exports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +6.0% 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 +20.7% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 40%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, mixed condiment, sause and seasoning exports skyrocketed to $X in 2021. Overall, exports posted prominent growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China was the major exporter of mixed condiments, sauses and seasonings in Eastern Asia, with the volume of exports accounting for X tons, which was approx. 65% of total exports in 2021. South Korea (X tons) held a 13% share (based on physical terms) of total exports, which put it in second place, followed by Japan (12%) and Hong Kong SAR (8.7%). Taiwan (Chinese) (X tons) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +5.9% from 2012 to 2021. At the same time, South Korea (+9.5%), Japan (+8.2%), Taiwan (Chinese) (+2.5%) and Hong Kong SAR (+1.9%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +9.5% from 2012-2021. South Korea (+3.3 p.p.) and Japan (+1.9 p.p.) significantly strengthened its position in terms of the total exports, while Hong Kong SAR saw its share reduced by -3.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest mixed condiment, sause and seasoning supplier in Eastern Asia, comprising 65% of total exports. The second position in the ranking was held by Japan ($X), with a 15% share of total exports. It was followed by South Korea, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China amounted to +13.9%. In the other countries, the average annual rates were as follows: Japan (+5.5% per year) and South Korea (+9.0% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, rising by 9.4% against the previous year. Export price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, mixed condiment, sause and seasoning export price increased by +68.4% against 2017 indices. The growth pace was the most rapid in 2019 an increase of 27% against the previous year. Over the period under review, the export prices hit record highs in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.5%), while the other leaders experienced mixed trends in the export price figures.

Imports of Mixed Condiments, Sauses and Seasonings

Imports in Eastern Asia

For the tenth year in a row, Eastern Asia recorded growth in purchases abroad of mixed condiments, sauses and seasonings, which increased by 6.6% to X tons in 2021. The total import volume increased at an average annual rate of +4.3% 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 2018 with an increase of 7.7%. 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, mixed condiment, sause and seasoning imports expanded notably to $X in 2021. Total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +61.1% against 2013 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, South Korea (X tons), Hong Kong SAR (X tons), Japan (X tons) and China (X tons) represented the main importer of mixed condiments, sauses and seasonings in Eastern Asia, constituting 89% of total import. It was distantly followed by Taiwan (Chinese) (X tons), achieving an 8.4% share of total imports.

From 2012 to 2021, the biggest increases were in China (with a CAGR of +13.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest mixed condiment, sause and seasoning importing markets in Eastern Asia were Japan ($X), Hong Kong SAR ($X) and South Korea ($X), together accounting for 72% of total imports. China and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 26%.

Among the main importing countries, China, with a CAGR of +11.9%, recorded 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

The import price in Eastern Asia stood at $X per ton in 2021, with an increase of 7.1% against the previous year. In general, the import price recorded a mild increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Taiwan (Chinese) ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+1.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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