Eastern Asia: Sauce And Seasoning Market 2024

Sauce And Seasoning Market Size in Eastern Asia

In 2021, after two years of growth, there was significant decline in the East Asian sauce and seasoning market, when its value decreased by -6.5% to $X. The market value increased at an average annual rate of +1.6% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The level of consumption peaked at $X in 2020, and then fell in the following year.

Sauce And Seasoning Production in Eastern Asia

In value terms, sauce and seasoning production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.5% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the production volume increased by 27% against the previous year. The level of production peaked at $X in 2020, and then dropped in the following year.

Sauce And Seasoning Exports

Exports in Eastern Asia

Sauce and seasoning exports rose significantly to X tons in 2021, with an increase of 14% on the previous year. Total exports indicated a buoyant increase 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 +17.3% against 2019 indices. The pace of growth was the most pronounced in 2017 when exports increased by 34% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, sauce and seasoning exports soared to $X in 2021. Over the period under review, exports continue to indicate resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China represented the major exporting country with an export of about X tons, which resulted at 65% of total exports. Japan (X tons) ranks second in terms of the total exports with a 12% share, followed by South Korea (11%) and Hong Kong SAR (8.1%). Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to sauce and seasoning exports from China stood at +6.2%. At the same time, Japan (+8.8%), South Korea (+8.5%) and Taiwan (Chinese) (+1.9%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +8.8% from 2012-2021. Hong Kong SAR experienced a relatively flat trend pattern. While the share of Japan (+2.6 p.p.) and South Korea (+2.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Taiwan (Chinese) (-1.7 p.p.) and Hong Kong SAR (-4.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest sauce and seasoning supplier in Eastern Asia, comprising 64% of total exports. The second position in the ranking was taken by Japan ($X), with a 16% share of total exports. It was followed by South Korea, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in China amounted to +12.9%. In the other countries, the average annual rates were as follows: Japan (+5.7% per year) and South Korea (+8.6% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, growing by 9.8% against the previous year. Over the last nine years, it increased at an average annual rate of +3.4%. The growth pace was the most rapid in 2019 an increase of 20% against the previous year. The level of export peaked in 2021 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per ton), while Taiwan (Chinese) ($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 (+6.2%), while the other leaders experienced more modest paces of growth.

Sauce And Seasoning Imports

Imports in Eastern Asia

For the tenth consecutive year, Eastern Asia recorded growth in purchases abroad of sauces and seasonings, which increased by 6.8% to X tons in 2021. The total import volume 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 in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 7.5%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, sauce and seasoning imports rose significantly to $X in 2021. The total import value increased at an average annual rate of +4.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the four major importers of sauces and seasonings, namely South Korea, Hong Kong SAR, Japan and China, represented more than two-thirds of total import. It was distantly followed by Taiwan (Chinese) (X tons), constituting a 9.1% share of total imports. Macao SAR (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by China (with a CAGR of +11.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest sauce and seasoning importing markets in Eastern Asia were Japan ($X), Hong Kong SAR ($X) and South Korea ($X), together accounting for 71% of total imports. These countries were followed by China, Taiwan (Chinese) and Macao SAR, which together accounted for a further 29%.

China, with a CAGR of +10.9%, saw the highest growth rate of 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 Eastern Asia stood at $X per ton in 2021, with an increase of 6.2% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Macao SAR ($X per ton) and Taiwan (Chinese) ($X per ton), while South Korea ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Macao SAR (+3.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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