Eastern Asia: Soap Market 2024

Soap Market Size in Eastern Asia

After two years of growth, the East Asian soap market decreased by -7.2% to $X in 2021. The total consumption indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +72.6% against 2015 indices. Over the period under review, the market attained the peak level at $X in 2020, and then contracted in the following year.

Soap Production in Eastern Asia

In value terms, soap production fell to $X in 2021 estimated in export price. The total production indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +91.6% against 2015 indices. The growth pace was the most rapid in 2019 when the production volume increased by 35% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then shrank in the following year.

Soap Exports

Exports in Eastern Asia

In 2021, after four years of growth, there was significant decline in overseas shipments of soap, when their volume decreased by -29.4% to X tons. Over the period under review, exports, however, continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 87% against the previous year. As a result, the exports attained the peak of X tons, and then dropped notably in the following year.

In value terms, soap exports contracted to $X in 2021. Overall, exports, however, continue to indicate a prominent increase. The pace of growth was the most pronounced in 2020 with an increase of 60% against the previous year. As a result, the exports reached the peak of $X, and then reduced in the following year.

Exports by Country

China prevails in exports structure, resulting at X tons, which was near 84% of total exports in 2021. Japan (X tons) held an 8.5% share (based on physical terms) of total exports, which put it in second place, followed by South Korea (6.4%).

From 2012 to 2021, average annual rates of growth with regard to soap exports from China stood at +8.1%. At the same time, Japan (+21.5%) and South Korea (+13.8%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +21.5% from 2012-2021. Japan (+5.4 p.p.) and South Korea (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -3.8% from 2012 to 2021, respectively.

In value terms, China ($X), Japan ($X) and South Korea ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 98% of total exports.

South Korea, with a CAGR of +24.8%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, surging by 24% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.5%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+9.6%), while the other leaders experienced more modest paces of growth.

Soap Imports

Imports in Eastern Asia

In 2021, approx. X tons of soap were imported in Eastern Asia; growing by 7.1% compared with 2020. The total import volume increased at an average annual rate of +4.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2015 when imports increased by 16%. The volume of import peaked in 2021 and is likely to continue growth in the near future.

In value terms, soap imports soared to $X in 2021. In general, imports enjoyed a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China represented the main importing country with an import of around X tons, which reached 46% of total imports. Japan (X tons) took the second position in the ranking, distantly followed by South Korea (X tons) and Taiwan (Chinese) (X tons). All these countries together held near 47% share of total imports. Hong Kong SAR (X tons) and Macao SAR (X tons) took a relatively small share of total imports.

China was also the fastest-growing in terms of the soap imports, with a CAGR of +12.4% from 2012 to 2021. At the same time, Taiwan (Chinese) (+2.1%), South Korea (+1.9%) and Hong Kong SAR (+1.7%) displayed positive paces of growth. Macao SAR and Japan experienced a relatively flat trend pattern. China (+23 p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese), South Korea and Japan saw its share reduced by -1.9%, -3.3% and -12.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported soap in Eastern Asia, comprising 69% of total imports. The second position in the ranking was held by Japan ($X), with an 11% share of total imports. It was followed by Taiwan (Chinese), with a 6.4% share.

From 2012 to 2021, the average annual growth rate of value in China stood at +38.3%. In the other countries, the average annual rates were as follows: Japan (-0.2% per year) and Taiwan (Chinese) (+3.1% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, with an increase of 74% against the previous year. Over the period under review, the import price posted strong growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Macao SAR ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Macao SAR (+25.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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