Eastern Asia: Baking Soda Market 2024

Baking Soda Market Size in Eastern Asia

The East Asian baking soda market stood at $X in 2021, approximately equating the previous year. The market value increased at an average annual rate of +1.9% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2021 and is likely to see steady growth in years to come.

Baking Soda Production in Eastern Asia

In value terms, baking soda production reduced to $X in 2021 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 21% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Baking Soda Exports

Exports in Eastern Asia

In 2021, baking soda exports in Eastern Asia shrank rapidly to X tons, waning by -16.4% compared with the previous year. Overall, exports, however, saw a slight expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 80% against the previous year. The volume of export peaked at X tons in 2020, and then contracted significantly in the following year.

In value terms, baking soda exports amounted to $X in 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 19% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

China dominates exports structure, recording X tons, which was approx. 98% of total exports in 2021. Japan (X tons) held a minor share of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of baking soda. Japan experienced a relatively flat trend pattern. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest baking soda supplier in Eastern Asia, comprising 96% of total exports. The second position in the ranking was taken by Japan ($X), with a 3.4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in China stood at +1.1%.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, rising by 25% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 69%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while China amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.1%).

Baking Soda Imports

Imports in Eastern Asia

Baking soda imports amounted to X tons in 2021, with an increase of 4.5% on the year before. Over the period under review, imports showed a strong expansion. The pace of growth was the most pronounced in 2019 with an increase of 16%. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, baking soda imports soared to $X in 2021. Total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +7.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +103.1% against 2013 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, South Korea (X tons) was the main importer of baking soda, making up 55% of total imports. China (X tons) ranks second in terms of the total imports with a 24% share, followed by Japan (9.2%), Taiwan (Chinese) (7.3%) and Hong Kong SAR (4.6%).

Imports into South Korea increased at an average annual rate of +7.8% from 2012 to 2021. At the same time, China (+33.7%), Hong Kong SAR (+31.0%) and Taiwan (Chinese) (+3.5%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +33.7% from 2012-2021. By contrast, Japan (-1.4%) illustrated a downward trend over the same period. China (+20 p.p.) and Hong Kong SAR (+3.7 p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese), South Korea and Japan saw its share reduced by -4.3%, -5.9% and -13.5% from 2012 to 2021, respectively.

In value terms, the largest baking soda importing markets in Eastern Asia were South Korea ($X), China ($X) and Japan ($X), with a combined 83% share of total imports. These countries were followed by Taiwan (Chinese) and Hong Kong SAR, which together accounted for a further 17%.

Hong Kong SAR, with a CAGR of +32.8%, 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

In 2021, the import price in Eastern Asia amounted to $X per ton, growing by 11% against the previous year. Overall, the import price, however, saw a slight setback. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong 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 Hong Kong SAR (+1.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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