Eastern Asia: Soups Market 2024

Soups Market Size in Eastern Asia

The East Asian soups market shrank modestly to $X in 2021, remaining relatively unchanged against the previous year. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2019 with an increase of 8.8%. As a result, consumption attained the peak level of $X; afterwards, it flattened through to 2021.

Soups Production in Eastern Asia

In value terms, soups production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the production volume increased by 8.4% against the previous year. As a result, production reached the peak level of $X; afterwards, it flattened through to 2021.

Soups Exports

Exports in Eastern Asia

In 2021, soups exports in Eastern Asia reached X tons, surging by 4.6% on the previous year. Total exports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +6.4% 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 +2.8% against 2018 indices. The pace of growth was the most pronounced in 2018 when exports increased by 29%. 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, soups exports skyrocketed to $X in 2021. Total exports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +7.1% 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 +16.5% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 28%. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

In 2021, China (X tons) and Japan (X tons) represented the largest exporters of soups and broths in Eastern Asia, together finishing at near 73% of total exports. South Korea (X tons) held a 15% share (based on physical terms) of total exports, which put it in second place, followed by Taiwan (Chinese) (6.8%) and Hong Kong SAR (4.6%).

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +16.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest soups supplying countries in Eastern Asia were China ($X), Japan ($X) and South Korea ($X), with a combined 92% share of total exports.

In terms of the main exporting countries, South Korea, with a CAGR of +15.6%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, increasing by 19% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. As a result, the export 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 exporting countries. In 2021, amid the top suppliers, 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 (+4.4%), while the other leaders experienced mixed trends in the export price figures.

Soups Imports

Imports in Eastern Asia

In 2021, approx. X tons of soups and broths were imported in Eastern Asia; therefore, remained relatively stable against the year before. The total import volume increased at an average annual rate of +1.2% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2018 when imports increased by 14% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, soups imports rose modestly to $X in 2021. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when imports increased by 13%. Over the period under review, imports reached the peak figure in 2021 and are likely to continue growth in years to come.

Imports by Country

Hong Kong SAR represented the key importer of soups and broths in Eastern Asia, with the volume of imports accounting for X tons, which was approx. 51% of total imports in 2021. It was distantly followed by Japan (X tons), Taiwan (Chinese) (X tons), South Korea (X tons) and China (X tons), together creating a 47% share of total imports. Macao SAR (X tons) took a minor share of total imports.

Imports into Hong Kong SAR increased at an average annual rate of +5.2% from 2012 to 2021. At the same time, Taiwan (Chinese) (+9.3%) and Macao SAR (+3.4%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +9.3% from 2012-2021. China experienced a relatively flat trend pattern. By contrast, Japan (-3.1%) and South Korea (-8.0%) illustrated a downward trend over the same period. While the share of Hong Kong SAR (+15 p.p.) and Taiwan (Chinese) (+5.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of South Korea (-8.9 p.p.) and Japan (-11.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest soups importing markets in Eastern Asia were Hong Kong SAR ($X), Japan ($X) and Taiwan (Chinese) ($X), with a combined 87% share of total imports.

Taiwan (Chinese), with a CAGR of +8.6%, recorded 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, surging by 3.4% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the import price increased by 5.9% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Japan ($X per ton) and Taiwan (Chinese) ($X per ton), while Hong Kong SAR ($X per ton) and South Korea ($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 (+2.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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