Finland: Baking Soda Market 2024

Baking Soda Market Size in Finland

The Finnish baking soda market rose rapidly to $X in 2021, surging by 7.5% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. Baking soda consumption peaked in 2021 and is likely to see steady growth in the immediate term.

Baking Soda Production in Finland

In value terms, baking soda production reduced markedly to $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 78% against the previous year. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Baking Soda Exports

Exports from Finland

In 2021, shipments abroad of baking soda decreased by -39.7% to X tons, falling for the second consecutive year after three years of growth. In general, exports, however, saw buoyant growth. The pace of growth was the most pronounced in 2018 with an increase of 644% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, baking soda exports shrank markedly to $X in 2021. Over the period under review, exports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 570%. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Sweden (X tons) was the main destination for baking soda exports from Finland, with a 71% share of total exports. Moreover, baking soda exports to Sweden exceeded the volume sent to the second major destination, Russia (X tons), threefold.

From 2012 to 2021, the average annual growth rate of volume to Sweden amounted to +96.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-0.8% per year) and Norway (+26.9% per year).

In value terms, Sweden ($X) remains the key foreign market for baking soda exports from Finland, comprising 62% of total exports. The second position in the ranking was held by Russia ($X), with a 29% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Sweden stood at +94.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-1.4% per year) and Norway (+20.2% per year).

Export Prices by Country

The average baking soda export price stood at $X per ton in 2021, with an increase of 8.5% against the previous year. Overall, the export price, however, saw a perceptible decrease. The growth pace was the most rapid in 2019 when the average export price increased by 35%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Norway ($X per ton), while the average price for exports to Sweden ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Russia (-0.6%), while the prices for the other major destinations experienced a decline.

Baking Soda Imports

Imports into Finland

After three years of growth, supplies from abroad of baking soda decreased by -7.9% to X tons in 2021. In general, total imports indicated moderate growth from 2012 to 2021: its volume increased at an average annual rate of +2.3% 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 +116.1% against 2015 indices. The pace of growth appeared the most rapid in 2016 with an increase of 56% against the previous year. Imports peaked at X tons in 2020, and then shrank in the following year.

In value terms, baking soda imports stood at $X in 2021. Over the period under review, imports, however, posted a slight expansion. The growth pace was the most rapid in 2016 with an increase of 58%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

Russia (X tons), Poland (X tons) and Germany (X tons) were the main suppliers of baking soda imports to Finland, with a combined 62% share of total imports. These countries were followed by Italy, Bulgaria, Turkey, Spain and the UK, which together accounted for a further 36%.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +148.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest baking soda suppliers to Finland were Germany ($X), Poland ($X) and Italy ($X), with a combined 56% share of total imports.

Among the main suppliers, Italy, with a CAGR of +114.1%, 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

In 2021, the average baking soda import price amounted to $X per ton, increasing by 9.5% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average import price increased by 24% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+1.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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