Hungary: Soups Market 2024

Soups Market Size in Hungary

In 2021, the Hungarian soups market decreased by -27% to $X, falling for the third year in a row after three years of growth. In general, consumption saw a deep slump. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Soups Production in Hungary

In value terms, soups production fell dramatically to $X in 2021 estimated in export price. Overall, production showed a deep reduction. The growth pace was the most rapid in 2013 with an increase of 31%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a lower figure.

Soups Exports

Exports from Hungary

Soups exports from Hungary reduced modestly to X tons in 2021, shrinking by -2.8% on 2020. In general, total exports indicated a temperate expansion from 2012 to 2021: its volume increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -17.1% against 2015 indices. The growth pace was the most rapid in 2014 when exports increased by 27% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, soups exports expanded notably to $X in 2021. The total export value increased at an average annual rate of +4.1% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 22% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; afterwards, it flattened through to 2021.

Exports by Country

France (X tons), Austria (X tons) and Belgium (X tons) were the main destinations of soups exports from Hungary, together comprising 63% of total exports. These countries were followed by Germany, Slovenia, Poland, the UK, the Czech Republic and Greece, which together accounted for a further 27%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Germany (with a CAGR of +59.5%), while the other leaders experienced more modest paces of growth.

In value terms, France ($X), Austria ($X) and Belgium ($X) appeared to be the largest markets for soups exported from Hungary worldwide, with a combined 61% share of total exports. These countries were followed by Slovenia, Germany, the UK, Poland, the Czech Republic and Greece, which together accounted for a further 27%.

Germany, with a CAGR of +56.3%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average soups export price amounted to $X per ton, with an increase of 17% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Slovenia ($X per ton), while the average price for exports to Poland ($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 the UK (+2.1%), while the prices for the other major destinations experienced more modest paces of growth.

Soups Imports

Imports into Hungary

In 2021, approx. X tons of soups and broths were imported into Hungary; remaining stable against the previous year. The total import volume increased at an average annual rate of +2.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 27% 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 expanded modestly to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 42%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Germany (X tons), Slovakia (X tons) and Portugal (X tons) were the main suppliers of soups imports to Hungary, together comprising 74% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +18.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest soups suppliers to Hungary were Slovakia ($X), Germany ($X) and Portugal ($X), with a combined 70% share of total imports.

Germany, with a CAGR of +15.4%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers 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 soups import price amounted to $X per ton, growing by 2.6% against the previous year. In general, the import price, however, showed a mild setback. The pace of growth was the most pronounced in 2018 when the average import price increased by 12%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Poland ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+5.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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