India: Soups Market 2024

Soups Market Size in India

In 2021, after nine years of growth, there was decline in the Indian soups market, when its value decreased by -2.4% to $X. Overall, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.5% 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 +62.2% against 2012 indices. Over the period under review, the market attained the peak level at $X in 2020, and then contracted modestly in the following year.

Soups Production in India

In value terms, soups production reduced modestly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.3% 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 +73.8% against 2012 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by 14%. Soups production peaked at $X in 2020, and then fell modestly in the following year.

Soups Exports

Exports from India

In 2021, shipments abroad of soups and broths increased by 12% to X tons, rising for the second consecutive year after two years of decline. In general, total exports indicated modest growth from 2012 to 2021: its volume increased at an average annual rate of +1.3% 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 +118.2% against 2019 indices. The pace of growth appeared the most rapid in 2020 when exports increased by 94% against the previous year. 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 rose markedly to $X in 2021. Over the period under review, total exports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.1% 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 +90.1% against 2019 indices. The pace of growth was the most pronounced in 2020 with an increase of 74% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

South Korea (X tons), the United States (X tons) and Nepal (X tons) were the main destinations of soups exports from India, together comprising 77% of total exports. These countries were followed by Bangladesh, Australia, Canada, Bhutan and the United Arab Emirates, which together accounted for a further 18%.

From 2012 to 2021, the biggest increases were recorded for Bhutan (with a CAGR of +102.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soups exported from India were South Korea ($X), the United States ($X) and Nepal ($X), together accounting for 72% of total exports. Bhutan, Bangladesh, Australia, Canada and the United Arab Emirates lagged somewhat behind, together comprising a further 20%.

Bhutan, with a CAGR of +111.5%, saw 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, reducing by -2.6% against the previous year. Over the last nine years, it increased at an average annual rate of +3.7%. The growth pace was the most rapid in 2014 when the average export price increased by 23%. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Nepal ($X per ton), while the average price for exports to Bangladesh ($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 Australia (+12.0%), while the prices for the other major destinations experienced more modest paces of growth.

Soups Imports

Imports into India

In 2021, soups imports into India rose sharply to X tons, increasing by 12% on the previous year's figure. In general, imports, however, recorded a deep contraction. The pace of growth was the most pronounced in 2019 with an increase of 102%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, soups imports surged to $X in 2021. Overall, imports, however, faced a deep setback. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest soups supplier to India, with a 89% share of total imports. Moreover, soups imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Thailand (X tons), more than tenfold. The third position in this ranking was taken by Germany (X kg), with a 1.3% share.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates totaled +75.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-5.9% per year) and Germany (-41.2% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of soups and broths to India, comprising 89% of total imports. The second position in the ranking was held by Thailand ($X), with a 2.9% share of total imports. It was followed by Germany, with a 2.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates totaled +69.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-13.2% per year) and Germany (-37.6% per year).

Import Prices by Country

The average soups import price stood at $X per ton in 2021, with an increase of 38% against the previous year. Overall, the import price, however, continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2014 when the average import price increased by 39% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the average import prices failed to regain momentum.

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 United States ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+24.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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