Malaysia: Soups Market 2024

Soups Market Size in Malaysia

The Malaysian soups market expanded significantly to $X in 2021, increasing by 12% against the previous year. The market value increased at an average annual rate of +1.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Soups Production in Malaysia

In value terms, soups production expanded notably to $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 14%. Soups production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Soups Exports

Exports from Malaysia

After two years of growth, shipments abroad of soups and broths decreased by -38.4% to X tons in 2021. Over the period under review, exports continue to indicate a perceptible decline. The most prominent rate of growth was recorded in 2014 with an increase of 33%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, soups exports dropped to $X in 2021. In general, exports saw a abrupt decrease. The pace of growth appeared the most rapid in 2014 when exports increased by 22%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Singapore (X tons), Bangladesh (X tons) and Hong Kong SAR (X tons) were the main destinations of soups exports from Malaysia, with a combined 81% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bangladesh (with a CAGR of +102.9%), while the other leaders experienced mixed trend patterns.

In value terms, Bangladesh ($X), Singapore ($X) and Hong Kong SAR ($X) were the largest markets for soups exported from Malaysia worldwide, together accounting for 75% of total exports.

Among the main countries of destination, Bangladesh, with a CAGR of +90.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average soups export price amounted to $X per ton, with an increase of 45% against the previous year. In general, the export price, however, continues to indicate a slight curtailment. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to the Philippines ($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 Indonesia (+5.0%), while the prices for the other major destinations experienced a decline.

Soups Imports

Imports into Malaysia

For the seventh year in a row, Malaysia recorded growth in overseas purchases of soups and broths, which increased by 26% to X tons in 2021. Overall, imports, however, saw a abrupt setback. The growth pace was the most rapid in 2019 with an increase of 47% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, soups imports soared to $X in 2021. Over the period under review, imports, however, showed a pronounced curtailment. The growth pace was the most rapid in 2018 with an increase of 33%. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Thailand (X tons), China (X tons) and the UK (X tons) were the main suppliers of soups imports to Malaysia, together comprising 57% of total imports. These countries were followed by France, Australia, Japan, Taiwan (Chinese), Singapore, South Korea and the United States, which together accounted for a further 41%.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +30.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest soups suppliers to Malaysia were Japan ($X), Thailand ($X) and China ($X), with a combined 49% share of total imports.

Thailand, with a CAGR of +32.8%, saw 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, rising by 4.1% against the previous year. Overall, import price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, soups import price decreased by -24.9% against 2018 indices. The growth pace was the most rapid in 2014 an increase of 61%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+9.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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