Myanmar: Soups Market 2024

Soups Market Size in Myanmar

In 2021, after three years of decline, there was growth in the Myanmar's soups market, when its value increased by 1.3% to $X. Over the period under review, consumption, however, saw a deep downturn. Soups consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Soups Production in Myanmar

In value terms, soups production rose to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a deep downturn. The growth pace was the most rapid in 2016 when the production volume increased by 50% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Soups Exports

Exports from Myanmar

In 2021, shipments abroad of soups and broths was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, exports enjoyed a prominent increase. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, soups exports soared to $X in 2021. Over the period under review, exports saw a significant increase. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Singapore (X tons), Australia (X tons) and the United States (X kg) were the main destinations of soups exports from Myanmar, with a combined 97% 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 Singapore (with a CAGR of +30.9%), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Singapore ($X) and the United States ($X) appeared to be the largest markets for soups exported from Myanmar worldwide, together accounting for 92% of total exports.

Among the main countries of destination, Australia, with a CAGR of +30.6%, 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 average soups export price stood at $X per ton in 2021, picking up by 61% against the previous year. In general, the export price continues to indicate a strong expansion. The pace of growth appeared the most rapid in 2016 when the average export price increased by 194% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Singapore ($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 (+19.4%), while the prices for the other major destinations experienced mixed trend patterns.

Soups Imports

Imports into Myanmar

After four years of growth, overseas purchases of soups and broths decreased by -64.5% to X tons in 2021. Over the period under review, imports, however, enjoyed a resilient expansion. The growth pace was the most rapid in 2014 with an increase of 574% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then declined notably in the following year.

In value terms, soups imports dropped rapidly to $X in 2021. Overall, imports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of 611%. Over the period under review, imports reached the peak figure at $X in 2020, and then shrank rapidly in the following year.

Imports by Country

In 2021, Japan (X tons) constituted the largest soups supplier to Myanmar, accounting for a 86% share of total imports. Moreover, soups imports from Japan exceeded the figures recorded by the second-largest supplier, Thailand (X tons), ninefold. China (X tons) ranked third in terms of total imports with a 1.5% share.

From 2012 to 2021, the average annual growth rate of volume from Japan totaled +89.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-0.7% per year) and China (-21.9% per year).

In value terms, Japan ($X) constituted the largest supplier of soups and broths to Myanmar, comprising 72% of total imports. The second position in the ranking was held by Thailand ($X), with a 23% share of total imports. It was followed by Taiwan (Chinese), with a 1.9% share.

From 2012 to 2021, the average annual growth rate of value from Japan stood at +78.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-1.7% per year) and Taiwan (Chinese) (+17.1% per year).

Import Prices by Country

In 2021, the average soups import price amounted to $X per ton, shrinking by -10.3% against the previous year. Over the period under review, the import price saw a perceptible slump. The most prominent rate of growth was recorded in 2020 when the average import price increased by 17% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (-1.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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