Philippines: Soya Sauce Market 2025

Soya Sauce Market Size in the Philippines

The Philippine soya sauce market skyrocketed to $X in 2022, growing by 71% against the previous year. In general, consumption continues to indicate significant growth. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Soya Sauce Production in the Philippines

In value terms, soya sauce production rose remarkably to $X in 2022 estimated in export price. Over the period under review, production recorded a prominent increase. The pace of growth was the most pronounced in 2020 when the production volume increased by 83% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Soya Sauce Exports

Exports from the Philippines

In 2022, shipments abroad of soya sauce increased by 1.2% to X tons, rising for the fourth consecutive year after two years of decline. Overall, exports saw a pronounced increase. The most prominent rate of growth was recorded in 2019 with an increase of 89%. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, soya sauce exports soared to $X in 2022. Over the period under review, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2019 with an increase of 73%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for soya sauce exports from the Philippines, accounting for a 27% share of total exports. Moreover, soya sauce exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), twofold. The third position in this ranking was held by Saudi Arabia (X tons), with a 7.7% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+6.1% per year) and Saudi Arabia (+5.9% per year).

In value terms, the largest markets for soya sauce exported from the Philippines were the United States ($X), Qatar ($X) and Canada ($X), with a combined 45% share of total exports. The United Arab Emirates, Saudi Arabia, Micronesia, Kuwait, Hong Kong SAR, Australia, the Netherlands, the UK, Oman and South Korea lagged somewhat behind, together accounting for a further 35%.

In terms of the main countries of destination, Oman, with a CAGR of +41.7%, recorded the highest growth rate of 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

In 2022, the average soya sauce export price amounted to $X per ton, growing by 19% against the previous year. In general, export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soya sauce export price increased by +9.7% against 2018 indices. The most prominent rate of growth was recorded in 2017 an increase of 34% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+14.9%), while the prices for the other major destinations experienced more modest paces of growth.

Soya Sauce Imports

Imports into the Philippines

Soya sauce imports into the Philippines soared to X tons in 2022, with an increase of 57% compared with the previous year's figure. Overall, imports recorded a noticeable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, soya sauce imports surged to $X in 2022. In general, imports recorded a strong expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 78% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons), China (X tons) and Singapore (X tons) were the main suppliers of soya sauce imports to the Philippines, together accounting for 72% of total imports.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +128.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest soya sauce suppliers to the Philippines were Singapore ($X), China ($X) and Malaysia ($X), with a combined 81% share of total imports.

Malaysia, with a CAGR of +117.8%, 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 2022, the average soya sauce import price amounted to $X per ton, falling by -2% against the previous year. In general, import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soya sauce import price decreased by -6.9% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by 49%. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+18.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :