South-Eastern Asia: Soups Market 2024

Soups Market Size in South-Eastern Asia

The Southeast Asian soups market reached $X in 2021, growing by 1.9% against the previous year. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2019; afterwards, it flattened through to 2021.

Soups Production in South-Eastern Asia

In value terms, soups production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2016 with an increase of 18%. The level of production peaked at $X in 2017; afterwards, it flattened through to 2021.

Soups Exports

Exports in South-Eastern Asia

In 2021, exports of soups and broths in South-Eastern Asia reduced remarkably to X tons, which is down by -16.8% compared with the previous year's figure. Over the period under review, exports continue to indicate a slight decline. The pace of growth appeared the most rapid in 2013 when exports increased by 62% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, soups exports expanded markedly to $X in 2021. In general, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 35% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Thailand represented the major exporter of soups and broths in South-Eastern Asia, with the volume of exports finishing at X tons, which was near 80% of total exports in 2021. It was distantly followed by Malaysia (X tons), generating a 13% share of total exports. The following exporters - Vietnam (X tons) and Singapore (X tons) - each finished at a 4% share of total exports.

Exports from Thailand increased at an average annual rate of +3.9% from 2012 to 2021. At the same time, Singapore (+6.0%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +6.0% from 2012-2021. By contrast, Malaysia (-4.7%) and Vietnam (-25.6%) illustrated a downward trend over the same period. While the share of Thailand (+32 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Malaysia (-4.2 p.p.) and Vietnam (-27 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest soups supplier in South-Eastern Asia, comprising 79% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 12% share of total exports. It was followed by Vietnam, with a 2.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Thailand amounted to +6.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-5.8% per year) and Vietnam (-23.2% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, picking up by 34% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+3.3%), while the other leaders experienced mixed trends in the export price figures.

Soups Imports

Imports in South-Eastern Asia

In 2021, overseas purchases of soups and broths increased by 6.8% to X tons, rising for the third year in a row after two years of decline. Total imports indicated a pronounced increase from 2012 to 2021: its volume increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +32.7% against 2018 indices. The pace of growth was the most pronounced in 2016 with an increase of 75%. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, soups imports skyrocketed to $X in 2021. Total imports indicated moderate growth from 2012 to 2021: its value 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, imports increased by +36.7% against 2016 indices. The most prominent rate of growth was recorded in 2016 with an increase of 36% against the previous year. The level of import peaked in 2021 and is expected to retain growth in years to come.

Imports by Country

Singapore was the major importing country with an import of around X tons, which accounted for 37% of total imports. The Philippines (X tons) took the second position in the ranking, followed by Indonesia (X tons), Thailand (X tons) and Malaysia (X tons). All these countries together took approx. 56% share of total imports. Vietnam (X tons) and Lao People's Democratic Republic (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Lao People's Democratic Republic (with a CAGR of +36.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Indonesia ($X) and Thailand ($X) constituted the countries with the highest levels of imports in 2021, together comprising 78% of total imports. The Philippines, Malaysia, Vietnam and Lao People's Democratic Republic lagged somewhat behind, together accounting for a further 20%.

Lao People's Democratic Republic, with a CAGR of +36.8%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per ton, picking up by 9.8% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the import price increased by 21%. Over the period under review, import prices attained the maximum in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+6.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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