Thailand: Soups Market 2024

Soups Market Size in Thailand

The Thai soups market reached $X in 2021, rising by 5.8% against the previous year. The market value increased at an average annual rate of +1.6% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Soups Production in Thailand

In value terms, soups production rose slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.1% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 44% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Soups Exports

Exports from Thailand

In 2021, the amount of soups and broths exported from Thailand dropped to X tons, which is down by -13.5% on the previous year. Over the period under review, total exports indicated a measured expansion from 2012 to 2021: its volume increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +27.9% against 2019 indices. The growth pace was the most rapid in 2020 when exports increased by 48% against the previous year. As a result, the exports attained the peak of X tons, and then declined in the following year.

In value terms, soups exports skyrocketed to $X in 2021. In general, total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.9% 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 +49.0% against 2018 indices. The growth pace was the most rapid in 2016 with an increase of 44%. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Australia (X tons), Japan (X tons) and the United States (X tons) were the main destinations of soups exports from Thailand, with a combined 50% share of total exports. These countries were followed by Malaysia, Taiwan (Chinese), Hong Kong SAR, the Philippines, France and Singapore, which together accounted for a further 36%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +22.3%), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Japan ($X) and Hong Kong SAR ($X) appeared to be the largest markets for soups exported from Thailand worldwide, with a combined 53% share of total exports. France, the United States, Malaysia, the Philippines, Taiwan (Chinese) and Singapore lagged somewhat behind, together comprising a further 28%.

France, with a CAGR of +19.3%, recorded 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, picking up by 34% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.9%. The most prominent rate of growth was recorded in 2016 an increase of 34%. Over the period under review, the average export prices hit record highs in 2021 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Singapore (+12.0%), while the prices for the other major destinations experienced more modest paces of growth.

Soups Imports

Imports into Thailand

In 2021, overseas purchases of soups and broths decreased by -4.1% to X tons for the first time since 2018, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 34% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, soups imports skyrocketed to $X in 2021. In general, total imports indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +4.0% 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 +34.9% against 2019 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 62%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Canada (X tons), China (X tons) and Japan (X tons) were the main suppliers of soups imports to Thailand, together accounting for 64% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +22.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Canada ($X) and Japan ($X) appeared to be the largest soups suppliers to Thailand, together accounting for 67% of total imports.

China, with a CAGR of +19.4%, recorded the highest growth rate of the value of imports, in terms of 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, growing by 22% against the previous year. Over the last nine years, it increased at an average annual rate of +2.5%. Over the period under review, average import prices hit record highs at $X per ton in 2017; afterwards, it flattened through to 2021.

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 Japan ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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