U.S.: Soya Sauce Market 2024

Soya Sauce Market Size in the U.S.

In 2022, the U.S. soya sauce market decreased by -0.3% to $X, falling for the third consecutive year after three years of growth. Overall, consumption, however, showed buoyant growth. Soya sauce consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Soya Sauce Production in the U.S.

In value terms, soya sauce production reduced slightly to $X in 2022. Overall, production, however, recorded a remarkable increase. The pace of growth was the most pronounced in 2019 with an increase of 118%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Soya Sauce Exports

Exports from the U.S.

In 2022, the amount of soya sauce exported from the United States soared to X tons, rising by 19% on 2021. Overall, total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +48.8% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 25% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, soya sauce exports rose notably to $X in 2022. In general, total exports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +90.1% against 2013 indices. The growth pace was the most rapid in 2021 when exports increased by 26% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the near future.

Exports by Country

Canada (X tons), Mexico (X tons) and Honduras (X tons) were the main destinations of soya sauce exports from the United States, together accounting for 82% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Honduras (with a CAGR of +81.0%), while the other leaders experienced more modest paces of growth.

In value terms, Canada ($X) remains the key foreign market for soya sauce exports from the United States, comprising 45% of total exports. The second position in the ranking was taken by Mexico ($X), with a 21% share of total exports. It was followed by Honduras, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Canada totaled +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+6.4% per year) and Honduras (+68.9% per year).

Export Prices by Country

The average soya sauce export price stood at $X per ton in 2022, with a decrease of -6.1% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 5.3% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Israel ($X per ton) and Canada ($X per ton), while the average price for exports to Honduras ($X per ton) and Chile ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Chile (+1.0%), while the prices for the other major destinations experienced more modest paces of growth.

Soya Sauce Imports

Imports into the U.S.

For the third year in a row, the United States recorded growth in purchases abroad of soya sauce, which increased by 6.6% to X tons in 2022. The total import volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 12% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

In value terms, soya sauce imports stood at $X in 2022. The total import value increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of soya sauce to the United States, with a 52% share of total imports. Moreover, soya sauce imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X tons), fivefold. The third position in this ranking was taken by Japan (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+0.6% per year) and Japan (+9.2% per year).

In value terms, China ($X) constituted the largest supplier of soya sauce to the United States, comprising 39% of total imports. The second position in the ranking was held by Japan ($X), with a 16% share of total imports. It was followed by Hong Kong SAR, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +5.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+6.6% per year) and Hong Kong SAR (-0.3% per year).

Import Prices by Country

In 2022, the average soya sauce import price amounted to $X per ton, increasing by 3.7% against the previous year. In general, the import price recorded a relatively flat trend pattern. Over the period under review, average import prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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