Vietnam: Sauce And Seasoning Market 2024

Sauce And Seasoning Market Size in Vietnam

In 2021, the Vietnamese sauce and seasoning market decreased by -14.4% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Sauce And Seasoning Production in Vietnam

In value terms, sauce and seasoning production dropped to $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 36%. Over the period under review, production attained the peak level at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Sauce And Seasoning Exports

Exports from Vietnam

For the third consecutive year, Vietnam recorded growth in shipments abroad of sauces and seasonings, which increased by 9.7% to X tons in 2021. Overall, exports continue to indicate a strong increase. The growth pace was the most rapid in 2017 when exports increased by 48% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in years to come.

In value terms, sauce and seasoning exports skyrocketed to $X in 2021. In general, exports posted a prominent expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 35%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Japan (X tons) was the main destination for sauce and seasoning exports from Vietnam, accounting for a 26% share of total exports. Moreover, sauce and seasoning exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was held by Russia (X tons), with a 9% share.

From 2012 to 2021, the average annual growth rate of volume to Japan amounted to +19.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+19.0% per year) and Russia (+0.4% per year).

In value terms, Japan ($X) remains the key foreign market for sauces and seasonings exports from Vietnam, comprising 28% of total exports. The second position in the ranking was held by the United States ($X), with a 13% share of total exports. It was followed by Russia, with a 7% share.

From 2012 to 2021, the average annual growth rate of value to Japan totaled +19.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+19.3% per year) and Russia (-1.3% per year).

Export Prices by Country

The average sauce and seasoning export price stood at $X per ton in 2021, surging by 7.8% against the previous year. In general, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the average export price increased by 23% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the countries with the highest prices were Thailand ($X per ton) and Poland ($X per ton), while the average price for exports to Russia ($X per ton) and Cambodia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+1.4%), while the prices for the other major destinations experienced more modest paces of growth.

Sauce And Seasoning Imports

Imports into Vietnam

In 2021, purchases abroad of sauces and seasonings decreased by -0.5% to X tons, falling for the third consecutive year after two years of growth. Overall, imports, however, showed a resilient increase. The growth pace was the most rapid in 2018 when imports increased by 137%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, sauce and seasoning imports totaled $X in 2021. In general, imports, however, showed buoyant growth. The pace of growth was the most pronounced in 2018 with an increase of 88%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Thailand (X tons) constituted the largest supplier of sauce and seasoning to Vietnam, accounting for a 29% share of total imports. Moreover, sauce and seasoning imports from Thailand exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by South Korea (X tons), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Thailand totaled +10.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+14.5% per year) and South Korea (+28.3% per year).

In value terms, Thailand ($X) constituted the largest supplier of sauces and seasonings to Vietnam, comprising 28% of total imports. The second position in the ranking was taken by China ($X), with a 14% share of total imports. It was followed by South Korea, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Thailand stood at +16.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+19.9% per year) and South Korea (+34.5% per year).

Import Prices by Country

In 2021, the average sauce and seasoning import price amounted to $X per ton, increasing by 3.1% against the previous year. Overall, import price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sauce and seasoning import price increased by +63.0% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the average import price increased by 32% against the previous year. The import price peaked in 2021 and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from the Philippines ($X per ton) and Indonesia ($X per ton), while the price for Thailand ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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