Vietnam: Soups Market 2024

Soups Market Size in Vietnam

In 2021, the Vietnamese soups market decreased by -1.1% to $X for the first time since 2014, thus ending a six-year rising trend. Overall, the total consumption indicated tangible 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, consumption increased by +76.2% against 2014 indices. Soups consumption peaked at $X in 2020, and then shrank modestly in the following year.

Soups Production in Vietnam

In value terms, soups production shrank modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 with an increase of 19% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then contracted modestly in the following year.

Soups Exports

Exports from Vietnam

After two years of decline, overseas shipments of soups and broths increased by 25% to X tons in 2021. In general, exports, however, faced a dramatic decline. The growth pace was the most rapid in 2013 with an increase of 173% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, soups exports skyrocketed to $X in 2021. Overall, exports, however, faced a dramatic downturn. The most prominent rate of growth was recorded in 2013 with an increase of 101%. 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

The Czech Republic (X tons) was the main destination for soups exports from Vietnam, accounting for a 49% share of total exports. Moreover, soups exports to the Czech Republic exceeded the volume sent to the second major destination, the United States (X tons), sixfold. The third position in this ranking was taken by Japan (X tons), with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Czech Republic amounted to +55.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-34.8% per year) and Japan (-35.6% per year).

In value terms, the Czech Republic ($X) remains the key foreign market for soups and broths exports from Vietnam, comprising 46% of total exports. The second position in the ranking was held by the United States ($X), with an 11% share of total exports. It was followed by Canada, with an 8.4% share.

From 2012 to 2021, the average annual growth rate of value to the Czech Republic totaled +67.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-30.5% per year) and Canada (-0.1% per year).

Export Prices by Country

The average soups export price stood at $X per ton in 2021, almost unchanged from the previous year. Over the period under review, export price indicated a perceptible increase from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, soups export price increased by +82.5% against 2014 indices. The pace of growth appeared the most rapid in 2015 when the average export price increased by 29% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Angola ($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 Canada (+11.2%), while the prices for the other major destinations experienced more modest paces of growth.

Soups Imports

Imports into Vietnam

Soups imports into Vietnam soared to X tons in 2021, picking up by 22% against the previous year. Overall, imports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2016 when imports increased by 68%. Imports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, soups imports surged to $X in 2021. Over the period under review, imports recorded a remarkable increase. The pace of growth appeared the most rapid in 2015 when imports increased by 52% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

Canada (X tons), Japan (X tons) and South Korea (X tons) were the main suppliers of soups imports to Vietnam, together comprising 71% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +42.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest soups suppliers to Vietnam were Japan ($X), South Korea ($X) and Canada ($X), with a combined 63% share of total imports.

Japan, with a CAGR of +44.1%, recorded the highest rates of growth with regard to 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, with an increase of 5.2% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 13% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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