Vietnam: Soya Sauce Market 2024

Soya Sauce Market Size in Vietnam

In 2022, the Vietnamese soya sauce market decreased by -2.7% to $X for the first time since 2016, thus ending a five-year rising trend. Overall, consumption, however, continues to indicate a modest increase. Over the period under review, the market hit record highs at $X in 2021, and then fell modestly in the following year.

Soya Sauce Production in Vietnam

In value terms, soya sauce production expanded to $X in 2022 estimated in export price. Overall, production saw moderate growth. The pace of growth appeared the most rapid in 2018 when the production volume increased by 29% against the previous year. Soya sauce production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Soya Sauce Exports

Exports from Vietnam

In 2022, shipments abroad of soya sauce was finally on the rise to reach X tons after two years of decline. Over the period under review, total exports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -18.3% against 2019 indices. The growth pace was the most rapid in 2019 when exports increased by 42% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, soya sauce exports fell slightly to $X in 2022. Overall, exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2018 with an increase of 32%. Over the period under review, the exports reached the maximum at $X in 2021, and then shrank in the following year.

Exports by Country

Russia (X tons), Cambodia (X tons) and the United States (X tons) were the main destinations of soya sauce exports from Vietnam, with a combined 49% share of total exports. Taiwan (Chinese), Australia, Mongolia, Germany, South Korea, Belarus, Malaysia, Kazakhstan, China and Morocco lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Morocco (with a CAGR of +212.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soya sauce exported from Vietnam were Russia ($X), Cambodia ($X) and the United States ($X), with a combined 53% share of total exports. Taiwan (Chinese), Australia, Germany, South Korea, Belarus, Malaysia, Mongolia, Kazakhstan, China and Morocco lagged somewhat behind, together comprising a further 31%.

Morocco, with a CAGR of +182.8%, recorded the highest growth rate of the value of exports, among 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 2022, the average soya sauce export price amounted to $X per ton, which is down by -5.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.1%. The pace of growth was the most pronounced in 2020 an increase of 27% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then shrank in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Mongolia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+6.0%), while the prices for the other major destinations experienced more modest paces of growth.

Soya Sauce Imports

Imports into Vietnam

In 2022, after three years of growth, there was decline in purchases abroad of soya sauce, when their volume decreased by -4.9% to X tons. In general, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +7.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +25.9% against 2018 indices. The pace of growth appeared the most rapid in 2014 when imports increased by 45% against the previous year. Imports peaked at X tons in 2021, and then shrank slightly in the following year.

In value terms, soya sauce imports contracted slightly to $X in 2022. Overall, imports, however, showed a remarkable increase. The pace of growth was the most pronounced in 2014 when imports increased by 28%. Over the period under review, imports hit record highs at $X in 2021, and then contracted slightly in the following year.

Imports by Country

China (X tons), Thailand (X tons) and South Korea (X tons) were the main suppliers of soya sauce imports to Vietnam, together comprising 68% of total imports. Singapore, Japan, Malaysia and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of +83.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), China ($X) and Singapore ($X) were the largest soya sauce suppliers to Vietnam, with a combined 68% share of total imports.

In terms of the main suppliers, Singapore, with a CAGR of +87.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average soya sauce import price amounted to $X per ton, with an increase of 1.6% against the previous year. Overall, import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soya sauce import price decreased by -2.5% against 2018 indices. The growth pace was the most rapid in 2016 an increase of 26% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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