Global Soya Sauce Market 2024

Soya Sauce Market Size

The global soya sauce market expanded to $X in 2022, increasing by 3.8% against the previous year. Over the period under review, the total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -1.2% against 2020 indices. Global consumption peaked at $X in 2020; afterwards, it flattened through to 2022.

Soya Sauce Production

In value terms, soya sauce production rose markedly to $X in 2022 estimated in export price. Overall, the total production indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.4% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 22%. Global production peaked at $X in 2020; afterwards, it flattened through to 2022.

Soya Sauce Exports

Exports

In 2022, shipments abroad of soya sauce decreased by -0.1% to X tons for the first time since 2015, thus ending a six-year rising trend. Over the period under review, total exports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +5.1% 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 +64.7% against 2012 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 15% against the previous year. As a result, the exports attained the peak of X tons, leveling off in the following year.

In value terms, soya sauce exports reduced to $X in 2022. In general, total exports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.7% 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 +57.4% against 2015 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 19% against the previous year. As a result, the exports attained the peak of $X, and then fell modestly in the following year.

Exports by Country

In 2022, China (X tons) was the main exporter of soya sauce, committing 33% of total exports. The Netherlands (X tons) ranks second in terms of the total exports with a 13% share, followed by the United States (8.9%), Japan (8.4%), Thailand (5.5%), Taiwan (Chinese) (4.9%) and Singapore (4.6%). Hong Kong SAR (X tons), Indonesia (X tons), South Korea (X tons), Malaysia (X tons), the Philippines (X tons) and Vietnam (X tons) took a minor share of total exports.

Exports from China increased at an average annual rate of +6.3% from 2012 to 2022. At the same time, Japan (+9.1%), Thailand (+7.7%), the United States (+6.2%), the Netherlands (+5.9%), Vietnam (+5.2%), Indonesia (+4.4%), the Philippines (+3.4%), Singapore (+3.2%), South Korea (+3.1%) and Malaysia (+2.9%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in the world, with a CAGR of +9.1% from 2012-2022. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-2.5%) illustrated a downward trend over the same period. China (+3.5 p.p.) and Japan (+2.6 p.p.) significantly strengthened its position in terms of the global exports, while Taiwan (Chinese) and Hong Kong SAR saw its share reduced by -3.2% and -3.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest soya sauce supplying countries worldwide were China ($X), the Netherlands ($X) and the United States ($X), together comprising 52% of global exports. Japan, Singapore, Thailand, Taiwan (Chinese), Hong Kong SAR, Indonesia, Malaysia, South Korea, the Philippines and Vietnam lagged somewhat behind, together accounting for a further 38%.

The Philippines, with a CAGR of +9.4%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average soya sauce export price amounted to $X per ton, reducing by -3.8% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average export price increased by 6.5% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+5.9%), while the other global leaders experienced more modest paces of growth.

Soya Sauce Imports

Imports

In 2022, purchases abroad of soya sauce decreased by -1.4% to X tons for the first time since 2011, thus ending a ten-year rising trend. The total import volume increased at an average annual rate of +4.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 11% against the previous year. As a result, imports reached the peak of X tons, and then shrank slightly in the following year.

In value terms, soya sauce imports shrank slightly to $X in 2022. Overall, total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.8% 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 +75.8% against 2012 indices. The pace of growth appeared the most rapid in 2021 with an increase of 17%. As a result, imports attained the peak of $X, and then declined modestly in the following year.

Imports by Country

In 2022, the United States (X tons), distantly followed by Canada (X tons) and Germany (X tons) were the key importers of soya sauce, together comprising 26% of total imports. The Netherlands (X tons), the UK (X tons), Russia (X tons), Australia (X tons), France (X tons), Hong Kong SAR (X tons), Indonesia (X tons), South Korea (X tons), China (X tons) and Singapore (X tons) followed a long way behind the leaders.

Imports into the United States increased at an average annual rate of +3.5% from 2012 to 2022. At the same time, South Korea (+10.2%), Germany (+9.9%), France (+7.1%), the Netherlands (+5.8%), Canada (+5.4%), Singapore (+4.8%), China (+4.0%), Indonesia (+2.5%) and the UK (+1.4%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in the world, with a CAGR of +10.2% from 2012-2022. Australia and Russia experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-3.5%) illustrated a downward trend over the same period. Germany (+1.8 p.p.) significantly strengthened its position in terms of the global imports, while the UK, the United States, Australia, Russia and Hong Kong SAR saw its share reduced by -1.5%, -1.6%, -1.8%, -2% and -4.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest soya sauce importing markets worldwide were the United States ($X), France ($X) and Canada ($X), with a combined 25% share of global imports. Germany, the UK, the Netherlands, Australia, Russia, Hong Kong SAR, China, Indonesia, South Korea and Singapore lagged somewhat behind, together accounting for a further 34%.

South Korea, with a CAGR of +10.2%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average soya sauce import price stood at $X per ton in 2022, leveling off at the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The pace of growth was the most pronounced in 2021 an increase of 5.6%. As a result, import price reached the peak level of $X per ton, and then contracted slightly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+3.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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