Soya Sauce Market

The global market for soya sauce is projected to grow steadily over the next decade. Consumption, production, imports, and exports are all expected to increase, driven by rising demand worldwide. Key players in the market include China, the United States, and Germany, with significant growth rates seen in countries like Nigeria and South Korea. Overall, the future looks bright for the soya sauce industry.

Market Forecast

Driven by increasing demand for soya sauce worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market volume to 1.5M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.2% for the period from 2022 to 2030, which is projected to bring the market value to $2.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Soya Sauce

In 2022, approx. 1.2M tons of soya sauce were consumed worldwide; with an increase of 5.1% against 2021. Overall, the total consumption indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +6.3% 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 -2.4% against 2020 indices. Over the period under review, global consumption attained the maximum volume at 1.2M tons in 2020; afterwards, it flattened through to 2022.

The global soya sauce market size was estimated at $1.9B in 2022, picking up by 5.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated resilient 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, consumption increased by +85.0% against 2013 indices. Over the period under review, the global market hit record highs in 2022 and is likely to see steady growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (119K tons), the United States (91K tons) and India (60K tons), together comprising 23% of global consumption. Pakistan, Japan, Germany, Indonesia, Nigeria, Russia, Bangladesh, Brazil, the UK and Mexico lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +17.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($118M), China ($113M) and Germany ($76M) were the countries with the highest levels of market value in 2022, together accounting for 16% of the global market. Japan, India, Pakistan, Bangladesh, the UK, Nigeria, Brazil, Russia, Indonesia and Mexico lagged somewhat behind, together accounting for a further 26%.

Nigeria, with a CAGR of +18.0%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of soya sauce per capita consumption in 2022 were Germany (426 kg per 1000 persons), the UK (388 kg per 1000 persons) and Japan (293 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Nigeria (with a CAGR of +14.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Soya Sauce

In 2022, approx. 1.2M tons of soya sauce were produced worldwide; with an increase of 4.2% against 2021 figures. Over the period under review, the total production indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +6.3% 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 -1.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 17% against the previous year. Global production peaked at 1.2M tons in 2020; afterwards, it flattened through to 2022.

In value terms, soya sauce production rose notably to $1.8B in 2022 estimated in export price. In general, the total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.0% 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 -0.2% against 2020 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 16%. Global production peaked at $1.8B in 2020; afterwards, it flattened through to 2022.

Production By Country

China (294K tons) remains the largest soya sauce producing country worldwide, comprising approx. 24% of total volume. Moreover, soya sauce production in China exceeded the figures recorded by the second-largest producer, Japan (81K tons), fourfold. The third position in this ranking was taken by the Netherlands (71K tons), with a 5.9% share.

In China, soya sauce production increased at an average annual rate of +5.7% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Japan (+5.8% per year) and the Netherlands (+9.0% per year).

Imports

World Imports of Soya Sauce

In 2022, approx. 533K tons of soya sauce were imported worldwide; surging by 3.5% on the year before. Over the period under review, total imports indicated a resilient expansion 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, imports increased by +65.7% against 2012 indices. The pace of growth was the most pronounced in 2021 with an increase of 11%. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, soya sauce imports stood at $916M in 2022. In general, total imports 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, imports increased by +83.1% against 2012 indices. The growth pace was the most rapid in 2021 with an increase of 17%. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, the United States (86K tons), distantly followed by Canada (26K tons) represented the major importers of soya sauce, together making up 21% of total imports. Germany (24K tons), the Netherlands (24K tons), the UK (23K tons), Australia (22K tons), France (22K tons), Indonesia (20K tons), Hong Kong SAR (18K tons), Russia (15K tons), South Korea (12K tons), China (11K tons) and Singapore (11K tons) took a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to soya sauce imports into the United States stood at +3.5%. At the same time, South Korea (+10.2%), Germany (+10.1%), France (+7.1%), the Netherlands (+6.2%), Canada (+5.4%), Singapore (+4.8%), Indonesia (+4.8%), China (+4.0%) 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. From 2012 to 2022, the share of Germany increased by +1.6 percentage points. 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 ($111M), France ($58M) and Canada ($51M), with a combined 24% share of global imports. Germany, the Netherlands, the UK, Australia, Hong Kong SAR, Indonesia, China, South Korea, Russia and Singapore lagged somewhat behind, together accounting for a further 33%.

Among the main importing countries, South Korea, with a CAGR of +10.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average soya sauce import price amounted to $1,719 per ton, reducing by -2.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. The growth pace was the most rapid in 2020 when the average import price increased by 6.3%. Global import price peaked at $1,766 per ton in 2021, and then dropped modestly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was France ($2,672 per ton), while Indonesia ($1,051 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.

Exports

World Exports of Soya Sauce

Global soya sauce exports amounted to 564K tons in 2022, picking up by 1.7% on the previous year's figure. Overall, total exports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.3% 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 +67.6% against 2012 indices. The pace of growth was the most pronounced in 2021 when exports increased by 15% against the previous year. The global exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, soya sauce exports fell slightly to $850M in 2022. In general, total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% 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 +59.9% against 2015 indices. The pace of growth appeared the most rapid in 2021 with an increase of 18%. As a result, the exports reached the peak of $866M, and then contracted modestly in the following year.

Exports By Country

China represented the main exporter of soya sauce in the world, with the volume of exports accounting for 186K tons, which was near 33% of total exports in 2022. The Netherlands (72K tons) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by the United States (8.9%), Japan (8.4%), Thailand (5.5%), Taiwan (Chinese) (4.8%) and Singapore (4.6%). The following exporters - Hong Kong SAR (20K tons), Malaysia (17K tons), Indonesia (16K tons), South Korea (15K tons) and the Philippines (12K tons) - together made up 14% of total exports.

From 2012 to 2022, average annual rates of growth with regard to soya sauce exports from China stood at +6.3%. At the same time, Japan (+9.1%), Thailand (+7.7%), the United States (+6.2%), the Netherlands (+6.0%), Malaysia (+5.6%), Indonesia (+4.3%), the Philippines (+3.4%), Singapore (+3.2%) and South Korea (+3.1%) 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. From 2012 to 2022, the share of China and Japan increased by +2.9 and +2.5 percentage points, 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 ($184M), the Netherlands ($170M) and the United States ($80M), with a combined 51% share of global exports. Japan, Singapore, Thailand, Hong Kong SAR, Taiwan (Chinese), Malaysia, Indonesia, South Korea and the Philippines lagged somewhat behind, together comprising a further 37%.

In terms of the main exporting countries, the Philippines, with a CAGR of +9.4%, saw the highest growth rate of the value of exports, 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 $1,506 per ton, reducing by -3.4% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 6.1%. The global export price peaked at $1,598 per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Netherlands ($2,356 per ton), while China ($987 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.

Source: IndexBox Market Intelligence Platform