ASEAN: Soups Market 2024

Soups Market Size in ASEAN

In 2023, the ASEAN soups market increased by X% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X; afterwards, it flattened through to 2023.

Soups Production in ASEAN

In value terms, soups production amounted to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2021; afterwards, it flattened through to 2023.

Soups Exports

Exports in ASEAN

In 2023, exports of soups and broths in ASEAN shrank to X tons, waning by X% against the year before. Overall, exports showed a noticeable contraction. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, soups exports fell slightly to $X in 2023. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, the exports attained the peak of $X. From 2014 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Thailand represented the main exporter of soups and broths in ASEAN, with the volume of exports reaching X tons, which was approx. X% of total exports in 2023. It was distantly followed by Malaysia (X tons), committing a X% share of total exports. The following exporters - the Philippines (X tons) and Vietnam (X tons) - together made up X% of total exports.

Thailand was also the fastest-growing in terms of the soups and broths exports, with a CAGR of X% from 2012 to 2023. Malaysia experienced a relatively flat trend pattern. the Philippines (X%) and Vietnam (X%) illustrated a downward trend over the same period. Thailand (X p.p.) and Malaysia (X p.p.) significantly strengthened its position in terms of the total exports, while Vietnam saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest soups supplier in ASEAN, comprising X% of total exports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total exports. It was followed by the Philippines, with a X% share.

In Thailand, soups exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (X% per year) and the Philippines (X% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2023, approximately reflecting the previous year. Over the last eleven-year period, it increased at an average annual rate of X%. The growth pace was the most rapid in 2021 when the export price increased by X%. The level of export peaked in 2023 and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Vietnam ($X per ton) and Malaysia ($X per ton), while Thailand ($X per ton) and the Philippines ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced more modest paces of growth.

Soups Imports

Imports in ASEAN

In 2023, supplies from abroad of soups and broths increased by X% to X tons, rising for the fifth year in a row after two years of decline. Total imports indicated moderate growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2016 when imports increased by X% against the previous year. The volume of import peaked in 2023 and is likely to see gradual growth in the immediate term.

In value terms, soups imports fell to $X in 2023. Total imports indicated a perceptible expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2014 indices. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. The level of import peaked at $X in 2022, and then fell in the following year.

Imports by Country

Singapore (X tons) and the Philippines (X tons) represented the largest importers of soups and broths in 2023, amounting to approx. X% and X% of total imports, respectively. Indonesia (X tons) held the next position in the ranking, followed by Thailand (X tons). All these countries together held near X% share of total imports. The following importers - Malaysia (X tons), Vietnam (X tons) and Lao People's Democratic Republic (X tons) - together made up X% of total imports.

From 2012 to 2023, the biggest increases were recorded for Lao People's Democratic Republic (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest soups importing markets in ASEAN were Singapore ($X), Indonesia ($X) and Thailand ($X), with a combined X% share of total imports. The Philippines, Malaysia, Vietnam and Lao People's Democratic Republic lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Lao People's Democratic Republic, with a CAGR of X%, 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 2023, the import price in ASEAN amounted to $X per ton, reducing by X% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the import price increased by X% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2022, and then fell in the following year.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform