Report Update: May 1, 2024

Philippines - Soya Sauce - Market Analysis, Forecast, Size, Trends And Insights

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Soya Sauce Price in the Philippines - 2023

Soya Sauce Price in the Philippines (FOB) - 2022

The average soya sauce export price stood at $1,081 per ton in 2022, surging by 19% against the previous year. In general, export price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soya sauce export price increased by +9.7% against 2018 indices. The pace of growth was the most pronounced in 2017 when the average export price increased by 34%. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Qatar ($2,422 per ton), while the average price for exports to Canada ($771 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 Qatar (+14.9%), while the prices for the other major destinations experienced more modest paces of growth.

Soya Sauce Price in the Philippines (CIF) - 2023

The average soya sauce import price stood at $1,496 per ton in June 2023, standing approximately at the previous month. Over the period from June 2022 to June 2023, it increased at an average monthly rate of +1.8%. The growth pace was the most rapid in October 2022 when the average import price increased by 14% month-to-month. The import price peaked at $1,514 per ton in May 2023, and then fell modestly in the following month.

There were significant differences in the average prices amongst the major supplying countries. In June 2023, the country with the highest price was Singapore ($2,357 per ton), while the price for Hong Kong SAR ($476 per ton) was amongst the lowest.

From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Soya Sauce Exports in the Philippines

For the fourth year in a row, the Philippines recorded growth in shipments abroad of soya sauce, which increased by 1.2% to 12K tons in 2022. Overall, total exports indicated a buoyant expansion from 2019 to 2022: its volume increased at an average annual rate of +19.9% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +72.4% against 2019 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 33% against the previous year. The exports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, soya sauce exports surged to $13M in 2022. In general, exports showed a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 34% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to continue growth in the near future.

Export of Soya Sauce in the Philippines (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	1,281	1,762	2,288	3,068	33.8%
Qatar	81.7	308	826	1,634	171.4%
Canada	844	1,016	1,043	1,184	11.9%
United Arab Emirates	1,499	1,067	940	915	-15.2%
Saudi Arabia	587	660	927	868	13.9%
Micronesia	0.3	2.7	20.0	491	1078.5%
Kuwait	123	155	425	458	55.0%
Hong Kong SAR	62.8	871	1,452	440	91.4%
Australia	234	370	376	428	22.3%
Netherlands	131	260	276	288	30.0%
United Kingdom	134	103	131	239	21.3%
Oman	50.5	53.1	81.9	237	67.4%
South Korea	51.2	28.4	57.1	177	51.2%
Others	1,185	1,384	1,959	2,545	29.0%
Total	6,265	8,042	10,801	12,972	27.5%

Top Export Markets for Soya Sauce from the Philippines in 2022:

United States (3291.8 tons)
Canada (1534.4 tons)
Saudi Arabia (928.7 tons)
United Arab Emirates (737.2 tons)
Qatar (674.5 tons)
Hong Kong SAR (510.1 tons)
Australia (466.1 tons)
Micronesia (414.2 tons)
Kuwait (319.3 tons)
Netherlands (318.4 tons)
United Kingdom (256.7 tons)
Oman (242.9 tons)
South Korea (213.5 tons)

Soya Sauce Imports in the Philippines

In 2022, imports of soya sauce into the Philippines soared to 8.5K tons, rising by 57% on the previous year's figure. Overall, total imports indicated a strong expansion from 2019 to 2022: its volume increased at an average annual rate of +6.1% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +88.2% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, soya sauce imports soared to $11M in 2022. In general, total imports indicated a strong expansion from 2019 to 2022: its value increased at an average annual rate of +7.4% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +75.2% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Import of Soya Sauce in the Philippines (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Singapore	2.8	2.0	2.8	3.3	5.6%
China	2.3	1.7	2.1	2.8	6.8%
Malaysia	0.5	0.2	0.2	2.6	73.2%
Japan	1.5	1.1	0.6	1.0	-12.6%
Indonesia	0.3	0.4	0.3	0.4	10.1%
South Korea	0.6	0.3	0.5	0.3	-20.6%
Taiwan (Chinese)	0.2	N/A	0.2	0.1	-20.6%
Others	0.4	0.3	0.3	0.3	-9.1%
Total	8.7	6.1	7.0	10.7	7.1%

Top Suppliers of Soya Sauce to the Philippines in 2022:

Malaysia (2.4K tons)
China (2.0K tons)
Singapore (1.7K tons)
Japan (0.9K tons)
South Korea (0.8K tons)
Indonesia (0.3K tons)
Taiwan (Chinese) (0.1K tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the soya sauce market in the Philippines. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 10841210 - Soya sauce

Country coverage:

Philippines

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in the Philippines
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023