Philippines: Soya Sauce Market 2024

Soya Sauce Market Size in the Philippines

The Philippine soya sauce market surged to $X in 2022, jumping by X% against the previous year. In general, consumption posted significant growth. Soya sauce consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Soya Sauce Production in the Philippines

In value terms, soya sauce production surged to $X in 2022 estimated in export price. Overall, production saw a significant expansion. The pace of growth appeared the most rapid in 2020 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Soya Sauce Exports

Exports from the Philippines

In 2022, overseas shipments of soya sauce increased by X% to X tons, rising for the fourth consecutive year after two years of decline. Overall, exports enjoyed a noticeable increase. The most prominent rate of growth was recorded in 2019 when exports increased by X%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, soya sauce exports soared to $X in 2022. In general, exports saw a buoyant expansion. The pace of growth appeared the most rapid in 2019 when exports increased by X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for soya sauce exports from the Philippines, with a X% share of total exports. Moreover, soya sauce exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), twofold. Saudi Arabia (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Saudi Arabia (X% per year).

In value terms, the United States ($X), Qatar ($X) and Canada ($X) appeared to be the largest markets for soya sauce exported from the Philippines worldwide, with a combined X% share of total exports. The United Arab Emirates, Saudi Arabia, Micronesia, Kuwait, Hong Kong SAR, Australia, the Netherlands, the UK, Oman and South Korea lagged somewhat behind, together comprising a further X%.

Oman, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of 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

The average soya sauce export price stood at $X per ton in 2022, jumping by X% against the previous year. In general, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of X% 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 X% against 2018 indices. The pace of growth was the most pronounced in 2017 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to Canada ($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 Qatar (X%), while the prices for the other major destinations experienced more modest paces of growth.

Soya Sauce Imports

Imports into the Philippines

In 2022, approx. X tons of soya sauce were imported into the Philippines; jumping by X% against 2021. Overall, imports continue to indicate notable growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, soya sauce imports skyrocketed to $X in 2022. In general, imports showed buoyant growth. The growth pace was the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Malaysia (X tons), China (X tons) and Singapore (X tons) were the main suppliers of soya sauce imports to the Philippines, together comprising X% of total imports.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), China ($X) and Malaysia ($X) appeared to be the largest soya sauce suppliers to the Philippines, together accounting for X% of total imports.

Malaysia, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average soya sauce import price stood at $X per ton in 2022, declining by X% against the previous year. In general, import price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of X% 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 X% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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