Philippines - Soya Sauce - Market Analysis, Forecast, Size, Trends And Insights
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View PricingSoya Sauce Price in the Philippines - 2023
Contents:
- Soya Sauce Price in the Philippines (FOB) - 2022
- Soya Sauce Price in the Philippines (CIF) - 2023
- Soya Sauce Exports in the Philippines
- Soya Sauce Imports in the Philippines
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) | |||||
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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)
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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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In value terms, sauces imports totaled $X in 2016. The total import value increased at an average annual rate of +X% over the period from 2007 to 2016; however, the trend pattern indicated some no...
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