Soya sauce market in ASEAN

Earlier Report Observations

The soy sauce market volume in ASEAN fluctuated between 2018 and 2023, starting at 557 thousand tons in 2018, dipping to 505 thousand tons in 2019, then recovering to a peak of 578 thousand tons in 2021 before declining to 518 thousand tons in 2023. In 2020, Kraft Heinz's $100 million investment in a new soy sauce factory in China expanded regional production capacity, likely supporting supply chain resilience and contributing to the market's gradual recovery that year.

By 2024, several trends were shaping the market's evolution. Major players like Kikkoman expanded production facilities, while Lee Kum Kee launched premium product campaigns, reflecting a shift toward value-added offerings. Consumer preferences increasingly favored healthy, low-sodium, and organic variants, driven by the growing popularity of Asian cuisine. Retail distribution channels widened through supermarkets and online platforms, enhancing market access.

Higher soybean input costs pushed prices upward, with soy sauce reaching $6.1 per liter in Southeast Asia in 2024. This cost pressure, combined with premiumization, helped maintain market value despite volume contractions. The entry of new products targeting the HoReCa sector and the expansion of companies like Masan Group catered to evolving local demands, indicating ongoing market segmentation and innovation.

Production soya sauce in ASEAN

In kind, 2017-2020, K t

Top producers of soya sauce, 2017-2020

World map of production of soya sauce, 2017-2020

ASEAN's soya sauce production rebounded in 2020 after a two-year decline. The region produced 538.7 thousand tons of soya sauce that year, marking a 3.9% increase from 2019. Over the 2017-2020 period, production fell by 11.8%, translating to a compound annual growth rate of -4.1%. The lowest production level was recorded in 2019 at 518.2 thousand tons, which also saw the steepest annual decline of 10.8%.

Annual dynamics of production in ASEAN in kind, 2017-2020, K t

In value, 2017-2020, M $ US

In 2020, the value of soya sauce production in ASEAN reached 1.122 billion US dollars, representing a significant 21.5% increase from the previous year. From 2017 to 2020, production value grew by 12.5%, equivalent to an annualized growth rate of 4.0%. The lowest value was recorded in 2019 at 923 million US dollars, which experienced the largest annual decline of 16.2%.

Annual dynamics of production in ASEAN in value, 2017-2020, M $ US

Exports soya sauce from ASEAN

Exports in kind, t

ASEAN's soya sauce exports recovered in 2020 following a two-year downturn. Export volumes reached 66,960 tons that year, showing a robust 12.3% increase compared to 2019. Over the 2017-2020 period, exports decreased by 12.1%, corresponding to an annualized decline of 4.2%. The lowest export volume was recorded in 2019 at 59,644 tons, which saw the most substantial annual drop of 14.3%.

Annual dynamics of product's exports from ASEAN in kind, 2017-2020, t

Between 2017 and 2020, ASEAN exported soya sauce to numerous countries worldwide. Even the three largest destinations—Australia, the United States, and China—collectively accounted for just 29.6% of total export volumes during this period.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from ASEAN in kind, 2017-2020

Exports in value, M $ US

In 2020, ASEAN's soya sauce export value reached 139.4 million US dollars, representing a substantial 31.2% increase from 2019. Over the 2017-2020 period, export value grew by 12.1%, with a compound annual growth rate of 3.9%. The lowest value was recorded in 2019 at 106.3 million US dollars, which experienced the most significant annual decline of 19.5%.

Annual dynamics of product's exports from ASEAN in value, 2017-2020, M $ US

From 2017 to 2020, ASEAN's soya sauce export markets were highly diversified in value terms. The top three destinations—Australia (13.6% of export value), the United States (9.2%), and China (7.9%)—together accounted for only 30.8% of total export value, while the remaining 69.2% went to numerous other countries.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from ASEAN in value, 2017-2020

Imports soya sauce to ASEAN

Imports in kind, t

ASEAN's soya sauce imports declined in 2020 after two consecutive years of growth. Import volumes totaled 38,635 tons that year, down 17.6% from 2019. Over the 2017-2020 period, imports increased by 8.3%, equivalent to an annualized growth rate of 2.7%. The highest import volume was recorded in 2019 at 46,909 tons, while the largest annual increase occurred in 2018 at 28.4%.

Annual dynamics of product's imports to ASEAN in kind, 2017-2020, t

Throughout 2017-2020, China (31.4% of import volumes), Asia not elsewhere specified (17.3%), and Japan (10.4%) were ASEAN's primary sources for soya sauce imports. Together, these three partners supplied 59.1% of total import volumes during this period.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to ASEAN in kind, 2017-2020

Imports in value, M $ US

In 2020, ASEAN's soya sauce import value reached 73.5 million US dollars, showing a strong 10.6% year-over-year increase. Over the 2017-2020 period, import value grew by 17.6%, with a compound annual growth rate of 5.6%. The largest annual decline occurred in 2019 at 9.0%, while the most significant increase was recorded in 2018 at 16.9%.

Annual dynamics of product's imports to ASEAN in value, 2017-2020, M $ US

Between 2017 and 2020, China (24.7% of import value), Japan (15.7%), and Asia not elsewhere specified (12.6%) were ASEAN's leading suppliers of soya sauce by value. These three countries together accounted for 53.0% of total import value during this period.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to ASEAN in value, 2017-2020