Soya sauce market in South-eastern Asia

Earlier Report Observations

The soy sauce market in Southeast Asia stood at 557.9 thousand tons in 2018 but declined to 501.9 thousand tons the following year. In 2020, market volume recovered to 515.5 thousand tons, supported by strategic investments in production capacity such as Kraft Heinz's construction of a state-of-the-art factory in China, which increased product availability in the region, along with trade regulations and supply chain disruptions that affected raw material prices.

Growth resumed in 2021, with the market reaching 578.1 thousand tons, partly driven by the increasing popularity of Asian cuisine and consumer demand for healthy and natural soy sauce variants. However, in 2022, market volume contracted to 554.0 thousand tons due to global supply chain disruptions and adverse weather conditions that constrained raw material availability. The decline continued into 2023, bringing the market to 525.0 thousand tons.

In 2024, the market was shaped by higher soybean input costs, which pushed prices upward, and activity from global players like Kikkoman and Lee Kum Kee, who expanded production and launched premium products. These factors, alongside the trend toward premiumization and the expansion of distribution channels, influenced market dynamics toward the end of the period.

Production soya sauce in South-eastern Asia

In kind, 2017-2020, K t

Top producers of soya sauce, 2017-2020

World map of production of soya sauce, 2017-2020

Southeast Asia's soy sauce production rebounded in 2020 after a two-year decline. The region produced 538 700 tons of soy sauce that year, marking a 3.9% increase compared to 2019. Over the 2017-2020 period, production decreased by 11.8%, with a compound annual growth rate of -4.1%. The lowest production level was recorded in 2019 at 518 200 tons, which also saw the largest decline of 10.8%.

Annual dynamics of production in South-eastern Asia in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Southeast Asia's soy sauce production value recovered in 2020 following a two-year downturn. The output was valued at 1 344 million US dollars, representing a significant 17.4% increase compared to 2019. Over the 2017-2020 period, production value decreased by 2.3%, with a compound annual growth rate of -0.8%. The lowest value was recorded in 2019 at 1 144 million US dollars, which also experienced the largest decline of 16.0%.

Annual dynamics of production in South-eastern Asia in value, 2017-2020, M $ US

Exports soya sauce from South-eastern Asia

Exports in kind, t

Soy sauce exports from Southeast Asia declined for the third consecutive year in 2020. Shipments totaled 61 820 tons, showing a modest 2.2% decrease compared to 2019. Over the 2017-2020 period, exports decreased by 14.9%, with a compound annual growth rate of -5.2%.

Annual dynamics of product's exports from South-eastern Asia in kind, 2017-2020, t

Between 2017 and 2020, Southeast Asia exported soy sauce to a diverse range of markets. Australia accounted for 11.7% of exports by volume, the United States for 11.6%, and China for 6.4%. Together, these three markets represented just 29.6% of total exports, while numerous smaller destinations made up the remaining 70.4%.

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

World map of product's exports from South-eastern Asia in kind, 2017-2020

Exports in value, M $ US

In 2020, Southeast Asia's soy sauce exports were valued at 139.4 million US dollars, representing a substantial 31.2% increase compared to the previous year. Over the 2017-2020 period, export value increased 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 also saw the largest decline of 19.5%.

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

The geographical distribution of soy sauce export value from Southeast Asia was quite dispersed between 2017 and 2020. Australia accounted for 13.6% of export value, the United States for 9.2%, and China for 7.9%. These three markets together represented just 30.8% of total export value, with the remaining 69.2% spread across a wide range of other destinations.

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

World map of product's exports from South-eastern Asia in value, 2017-2020

Imports soya sauce to South-eastern Asia

Imports in kind, t

Soy sauce imports into Southeast Asia declined in 2020 after two years of growth. Imports amounted to 38 648 tons, showing a significant 17.6% decrease compared to 2019. Over the 2017-2020 period, imports increased by 8.1%, with a compound annual growth rate of 2.6%. The highest import volume was recorded in 2019 at 46 916 tons, while the largest increase occurred in 2018 at 28.4%.

Annual dynamics of product's imports to South-eastern Asia in kind, 2017-2020, t

Between 2017 and 2020, China was the dominant source of soy sauce imports into Southeast Asia, accounting for 31.2% of imports by volume. Asia, not elsewhere specified, contributed 17.3%, and Japan 10.4%. Together, these three sources represented 58.9% of total import volume.

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

World map of product's imports to South-eastern Asia in kind, 2017-2020

Imports in value, M $ US

Southeast Asia imported 74.1 million US dollars worth of soy sauce in 2020, representing a 10.3% increase compared to the previous year. Over the 2017-2020 period, import value increased by 18.3%, with a compound annual growth rate of 5.8%. The largest decline occurred in 2019 at 8.3%, while the largest increase was recorded in 2018 at 17.0%.

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

Between 2017 and 2020, China was the leading source of soy sauce imports into Southeast Asia by value, accounting for 24.6%. Japan contributed 15.6%, and Asia, not elsewhere specified, accounted for 12.5%. Together, these three sources represented 52.7% of total import value.

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

World map of product's imports to South-eastern Asia in value, 2017-2020