Eastern Asia: Baking Soda Market 2024

Baking Soda Market Size in Eastern Asia

In 2023, the East Asian baking soda market decreased by X% to $X, falling for the second year in a row after two years of growth. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2021; however, from 2022 to 2023, consumption failed to regain momentum.

Baking Soda Production in Eastern Asia

In value terms, baking soda production reached $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2017 to 2023, production growth remained at a somewhat lower figure.

Baking Soda Exports

Exports in Eastern Asia

In 2023, baking soda exports in Eastern Asia surged to X tons, rising by X% against the previous year's figure. Total exports indicated temperate growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2021 indices. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The volume of export peaked in 2023 and is likely to see gradual growth in the immediate term.

In value terms, baking soda exports shrank to $X in 2023. Total exports indicated tangible growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2022 with an increase of X%. As a result, the exports reached the peak of $X, and then shrank in the following year.

Exports by Country

The biggest shipments were from China (X tons), together recording X% of total export.

China was also the fastest-growing in terms of the baking soda exports, with a CAGR of X% from 2012 to 2023. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest baking soda supplier in Eastern Asia.

In China, baking soda exports expanded at an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2023, declining by X% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of X%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2023, the export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2023, the rate of growth in terms of prices for China amounted to X% per year.

Baking Soda Imports

Imports in Eastern Asia

After eleven years of growth, purchases abroad of baking soda decreased by X% to X tons in 2023. Over the period under review, imports, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2019 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2022, and then declined modestly in the following year.

In value terms, baking soda imports shrank to $X in 2023. Overall, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then fell in the following year.

Imports by Country

South Korea represented the largest importer of baking soda in Eastern Asia, with the volume of imports finishing at X tons, which was near X% of total imports in 2023. China (X tons) ranks second in terms of the total imports with a X% share, followed by Japan (X%) and Taiwan (Chinese) (X%). Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to baking soda imports into South Korea stood at X%. At the same time, China (X%), Hong Kong SAR (X%) and Taiwan (Chinese) (X%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of X% from 2012-2023. Japan experienced a relatively flat trend pattern. China (X p.p.) and Hong Kong SAR (X p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese), South Korea and Japan saw its share reduced by X%, X% and X% from 2012 to 2023, respectively.

In value terms, South Korea ($X), China ($X) and Japan ($X) constituted the countries with the highest levels of imports in 2023, together comprising X% of total imports. Taiwan (Chinese) and Hong Kong SAR lagged somewhat behind, together accounting for a further X%.

Hong Kong SAR, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in Eastern Asia amounted to $X per ton, declining by X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when the import price increased by X%. As a result, import price attained the peak level of $X per ton, and then reduced modestly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform