Baking Soda Market

The global baking soda market is projected to see continued growth in consumption, production, imports, and exports over the next eight years. Market performance is forecasted to increase with a CAGR of +3.9% for consumption and +6.3% for market value. China leads in both consumption and production, with Turkey and China dominating in exports. Import prices surged in 2022, while export prices remained relatively flat. The article provides detailed insights into key market trends and data for major countries in the baking soda industry.

Market Forecast

Driven by increasing demand for baking soda worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.9% for the period from 2022 to 2030, which is projected to bring the market volume to 14M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.3% for the period from 2022 to 2030, which is projected to bring the market value to $7.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Baking Soda

In 2022, global consumption of baking soda totaled 10M tons, stabilizing at 2021. The total consumption volume increased at an average annual rate of +4.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption reached the maximum volume in 2022 and is expected to retain growth in years to come.

The global baking soda market size rose rapidly to $4.8B in 2022, with an increase of 6.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +4.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked in 2022 and is likely to continue growth in the immediate term.

Consumption By Country

China (2.3M tons) constituted the country with the largest volume of baking soda consumption, comprising approx. 22% of total volume. Moreover, baking soda consumption in China exceeded the figures recorded by the second-largest consumer, India (825K tons), threefold. The third position in this ranking was held by the United States (788K tons), with a 7.6% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +4.9%. In the other countries, the average annual rates were as follows: India (+7.2% per year) and the United States (+6.4% per year).

In value terms, China ($522M), the United States ($463M) and India ($332M) were the countries with the highest levels of market value in 2022, together comprising 27% of the global market. Japan, Germany, Pakistan, Brazil, France, Italy, Russia, the UK, Mexico and South Korea lagged somewhat behind, together accounting for a further 31%.

South Korea, with a CAGR of +9.2%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of baking soda per capita consumption in 2022 were Italy (6.4 kg per person), Germany (5.9 kg per person) and France (5.6 kg per person).

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +7.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Baking Soda

In 2022, production of baking soda decreased by -0.8% to 10M tons for the first time since 2011, thus ending a ten-year rising trend. Over the period under review, the total production indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 17%. Over the period under review, global production attained the peak volume at 10M tons in 2021, and then declined in the following year.

In value terms, baking soda production contracted to $5B in 2022 estimated in export price. Overall, the total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +82.0% against 2012 indices. The growth pace was the most rapid in 2021 when the production volume increased by 20% against the previous year. As a result, production reached the peak level of $5.4B, and then dropped in the following year.

Production By Country

China (2.7M tons) constituted the country with the largest volume of baking soda production, accounting for 27% of total volume. Moreover, baking soda production in China exceeded the figures recorded by the second-largest producer, the United States (899K tons), threefold. India (823K tons) ranked third in terms of total production with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +3.8%. In the other countries, the average annual rates were as follows: the United States (+6.0% per year) and India (+7.5% per year).

Imports

World Imports of Baking Soda

In 2022, global imports of baking soda rose remarkably to 2.6M tons, growing by 5.8% compared with the previous year's figure. Overall, total imports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +89.9% against 2012 indices. The pace of growth was the most pronounced in 2018 when imports increased by 14%. Over the period under review, global imports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, baking soda imports surged to $1.3B in 2022. Over the period under review, imports continue to indicate a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

South Korea (234K tons) and France (222K tons) represented roughly 17% of total imports in 2022. The Netherlands (145K tons) ranks next in terms of the total imports with a 5.5% share, followed by Italy (5%), China (5%) and Germany (4.8%). The following importers - Belgium (116K tons), Indonesia (106K tons), Canada (82K tons), Spain (75K tons), Vietnam (57K tons), Thailand (51K tons) and South Africa (48K tons) - together made up 20% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by China (with a CAGR of +33.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, South Korea ($94M), France ($93M) and the Netherlands ($64M) were the countries with the highest levels of imports in 2022, together accounting for 20% of global imports. Germany, Italy, China, Belgium, Indonesia, Canada, Spain, Vietnam, South Africa and Thailand lagged somewhat behind, together accounting for a further 33%.

Among the main importing countries, China, with a CAGR of +23.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average baking soda import price stood at $479 per ton in 2022, jumping by 24% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Canada ($564 per ton) and Vietnam ($519 per ton), while China ($401 per ton) and South Korea ($402 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+3.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Baking Soda

After five years of growth, shipments abroad of baking soda decreased by -3.4% to 2.5M tons in 2022. Overall, exports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 38%. The global exports peaked at 2.6M tons in 2021, and then reduced in the following year.

In value terms, baking soda exports stood at $1B in 2022. In general, exports, however, continue to indicate a strong expansion. The pace of growth was the most pronounced in 2017 with an increase of 16%. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports By Country

Turkey (586K tons) and China (573K tons) represented roughly 46% of total exports in 2022. Germany (154K tons) held a 6.1% share (based on physical terms) of total exports, which put it in second place, followed by Spain (5.9%), the United States (5.6%), France (5.1%) and the UK (4.7%). Russia (112K tons), Bulgaria (108K tons), Bosnia and Herzegovina (105K tons), Thailand (72K tons), Belgium (68K tons) and Singapore (47K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +84.6%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, China ($196M), Turkey ($155M) and the United States ($103M) were the countries with the highest levels of exports in 2022, together accounting for 44% of global exports.

In terms of the main exporting countries, Turkey, with a CAGR of +90.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average baking soda export price amounted to $408 per ton, surging by 18% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($733 per ton), while Bulgaria ($241 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+6.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform