ASEAN: Glutamic Acid Market 2024

Glutamic Acid Market Size in ASEAN

The ASEAN glutamic acid market soared to $X in 2022, increasing by 45% against the previous year. Overall, consumption recorded a strong increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Glutamic Acid Production in ASEAN

In value terms, glutamic acid production contracted to $X in 2022 estimated in export price. In general, production recorded a perceptible descent. The growth pace was the most rapid in 2019 when the production volume increased by 25% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Glutamic Acid Exports

Exports in ASEAN

In 2022, the amount of glutamic acid and its salts exported in ASEAN expanded slightly to X tons, with an increase of 5% on the year before. Overall, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when exports increased by 15% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, glutamic acid exports soared to $X in 2022. Over the period under review, exports recorded a relatively flat trend pattern. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Indonesia (X tons) and Thailand (X tons) represented the major exporters of glutamic acid and its salts in ASEAN, together committing 76% of total exports. It was distantly followed by Vietnam (X tons), generating a 20% share of total exports. Malaysia (X tons) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +5.6%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Indonesia ($X), Thailand ($X) and Vietnam ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 96% share of total exports.

Thailand, with a CAGR of +4.0%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, increasing by 13% against the previous year. Over the period under review, the export price saw 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.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Thailand ($X per ton) and Malaysia ($X per ton), while Vietnam ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+1.3%), while the other leaders experienced a decline in the export price figures.

Glutamic Acid Imports

Imports in ASEAN

Glutamic acid imports surged to X tons in 2022, growing by 16% against 2021. Total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +7.4% 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 +104.6% against 2012 indices. The growth pace was the most rapid in 2013 when imports increased by 30% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, glutamic acid imports skyrocketed to $X in 2022. Total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.7% 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 +73.1% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Indonesia (X tons) and Thailand (X tons) represented roughly 51% of total imports in 2022. Vietnam (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by the Philippines (12%), Malaysia (9.8%) and Myanmar (6.5%). Lao People's Democratic Republic (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Indonesia (with a CAGR of +15.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest glutamic acid importing markets in ASEAN were Indonesia ($X), Thailand ($X) and Vietnam ($X), together comprising 63% of total imports.

Among the main importing countries, Indonesia, with a CAGR of +18.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, picking up by 22% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+2.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform