Asia: Citric Acid Market 2024

Citric Acid Market Size in Asia

The Asian citric acid market contracted to $X in 2021, waning by -5.8% against the previous year. The market value increased at an average annual rate of +3.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2020, and then fell in the following year.

Citric Acid Production in Asia

In value terms, citric acid production stood at $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 13%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Citric Acid Exports

Exports in Asia

In 2021, exports of citric acid and its salts and esters in Asia skyrocketed to X tons, growing by 15% on the previous year's figure. Total exports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +111.9% against 2016 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 73% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to continue growth in the near future.

In value terms, citric acid exports skyrocketed to $X in 2021. Total exports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China prevails in exports structure, accounting for X tons, which was approx. 89% of total exports in 2021. It was distantly followed by Thailand (X tons), creating a 7.1% share of total exports.

Exports from China increased at an average annual rate of +4.8% from 2012 to 2021. At the same time, Thailand (+11.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia, with a CAGR of +11.5% from 2012-2021. While the share of Thailand (+2.9 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of China (-4 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest citric acid supplier in Asia, comprising 82% of total exports. The second position in the ranking was held by Thailand ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual growth rate of value in China amounted to +4.9%.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, rising by 62% against the previous year. Overall, the export price saw a relatively flat trend pattern. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while China totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+3.5%).

Citric Acid Imports

Imports in Asia

For the fifth consecutive year, Asia recorded growth in supplies from abroad of citric acid and its salts and esters, which increased by 1.7% to X tons in 2021. The total import volume increased at an average annual rate of +3.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 14% against the previous year. The volume of import peaked in 2021 and is likely to see steady growth in the immediate term.

In value terms, citric acid imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +3.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

India (X tons), Japan (X tons), Indonesia (X tons), Turkey (X tons), Israel (X tons), South Korea (X tons), Pakistan (X tons), Vietnam (X tons), Singapore (X tons), Bangladesh (X tons), Thailand (X tons) and Taiwan (Chinese) (X tons) represented roughly 85% of total imports in 2021.

From 2012 to 2021, the biggest increases were recorded for Israel (with a CAGR of +18.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest citric acid importing markets in Asia were India ($X), Japan ($X) and Indonesia ($X), together accounting for 41% of total imports. These countries were followed by Turkey, Israel, South Korea, Pakistan, Singapore, Vietnam, Taiwan (Chinese), Bangladesh and Thailand, which together accounted for a further 42%.

Among the main importing countries, Israel, with a CAGR of +16.2%, saw 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 Asia stood at $X per ton in 2021, picking up by 37% against the previous year. Overall, the import price showed a relatively flat trend pattern. 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 2021, major importing countries recorded the following prices: in Taiwan (Chinese) ($X per ton) and South Korea ($X per ton), while Vietnam ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+2.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :