Asia: Glutamic Acid Market 2024

Glutamic Acid Market Size in Asia

In 2022, the Asian glutamic acid market increased by 7.5% to $X, rising for the second consecutive year after four years of decline. In general, consumption showed a mild descent. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Glutamic Acid Production in Asia

In value terms, glutamic acid production shrank modestly to $X in 2022 estimated in export price. Overall, production recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 12% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Glutamic Acid Exports

Exports in Asia

In 2022, the amount of glutamic acid and its salts exported in Asia surged to X tons, increasing by 19% on 2021. Total exports indicated a strong increase from 2012 to 2022: its volume 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. The most prominent rate of growth was recorded in 2019 with an increase of 42%. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, glutamic acid exports soared to $X in 2022. Total exports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +90.5% against 2018 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China was the main exporter of glutamic acid and its salts in Asia, with the volume of exports finishing at X tons, which was approx. 73% of total exports in 2022. Indonesia (X tons) held the second position in the ranking, followed by Thailand (X tons) and Vietnam (X tons). All these countries together took near 24% share of total exports. Taiwan (Chinese) (X tons) took a little share of total exports.

China was also the fastest-growing in terms of the glutamic acid and its salts exports, with a CAGR of +10.4% from 2012 to 2022. At the same time, Thailand (+5.6%) displayed positive paces of growth. Vietnam experienced a relatively flat trend pattern. By contrast, Indonesia (-1.4%) and Taiwan (Chinese) (-6.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by +23 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest glutamic acid supplier in Asia, comprising 66% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 14% share of total exports. It was followed by Thailand, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +9.5%. In the other countries, the average annual rates were as follows: Indonesia (-0.1% per year) and Thailand (+4.0% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, growing by 12% against the previous year. In general, the export price, however, showed a slight decrease. The most prominent rate of growth was recorded in 2021 an increase of 20%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

In 2022, the amount of glutamic acid and its salts imported in Asia rose markedly to X tons, surging by 12% on 2021 figures. Total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +5.9% 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 +16.9% against 2017 indices. The pace of growth was the most pronounced in 2013 when imports increased by 19%. The volume of import peaked in 2022 and is likely to continue growth in the immediate term.

In value terms, glutamic acid imports soared to $X in 2022. Total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +49.7% against 2017 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Indonesia (X tons), Japan (X tons) and Thailand (X tons) was the largest importer of glutamic acid and its salts in Asia, comprising 46% of total import. Vietnam (X tons) took an 8.2% share (based on physical terms) of total imports, which put it in second place, followed by the Philippines (6.9%), South Korea (6.4%), Malaysia (5.9%), India (5.8%) and Taiwan (Chinese) (4.9%).

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +16.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest glutamic acid importing markets in Asia were Japan ($X), Indonesia ($X) and Thailand ($X), together comprising 46% of total imports.

Indonesia, with a CAGR of +18.4%, saw the highest rates of growth with regard to 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

The import price in Asia stood at $X per ton in 2022, surging by 20% against the previous year. Over the period under review, 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.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was India ($X per ton), while Taiwan (Chinese) ($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

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