Asia-Pacific: Citric Acid Market 2024

Citric Acid Market Size in Asia-Pacific

In 2021, the Asia-Pacific citric acid market decreased by -5.9% to $X for the first time since 2017, thus ending a three-year rising trend. The market value increased at an average annual rate of +3.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2020, and then declined in the following year.

Citric Acid Production in Asia-Pacific

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 somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 13%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Citric Acid Exports

Exports in Asia-Pacific

In 2021, approx. X tons of citric acid and its salts and esters were exported in Asia-Pacific; picking up by 14% on 2020. Total exports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +111.1% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 73% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the near future.

In value terms, citric acid exports surged to $X in 2021. Total exports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China dominates exports structure, reaching X tons, which was near 91% of total exports in 2021. It was distantly followed by Thailand (X tons), committing a 7.2% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to citric acid exports from China stood at +4.8%. At the same time, Thailand (+11.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +11.5% from 2012-2021. From 2012 to 2021, the share of Thailand increased by +3 percentage points.

In value terms, China ($X) remains the largest citric acid supplier in Asia-Pacific, comprising 84% of total exports. The second position in the ranking was taken by Thailand ($X), with a 12% share of total exports.

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

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, picking up by 62% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a 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 stood at $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-Pacific

For the sixth year in a row, Asia-Pacific recorded growth in supplies from abroad of citric acid and its salts and esters, which increased by 7.8% to X tons in 2021. The total import volume increased at an average annual rate of +4.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 9.2%. The volume of import peaked in 2021 and is expected to retain growth in years to come.

In value terms, citric acid imports soared to $X in 2021. The total import value increased at an average annual rate of +4.4% 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

In 2021, India (X tons), Japan (X tons) and Indonesia (X tons) represented the major importer of citric acid and its salts and esters in Asia-Pacific, constituting 52% of total import. South Korea (X tons) held an 8.3% share (based on physical terms) of total imports, which put it in second place, followed by Pakistan (6%), Australia (5.3%), Vietnam (4.7%) and Singapore (4.7%).

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +13.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest citric acid importing markets in Asia-Pacific were India ($X), Japan ($X) and Indonesia ($X), together comprising 49% of total imports. These countries were followed by South Korea, Pakistan, Australia, Singapore and Vietnam, which together accounted for a further 29%.

Among the main importing countries, South Korea, with a CAGR of +9.8%, recorded the highest rates of growth with regard to 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

In 2021, the import price in Asia-Pacific amounted to $X per ton, picking up by 32% against the previous year. Over the period under review, the import price recorded 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 South Korea ($X per ton) and Australia ($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) :