Australia: Glutamic Acid Market 2024

Glutamic Acid Market Size in Australia

In 2022, the Australian glutamic acid market increased by 15% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the near future.

Glutamic Acid Exports

Exports from Australia

In 2022, overseas shipments of glutamic acid and its salts increased by 111% to X tons, rising for the second year in a row after three years of decline. Overall, exports saw a significant expansion. The pace of growth was the most pronounced in 2014 when exports increased by 1,719% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, glutamic acid exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 1,101% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for glutamic acid exports from Australia, with a 94% share of total exports. Moreover, glutamic acid exports to the United States exceeded the volume sent to the second major destination, New Zealand (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +244.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Zealand (-2.5% per year) and Papua New Guinea (-13.6% per year).

In value terms, the United States ($X) emerged as the key foreign market for glutamic acid and its salts exports from Australia, comprising 96% of total exports. The second position in the ranking was taken by New Zealand ($X), with a 2.9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Zealand (-4.2% per year) and Papua New Guinea (-15.2% per year).

Export Prices by Country

In 2022, the average glutamic acid export price amounted to $X per ton, increasing by 103% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 467% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to New Zealand (-1.7%), while the prices for the other major destinations experienced a decline.

Glutamic Acid Imports

Imports into Australia

In 2022, supplies from abroad of glutamic acid and its salts increased by 4% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when imports increased by 36% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, glutamic acid imports soared to $X in 2022. In general, total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.4% 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 +68.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 40%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest glutamic acid supplier to Australia, accounting for a 66% share of total imports. Moreover, glutamic acid imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. The third position in this ranking was held by Thailand (X tons), with a 2% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+2.0% per year) and Thailand (+12.2% per year).

In value terms, China ($X) constituted the largest supplier of glutamic acid and its salts to Australia, comprising 57% of total imports. The second position in the ranking was held by Indonesia ($X), with a 28% share of total imports. It was followed by Thailand, with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+3.3% per year) and Thailand (+19.1% per year).

Import Prices by Country

The average glutamic acid import price stood at $X per ton in 2022, rising by 16% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 25% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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