Croatia: Citric Acid Market 2024

Citric Acid Market Size in Croatia

The Croatian citric acid market skyrocketed to $X in 2021, picking up by 36% against the previous year. Overall, the total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +80.4% against 2017 indices. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Citric Acid Production in Croatia

In value terms, citric acid production fell sharply to $X in 2021 estimated in export price. Over the period under review, production, however, saw a deep downturn. The pace of growth appeared the most rapid in 2014 with an increase of 2,449%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Citric Acid Exports

Exports from Croatia

Citric acid exports from Croatia shrank sharply to X tons in 2021, dropping by -72.2% against the year before. Overall, exports recorded a noticeable decrease. The growth pace was the most rapid in 2020 with an increase of 127%. As a result, the exports reached the peak of X tons, and then fell significantly in the following year.

In value terms, citric acid exports dropped significantly to $X in 2021. In general, exports, however, posted moderate growth. The pace of growth appeared the most rapid in 2020 with an increase of 104% against the previous year. As a result, the exports reached the peak of $X, and then declined rapidly in the following year.

Exports by Country

Slovenia (X tons) was the main destination for citric acid exports from Croatia, with a 61% share of total exports. Moreover, citric acid exports to Slovenia exceeded the volume sent to the second major destination, Bosnia and Herzegovina (X tons), threefold. The third position in this ranking was taken by Austria (X tons), with a 7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Slovenia amounted to +41.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bosnia and Herzegovina (-13.3% per year) and Austria (-29.5% per year).

In value terms, Slovenia ($X), Bosnia and Herzegovina ($X) and Austria ($X) were the largest markets for citric acid exported from Croatia worldwide, with a combined 91% share of total exports. These countries were followed by Romania, Hungary, the Czech Republic and Serbia, which together accounted for a further 8.2%.

The Czech Republic, with a CAGR of +98.3%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average citric acid export price stood at $X per ton in 2021, rising by 126% against the previous year. Overall, the export price continues to indicate a resilient increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Serbia ($X per ton), while the average price for exports to Austria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Serbia (+22.6%), while the prices for the other major destinations experienced more modest paces of growth.

Citric Acid Imports

Imports into Croatia

In 2021, after three years of growth, there was significant decline in purchases abroad of citric acid and its salts and esters, when their volume decreased by -10.8% to X tons. Overall, total imports indicated a noticeable expansion from 2012 to 2021: its volume increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +62.6% against 2017 indices. The most prominent rate of growth was recorded in 2013 with an increase of 74% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, citric acid imports surged to $X in 2021. In general, imports, however, saw a buoyant expansion. The growth pace was the most rapid in 2016 when imports increased by 115%. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Slovenia (X tons) constituted the largest citric acid supplier to Croatia, accounting for a 57% share of total imports. Moreover, citric acid imports from Slovenia exceeded the figures recorded by the second-largest supplier, Austria (X tons), fourfold. The third position in this ranking was taken by Poland (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume from Slovenia totaled +36.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (-2.2% per year) and Poland (+73.3% per year).

In value terms, Slovenia ($X) constituted the largest supplier of citric acid and its salts and esters to Croatia, comprising 45% of total imports. The second position in the ranking was taken by Austria ($X), with a 15% share of total imports. It was followed by Poland, with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Slovenia amounted to +41.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (-0.7% per year) and Poland (+68.7% per year).

Import Prices by Country

The average citric acid import price stood at $X per ton in 2021, surging by 62% against the previous year. Overall, the import price recorded a measured increase. The most prominent rate of growth was recorded in 2016 when the average import price increased by 76%. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Slovenia (+3.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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