Croatia: Glutamic Acid Market 2024

Glutamic Acid Market Size in Croatia

The Croatian glutamic acid market surged to $X in 2022, jumping by 28% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed perceptible growth. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the near future.

Glutamic Acid Exports

Exports from Croatia

In 2022, overseas shipments of glutamic acid and its salts increased by 367% to X tons, rising for the second year in a row after two years of decline. In general, exports posted a resilient expansion. The pace of growth was the most pronounced in 2018 when exports increased by 20,852%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, glutamic acid exports soared to $X in 2022. Overall, exports continue to indicate a strong expansion. The pace of growth was the most pronounced in 2018 with an increase of 9,087% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Serbia (X tons) was the main destination for glutamic acid exports from Croatia, accounting for a 71% share of total exports. Moreover, glutamic acid exports to Serbia exceeded the volume sent to the second major destination, Slovenia (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume to Serbia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovenia (+110.0% per year) and Bosnia and Herzegovina (-57.2% per year).

In value terms, Serbia ($X) emerged as the key foreign market for glutamic acid and its salts exports from Croatia, comprising 85% of total exports. The second position in the ranking was held by Slovenia ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Serbia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovenia (+158.6% per year) and Bosnia and Herzegovina (-51.5% per year).

Export Prices by Country

The average glutamic acid export price stood at $X per ton in 2022, surging by 122% against the previous year. Overall, the export price posted a mild increase. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bosnia and Herzegovina ($X per ton), while the average price for exports to Slovenia ($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 Slovenia (+23.1%), while the prices for the other major destinations experienced mixed trend patterns.

Glutamic Acid Imports

Imports into Croatia

Glutamic acid imports into Croatia reached X tons in 2022, standing approx. at 2021. In general, total imports indicated a slight increase from 2012 to 2022: its volume increased at an average annual rate of +1.3% 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 +63.4% against 2016 indices. The growth pace was the most rapid in 2020 when imports increased by 27% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, glutamic acid imports surged to $X in 2022. Over the period under review, imports saw pronounced growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Italy (X tons) was the main supplier of glutamic acid to Croatia, accounting for a 93% share of total imports. Moreover, glutamic acid imports from Italy exceeded the figures recorded by the second-largest supplier, China (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Italy stood at +78.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-16.8% per year) and France (-30.8% per year).

In value terms, Italy ($X) constituted the largest supplier of glutamic acid and its salts to Croatia, comprising 92% of total imports. The second position in the ranking was taken by China ($X), with a 4.9% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Italy amounted to +84.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-14.9% per year) and France (-28.3% per year).

Import Prices by Country

The average glutamic acid import price stood at $X per ton in 2022, picking up by 38% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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