Eastern Asia: Citric Acid Market 2024

Citric Acid Market Size in Eastern Asia

The East Asian citric acid market shrank to $X in 2021, with a decrease of -11.1% against the previous year. In general, consumption, however, continues to indicate a slight increase. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Citric Acid Production in Eastern Asia

In value terms, citric acid production rose modestly to $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the production volume increased by 6.2%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Citric Acid Exports

Exports in Eastern Asia

For the fifth consecutive year, Eastern Asia recorded growth in shipments abroad of citric acid and its salts and esters, which increased by 14% to X tons in 2021. Total exports indicated moderate growth from 2012 to 2021: its volume increased at an average annual rate of +4.7% 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 +124.7% against 2016 indices. The pace of growth appeared the most rapid in 2017 with an increase of 84% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the near future.

In value terms, citric acid exports soared to $X in 2021. Total exports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine-year period. 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

The shipments of the one major exporters of citric acid and its salts and esters, namely China, represented more than two-thirds of total export.

China was also the fastest-growing in terms of the citric acid and its salts and esters exports, with a CAGR of +4.8% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest citric acid supplier in Eastern Asia.

In China, citric acid exports expanded at an average annual rate of +4.9% over the period from 2012-2021.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, rising by 61% against the previous year. In general, the export price recorded 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.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to +0.2% per year.

Citric Acid Imports

Imports in Eastern Asia

Citric acid imports amounted to X tons in 2021, picking up by 3.9% on the previous year. The total import volume increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when imports increased by 12% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, citric acid imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +3.5% 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

Japan represented the key importing country with an import of about X tons, which reached 57% of total imports. South Korea (X tons) took a 30% share (based on physical terms) of total imports, which put it in second place, followed by Taiwan (Chinese) (10%). China (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by South Korea (with a CAGR of +8.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), South Korea ($X) and Taiwan (Chinese) ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 88% of total imports. China lagged somewhat behind, comprising a further 11%.

China, with a CAGR of +10.9%, saw the highest growth rate of 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

In 2021, the import price in Eastern Asia amounted to $X per ton, growing by 24% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. Over the period under review, import prices reached the maximum at $X per ton in 2014; afterwards, it flattened through to 2021.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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