Eastern Asia: Glutamic Acid Market 2024

Glutamic Acid Market Size in Eastern Asia

The East Asian glutamic acid market declined dramatically to $X in 2022, which is down by -19.7% against the previous year. Over the period under review, consumption continues to indicate a abrupt decrease. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Glutamic Acid Production in Eastern Asia

In value terms, glutamic acid production declined to $X in 2022 estimated in export price. In general, production, however, continues to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2016 when the production volume increased by 13% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Glutamic Acid Exports

Exports in Eastern Asia

In 2022, exports of glutamic acid and its salts in Eastern Asia skyrocketed to X tons, picking up by 24% compared with 2021. Over the period under review, exports saw resilient growth. The pace of growth was the most pronounced in 2019 with an increase of 66% against the previous year. The volume of export peaked in 2022 and is likely to see gradual growth in the immediate term.

In value terms, glutamic acid exports skyrocketed to $X in 2022. Overall, exports showed a resilient increase. The pace of growth appeared the most rapid in 2019 when exports increased by 60%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

China prevails in exports structure, recording X tons, which was near 98% of total exports in 2022. Taiwan (Chinese) (X tons) held a relatively small share of total exports.

China was also the fastest-growing in terms of the glutamic acid and its salts exports, with a CAGR of +10.4% from 2012 to 2022. Taiwan (Chinese) (-6.4%) illustrated a downward trend over the same period. China (+11 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese) saw its share reduced by -7.9% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest glutamic acid supplier in Eastern Asia, comprising 96% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 2.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +9.5%.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, growing by 13% against the previous year. Overall, the export price, however, continues to indicate a slight contraction. The pace of growth was the most pronounced in 2021 an increase of 27%. The level of export peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while China totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-0.4%).

Glutamic Acid Imports

Imports in Eastern Asia

In 2022, the amount of glutamic acid and its salts imported in Eastern Asia expanded sharply to X tons, growing by 7.6% against the previous year. The total import volume increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 11%. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, glutamic acid imports soared to $X in 2022. The total import value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Japan (X tons) was the major importer of glutamic acid and its salts, committing 53% of total imports. South Korea (X tons) ranks second in terms of the total imports with a 22% share, followed by Taiwan (Chinese) (17%). The following importers - Democratic People's Republic of Korea (X tons) and Hong Kong SAR (X tons) - together made up 6.8% of total imports.

Japan experienced a relatively flat trend pattern with regard to volume of imports of glutamic acid and its salts. At the same time, Taiwan (Chinese) (+16.6%), South Korea (+7.6%) and Democratic People's Republic of Korea (+5.6%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +16.6% from 2012-2022. By contrast, Hong Kong SAR (-3.6%) illustrated a downward trend over the same period. While the share of Taiwan (Chinese) (+12 p.p.) and South Korea (+7.4 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Hong Kong SAR (-3.1 p.p.) and Japan (-17 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported glutamic acid and its salts in Eastern Asia, comprising 57% of total imports. The second position in the ranking was taken by South Korea ($X), with a 24% share of total imports. It was followed by Taiwan (Chinese), with a 13% share.

In Japan, glutamic acid imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+8.8% per year) and Taiwan (Chinese) (+12.9% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, picking up by 21% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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