GCC: Citric Acid Market 2024

Citric Acid Exports

Exports in GCC

In 2021, after two years of decline, there was significant growth in shipments abroad of citric acid and its salts and esters, when their volume increased by 111% to X tons. In general, exports posted strong growth. The most prominent rate of growth was recorded in 2017 when exports increased by 213%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, citric acid exports surged to $X in 2021. Overall, exports showed prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of 284%. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, reaching X tons, which was near 85% of total exports in 2021. It was distantly followed by Saudi Arabia (X tons), constituting a 7.1% share of total exports. The following exporters - Kuwait (X tons) and Oman (X tons) - together made up 7.1% of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +14.1% from 2012 to 2021. At the same time, Oman (+25.7%), Kuwait (+21.2%) and Saudi Arabia (+13.0%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +25.7% from 2012-2021. Oman (+1.9 p.p.) and Kuwait (+1.5 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -2.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest citric acid supplier in GCC, comprising 76% of total exports. The second position in the ranking was taken by Kuwait ($X), with an 11% share of total exports. It was followed by Saudi Arabia, with a 7.7% share.

In the United Arab Emirates, citric acid exports expanded at an average annual rate of +11.3% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Kuwait (+28.7% per year) and Saudi Arabia (+8.3% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, reducing by -4.5% against the previous year. In general, the export price saw a noticeable reduction. The growth pace was the most rapid in 2020 an increase of 40% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+6.2%), while the other leaders experienced a decline in the export price figures.

Citric Acid Imports

Imports in GCC

After four years of growth, purchases abroad of citric acid and its salts and esters decreased by -21.4% to X tons in 2021. In general, imports showed a mild curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 35% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, citric acid imports expanded remarkably to $X in 2021. Overall, imports continue to indicate a mild descent. The most prominent rate of growth was recorded in 2020 when imports increased by 29% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the main importer of citric acid and its salts and esters in GCC, with the volume of imports amounting to X tons, which was near 58% of total imports in 2021. Saudi Arabia (X tons) ranks second in terms of the total imports with a 22% share, followed by Oman (7.9%) and Bahrain (6.9%). Kuwait (X tons) took a little share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +6.7% from 2012 to 2021. At the same time, Oman (+7.2%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +7.2% from 2012-2021. Kuwait experienced a relatively flat trend pattern. By contrast, Bahrain (-7.8%) and Saudi Arabia (-9.8%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+29 p.p.) and Oman (+4.1 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Bahrain (-5.8 p.p.) and Saudi Arabia (-27.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported citric acid and its salts and esters in GCC, comprising 55% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 27% share of total imports. It was followed by Oman, with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates stood at +8.5%. In the other countries, the average annual rates were as follows: Saudi Arabia (-8.9% per year) and Oman (+5.0% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, picking up by 35% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Saudi Arabia ($X per ton) and Kuwait ($X per ton), while Oman ($X per ton) and Bahrain ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform