GCC: Glutamic Acid Market 2024

Glutamic Acid Exports

Exports in GCC

In 2022, shipments abroad of glutamic acid and its salts decreased by -43.2% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2021 when exports increased by 658%. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, glutamic acid exports fell significantly to $X in 2022. Over the period under review, exports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of 664% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, reaching X tons, which was approx. 97% of total exports in 2022. Bahrain (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the glutamic acid and its salts exports, with a CAGR of +11.6% from 2012 to 2022. Bahrain experienced a relatively flat trend pattern. Bahrain (+3.2 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -3.2% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) remains the largest glutamic acid supplier in GCC, comprising 90% of total exports. The second position in the ranking was taken by Bahrain ($X), with a 9.8% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates stood at +7.0%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, increasing by 11% against the previous year. In general, the export price, however, showed a perceptible decrease. The pace of growth appeared the most rapid in 2018 an increase of 96% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-4.1%).

Glutamic Acid Imports

Imports in GCC

In 2022, purchases abroad of glutamic acid and its salts decreased by -10.8% to X tons for the first time since 2015, thus ending a six-year rising trend. Total imports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +4.8% 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 +97.2% against 2015 indices. The pace of growth appeared the most rapid in 2016 with an increase of 29%. Over the period under review, imports attained the peak figure at X tons in 2021, and then fell in the following year.

In value terms, glutamic acid imports shrank dramatically to $X in 2022. Total imports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.3% 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 +117.6% against 2015 indices. The pace of growth was the most pronounced in 2016 when imports increased by 52% against the previous year. The level of import peaked at $X in 2021, and then plummeted in the following year.

Imports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) dominates imports structure, together mixing up 96% of total imports. The following importers - Kuwait (X tons) and Bahrain (X tons) - each recorded a 3.9% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the United Arab Emirates (with a CAGR of +20.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported glutamic acid and its salts in GCC, comprising 66% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 29% share of total imports. It was followed by Kuwait, with a 2.6% share.

In Saudi Arabia, glutamic acid imports expanded at an average annual rate of +2.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+13.5% per year) and Kuwait (-0.9% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, reducing by -8% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 20%. The level of import peaked at $X per ton in 2013; however, from 2014 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 Kuwait ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+1.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform