Hong Kong SAR, China: Glutamic Acid Market 2024

Glutamic Acid Market Size in Hong Kong SAR, China

The Hong Kong glutamic acid market shrank modestly to $X in 2022, waning by -1.6% 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). In general, consumption continues to indicate a perceptible setback. Glutamic acid consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Glutamic Acid Exports

Exports from Hong Kong SAR, China

In 2022, approx. X tons of glutamic acid and its salts were exported from Hong Kong SAR; with a decrease of -2.4% on 2021. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 72% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, glutamic acid exports rose modestly to $X in 2022. The total export value increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by 58% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

China (X tons) was the main destination for glutamic acid exports from Hong Kong SAR, with a 35% share of total exports. Moreover, glutamic acid exports to China exceeded the volume sent to the second major destination, Singapore (X tons), threefold. The third position in this ranking was taken by Macao SAR (X tons), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at +12.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-5.3% per year) and Macao SAR (-8.4% per year).

In value terms, China ($X) remains the key foreign market for glutamic acid and its salts exports from Hong Kong SAR, comprising 40% of total exports. The second position in the ranking was taken by Singapore ($X), with an 18% share of total exports. It was followed by Canada, with a 6.1% share.

From 2012 to 2022, the average annual growth rate of value to China totaled +13.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-1.2% per year) and Canada (+8.0% per year).

Export Prices by Country

The average glutamic acid export price stood at $X per ton in 2022, picking up by 7.4% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2013 an increase of 29% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to the Philippines ($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 Singapore (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Glutamic Acid Imports

Imports into Hong Kong SAR, China

In 2022, imports of glutamic acid and its salts into Hong Kong SAR contracted to X tons, which is down by -12% compared with 2021. Over the period under review, imports recorded a pronounced downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 22%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, glutamic acid imports reached $X in 2022. Overall, imports continue to indicate a pronounced slump. The pace of growth was the most pronounced in 2021 with an increase of 28% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Indonesia (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of glutamic acid imports to Hong Kong SAR, together comprising 93% of total imports. Brazil and Vietnam lagged somewhat behind, together accounting for a further 5.6%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +9.5%), while purchases for the other leaders experienced a decline.

In value terms, the largest glutamic acid suppliers to Hong Kong SAR were China ($X), Indonesia ($X) and Taiwan (Chinese) ($X), with a combined 92% share of total imports. Brazil and Vietnam lagged somewhat behind, together accounting for a further 6.5%.

Among the main suppliers, Vietnam, with a CAGR of +13.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average glutamic acid import price stood at $X per ton in 2022, growing by 17% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The import price peaked at $X per ton in 2012; afterwards, it flattened through to 2022.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Vietnam ($X per ton) and Indonesia ($X per ton), while the price for China ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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