Hungary: Citric Acid Market 2024

Citric Acid Market Size in Hungary

In 2021, the Hungarian citric acid market increased by 22% to $X, rising for the sixth consecutive year after three years of decline. Overall, consumption saw prominent growth. Over the period under review, the market attained the peak level in 2021 and is likely to continue growth in the immediate term.

Citric Acid Production in Hungary

In value terms, citric acid production dropped rapidly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2019 with an increase of 455% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Citric Acid Exports

Exports from Hungary

In 2021, overseas shipments of citric acid and its salts and esters increased by 97% to X tons, rising for the third year in a row after two years of decline. In general, exports, however, recorded a pronounced decline. The growth pace was the most rapid in 2020 when exports increased by 125%. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, citric acid exports surged to $X in 2021. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when exports increased by 95%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Slovakia (X tons), Austria (X tons) and Romania (X tons) were the main destinations of citric acid exports from Hungary, together accounting for 75% of total exports. These countries were followed by Croatia, the Czech Republic, the Netherlands, Slovenia and Serbia, which together accounted for a further 20%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +41.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for citric acid exported from Hungary were Slovakia ($X), Romania ($X) and Austria ($X), with a combined 68% share of total exports.

Among the main countries of destination, Austria, with a CAGR of +43.6%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average citric acid export price stood at $X per ton in 2021, shrinking by -2.9% against the previous year. In general, export price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +3.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, citric acid export price decreased by -15.9% against 2019 indices. The pace of growth was the most pronounced in 2017 an increase of 55%. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Czech Republic ($X per ton), while the average price for exports to Croatia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Serbia (+12.6%), while the prices for the other major destinations experienced more modest paces of growth.

Citric Acid Imports

Imports into Hungary

For the sixth consecutive year, Hungary recorded growth in purchases abroad of citric acid and its salts and esters, which increased by 12% to X tons in 2021. In general, imports enjoyed a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of 48% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, citric acid imports soared to $X in 2021. Over the period under review, imports enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 39% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, Austria (X tons) constituted the largest citric acid supplier to Hungary, accounting for a 41% share of total imports. Moreover, citric acid imports from Austria exceeded the figures recorded by the second-largest supplier, Poland (X tons), threefold. The third position in this ranking was held by China (X tons), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume from Austria amounted to +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+12.3% per year) and China (+18.6% per year).

In value terms, Austria ($X), Germany ($X) and Poland ($X) constituted the largest citric acid suppliers to Hungary, together comprising 71% of total imports. China, Slovenia, the Netherlands and Thailand lagged somewhat behind, together comprising a further 22%.

In terms of the main suppliers, China, with a CAGR of +18.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average citric acid import price stood at $X per ton in 2021, picking up by 22% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 22% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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