Hungary: Glutamic Acid Market 2024

Glutamic Acid Market Size in Hungary

After two years of growth, the Hungarian glutamic acid market decreased by -10.3% to $X in 2022. The market value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Glutamic acid consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Glutamic Acid Exports

Exports from Hungary

In 2022, approx. X tons of glutamic acid and its salts were exported from Hungary; rising by 198% against the previous year. Over the period under review, exports showed a significant increase. The pace of growth appeared the most rapid in 2018 when exports increased by 300,761% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, glutamic acid exports soared to $X in 2022. In general, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 39,013%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Switzerland (X tons) was the main destination for glutamic acid exports from Hungary, accounting for a 61% share of total exports. Moreover, glutamic acid exports to Switzerland exceeded the volume sent to the second major destination, Romania (X tons), twofold. The third position in this ranking was taken by the Netherlands (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Switzerland amounted to +128.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (-9.0% per year) and the Netherlands (+6.6% per year).

In value terms, the largest markets for glutamic acid exported from Hungary were Switzerland ($X), Romania ($X) and the Netherlands ($X), with a combined 99% share of total exports.

In terms of the main countries of destination, Switzerland, with a CAGR of +123.5%, 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 glutamic acid export price stood at $X per ton in 2022, increasing by 6.8% against the previous year. Overall, the export price, however, continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2014 an increase of 174%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Romania ($X per ton) and the Netherlands ($X per ton), while the average price for exports to Switzerland ($X per ton) and Serbia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Romania (+9.9%), while the prices for the other major destinations experienced mixed trend patterns.

Glutamic Acid Imports

Imports into Hungary

After two years of growth, supplies from abroad of glutamic acid and its salts decreased by -21.4% to X tons in 2022. Overall, total imports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 43%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, glutamic acid imports rose notably to $X in 2022. The total import value increased at an average annual rate of +4.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when imports increased by 37%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, France (X tons) constituted the largest supplier of glutamic acid to Hungary, with a 83% share of total imports. Moreover, glutamic acid imports from France exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), sevenfold. India (X tons) ranked third in terms of total imports with a 1.9% share.

From 2012 to 2022, the average annual growth rate of volume from France totaled +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+25.4% per year) and India (+38.5% per year).

In value terms, France ($X) constituted the largest supplier of glutamic acid and its salts to Hungary, comprising 72% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 24% share of total imports. It was followed by India, with a 1.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from France totaled +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+24.0% per year) and India (+48.0% per year).

Import Prices by Country

The average glutamic acid import price stood at $X per ton in 2022, rising by 37% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+13.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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