Indonesia: Citric Acid Market 2024

Citric Acid Market Size in Indonesia

The Indonesian citric acid market skyrocketed to $X in 2021, growing by 40% 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). The market value increased at an average annual rate of +2.0% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Citric Acid Exports

Exports from Indonesia

In 2021, overseas shipments of citric acid and its salts and esters decreased by -27.6% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, exports showed a precipitous decline. The pace of growth appeared the most rapid in 2017 with an increase of 379%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, citric acid exports dropped to $X in 2021. In general, exports faced a dramatic shrinkage. The pace of growth appeared the most rapid in 2017 when exports increased by 264%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons) was the main destination for citric acid exports from Indonesia, with a 38% share of total exports. Moreover, citric acid exports to Malaysia exceeded the volume sent to the second major destination, Thailand (X tons), twofold. The third position in this ranking was taken by the United Arab Emirates (X tons), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Malaysia amounted to +145.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-1.5% per year) and the United Arab Emirates (0.0% per year).

In value terms, the largest markets for citric acid exported from Indonesia were Malaysia ($X), Vietnam ($X) and the United Arab Emirates ($X), together comprising 60% of total exports.

Among the main countries of destination, Malaysia, with a CAGR of +159.1%, recorded 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

In 2021, the average citric acid export price amounted to $X per ton, rising by 31% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 258%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Thailand ($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 Timor-Leste (+12.9%), while the prices for the other major destinations experienced mixed trend patterns.

Citric Acid Imports

Imports into Indonesia

Citric acid imports into Indonesia expanded remarkably to X tons in 2021, surging by 9.3% compared with 2020 figures. The total import volume increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2016 with an increase of 15%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, citric acid imports soared to $X in 2021. Overall, total imports indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest citric acid supplier to Indonesia, accounting for a 87% share of total imports. It was followed by Colombia (X tons), with a 2.3% share of total imports. The third position in this ranking was taken by Brazil (X tons), with a 2.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+9.8% per year) and Brazil (-8.8% per year).

In value terms, China ($X) constituted the largest supplier of citric acid and its salts and esters to Indonesia, comprising 79% of total imports. The second position in the ranking was taken by Germany ($X), with a 5.5% share of total imports. It was followed by Colombia, with a 3.1% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+3.3% per year) and Colombia (+4.0% per year).

Import Prices by Country

In 2021, the average citric acid import price amounted to $X per ton, increasing by 41% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2012; afterwards, it flattened through to 2021.

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 ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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