Latin America and the Caribbean: Citric Acid Market 2024

Citric Acid Market Size in Latin America and the Caribbean

The Latin American citric acid market soared to $X in 2021, picking up by 16% against the previous year. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Citric Acid Production in Latin America and the Caribbean

In value terms, citric acid production contracted to $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 18%. Over the period under review, production reached the maximum level at $X in 2020, and then declined modestly in the following year.

Citric Acid Exports

Exports in Latin America and the Caribbean

In 2021, after three years of growth, there was decline in overseas shipments of citric acid and its salts and esters, when their volume decreased by -1.3% to X tons. Over the period under review, exports showed a perceptible downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 11%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, citric acid exports rose notably to $X in 2021. In general, exports saw a deep slump. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Colombia was the major exporter of citric acid and its salts and esters in Latin America and the Caribbean, with the volume of exports recording X tons, which was approx. 63% of total exports in 2021. It was distantly followed by Brazil (X tons), committing a 28% share of total exports. The following exporters - Uruguay (X tons), Guatemala (X tons) and Peru (X tons) - together made up 6.9% of total exports.

Colombia experienced a relatively flat trend pattern with regard to volume of exports of citric acid and its salts and esters. At the same time, Peru (+26.8%), Guatemala (+12.1%) and Uruguay (+6.4%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +26.8% from 2012-2021. By contrast, Brazil (-6.0%) illustrated a downward trend over the same period. Colombia (+21 p.p.), Peru (+1.8 p.p.), Uruguay (+1.7 p.p.) and Guatemala (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Brazil saw its share reduced by -3.8% from 2012 to 2021, respectively.

In value terms, the largest citric acid supplying countries in Latin America and the Caribbean were Colombia ($X), Brazil ($X) and Uruguay ($X), together accounting for 91% of total exports. These countries were followed by Peru and Guatemala, which together accounted for a further 6.6%.

Peru, with a CAGR of +20.7%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, picking up by 15% against the previous year. Over the period under review, the export price, however, saw a perceptible decrease. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Uruguay ($X per ton), while Colombia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guatemala (+0.9%), while the other leaders experienced a decline in the export price figures.

Citric Acid Imports

Imports in Latin America and the Caribbean

In 2021, supplies from abroad of citric acid and its salts and esters increased by 38% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports showed a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, citric acid imports surged to $X in 2021. The total import value increased at an average annual rate of +1.0% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Mexico (X tons) represented the main importer of citric acid and its salts and esters, constituting 40% of total imports. It was distantly followed by Argentina (X tons), Brazil (X tons), Colombia (X tons) and Chile (X tons), together making up a 40% share of total imports. Guatemala (X tons), Peru (X tons), Costa Rica (X tons) and Ecuador (X tons) followed a long way behind the leaders.

Imports into Mexico increased at an average annual rate of +3.5% from 2012 to 2021. At the same time, Guatemala (+8.8%), Colombia (+8.4%), Ecuador (+6.3%) and Peru (+4.7%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +8.8% from 2012-2021. Brazil, Argentina, Chile and Costa Rica experienced a relatively flat trend pattern. From 2012 to 2021, the share of Mexico, Colombia and Guatemala increased by +8.4, +3.8 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported citric acid and its salts and esters in Latin America and the Caribbean, comprising 41% of total imports. The second position in the ranking was held by Argentina ($X), with a 15% share of total imports. It was followed by Brazil, with a 12% share.

In Mexico, citric acid imports increased at an average annual rate of +3.7% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Argentina (-3.1% per year) and Brazil (+2.9% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, rising by 21% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. 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 importing countries. In 2021, amid the top importers, the country with the highest price was Brazil ($X per ton), while Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+2.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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