Latin America and the Caribbean: Glutamic Acid Market 2024

Glutamic Acid Market Size in Latin America and the Caribbean

The Latin American glutamic acid market expanded rapidly to $X in 2022, rising by 8.8% against the previous year. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in the immediate term.

Glutamic Acid Production in Latin America and the Caribbean

In value terms, glutamic acid production declined slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a perceptible descent. The most prominent rate of growth was recorded in 2021 with an increase of 4.6%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Glutamic Acid Exports

Exports in Latin America and the Caribbean

After two years of decline, shipments abroad of glutamic acid and its salts increased by 1.5% to X tons in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 14%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, glutamic acid exports skyrocketed to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Brazil prevails in exports structure, reaching X tons, which was near 97% of total exports in 2022. Peru (X tons) followed a long way behind the leaders.

Brazil experienced a relatively flat trend pattern with regard to volume of exports of glutamic acid and its salts. Peru (-6.2%) illustrated a downward trend over the same period. Peru (-1.5 p.p.) significantly weakened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest glutamic acid supplier in Latin America and the Caribbean, comprising 97% of total exports. The second position in the ranking was held by Peru ($X), with a 1.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Brazil was relatively modest.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, with an increase of 49% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Peru ($X per ton), while Brazil amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+0.5%).

Glutamic Acid Imports

Imports in Latin America and the Caribbean

Glutamic acid imports amounted to X tons in 2022, surging by 2.6% compared with the previous year. Total imports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +51.5% against 2016 indices. The pace of growth was the most pronounced in 2019 with an increase of 23%. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, glutamic acid imports soared to $X in 2022. Total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +73.0% against 2018 indices. The pace of growth appeared the most rapid in 2021 with an increase of 32% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, Mexico (X tons) represented the main importer of glutamic acid and its salts, comprising 33% of total imports. Guatemala (X tons) ranks second in terms of the total imports with a 14% share, followed by the Dominican Republic (7.3%), Colombia (7%) and Peru (6.9%). Argentina (X tons), Chile (X tons), Ecuador (X tons), Brazil (X tons), Haiti (X tons), Bolivia (X tons), El Salvador (X tons) and Costa Rica (X tons) followed a long way behind the leaders.

Mexico was also the fastest-growing in terms of the glutamic acid and its salts imports, with a CAGR of +7.9% from 2012 to 2022. At the same time, Haiti (+7.6%), Guatemala (+5.5%), Chile (+5.4%), Peru (+4.9%), Bolivia (+2.9%), Colombia (+2.0%), El Salvador (+2.0%), Ecuador (+1.5%) and Costa Rica (+1.1%) displayed positive paces of growth. Brazil and the Dominican Republic experienced a relatively flat trend pattern. By contrast, Argentina (-2.1%) illustrated a downward trend over the same period. Mexico (+9.9 p.p.) and Guatemala (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while Brazil, Colombia, Argentina and the Dominican Republic saw its share reduced by -1.5%, -1.6%, -3.3% and -3.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported glutamic acid and its salts in Latin America and the Caribbean, comprising 35% of total imports. The second position in the ranking was held by Guatemala ($X), with a 16% share of total imports. It was followed by the Dominican Republic, with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico totaled +8.3%. The remaining importing countries recorded the following average annual rates of imports growth: Guatemala (+6.4% per year) and the Dominican Republic (+0.3% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, growing by 21% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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