MERCOSUR: Benzoic Acid Market 2024

Benzoic Acid Market Size in MERCOSUR

The MERCOSUR benzoic acid market expanded significantly to $X in 2021, growing by 12% against the previous year. In general, consumption showed a relatively flat trend pattern. Over the period under review, the market hit record highs in 2021 and is likely to see steady growth in the near future.

Benzoic Acid Production in MERCOSUR

In value terms, benzoic acid production stood at $X in 2021 estimated in export price. Over the period under review, production, however, saw a abrupt downturn. The most prominent rate of growth was recorded in 2016 with an increase of 28% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Benzoic Acid Exports

Exports in MERCOSUR

In 2021, shipments abroad of benzoic acid, its salts and esters was finally on the rise to reach X tons after four years of decline. Overall, exports, however, showed a abrupt decrease. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, benzoic acid exports soared to $X in 2021. In general, exports, however, continue to indicate a abrupt descent. 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

In 2021, Argentina (X tons), Peru (X tons) and Brazil (X tons) was the major exporter of benzoic acid, its salts and esters in MERCOSUR, making up 88% of total export. It was distantly followed by Uruguay (X tons), constituting a 7.9% share of total exports. Colombia (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Brazil (with a CAGR of +8.5%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Argentina ($X), Brazil ($X) and Peru ($X) were the countries with the highest levels of exports in 2021, together accounting for 87% of total exports.

In terms of the main exporting countries, Brazil, with a CAGR of +0.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in MERCOSUR stood at $X per ton in 2021, surging by 2.2% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.1%. The pace of growth was the most pronounced in 2014 an increase of 77% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the export prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Brazil ($X per ton) and Colombia ($X per ton), while Peru ($X per ton) and Argentina ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uruguay (+14.1%), while the other leaders experienced mixed trends in the export price figures.

Benzoic Acid Imports

Imports in MERCOSUR

In 2021, purchases abroad of benzoic acid, its salts and esters increased by 13% to X tons, rising for the fourth consecutive year after two years of decline. In general, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by 17%. Over the period under review, imports attained the maximum at X tons in 2012; afterwards, it flattened through to 2021.

In value terms, benzoic acid imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 30% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to see steady growth in years to come.

Imports by Country

Brazil dominates imports structure, resulting at X tons, which was approx. 74% of total imports in 2021. Colombia (X tons) took a 7.5% share (based on physical terms) of total imports, which put it in second place, followed by Peru (5.5%), Chile (4.9%) and Argentina (4.8%).

Imports into Brazil increased at an average annual rate of +3.7% from 2012 to 2021. At the same time, Colombia (+5.9%) and Peru (+2.7%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing importer imported in MERCOSUR, with a CAGR of +5.9% from 2012-2021. Argentina experienced a relatively flat trend pattern. By contrast, Chile (-1.7%) illustrated a downward trend over the same period. While the share of Brazil (+21 p.p.) and Colombia (+3 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported benzoic acid, its salts and esters in MERCOSUR, comprising 74% of total imports. The second position in the ranking was taken by Colombia ($X), with a 6.9% share of total imports. It was followed by Argentina, with a 5.7% share.

In Brazil, benzoic acid imports increased at an average annual rate of +4.0% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Colombia (+4.3% per year) and Argentina (+2.2% per year).

Import Prices by Country

In 2021, the import price in MERCOSUR amounted to $X per ton, with an increase of 15% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.8%. The level of import peaked at $X per ton in 2015; afterwards, it flattened through to 2021.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Argentina ($X per ton) and Peru ($X per ton), while Colombia ($X per ton) and Chile ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+1.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform