Morocco: Benzoic Acid Market 2024

Benzoic Acid Market Size in Morocco

The Moroccan benzoic acid market expanded notably to $X in 2021, growing by 7.9% 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 +3.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Benzoic Acid Exports

Exports from Morocco

In 2021, overseas shipments of benzoic acid, its salts and esters increased by 11% to X kg, rising for the second consecutive year after four years of decline. In general, exports, however, saw a sharp reduction. The growth pace was the most rapid in 2015 with an increase of 43% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, benzoic acid exports soared to $X in 2021. Overall, exports, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2015 when exports increased by 130% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The Netherlands (X kg) was the main destination for benzoic acid exports from Morocco, accounting for a 97% share of total exports. It was followed by Mauritania (X kg), with a 3.2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Netherlands amounted to +8.0%.

In value terms, the Netherlands ($X) remains the key foreign market for benzoic acid, its salts and esters exports from Morocco, comprising 96% of total exports. The second position in the ranking was taken by Mauritania ($X), with a 4% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the Netherlands amounted to +20.3%.

Export Prices by Country

The average benzoic acid export price stood at $X per ton in 2021, with an increase of 24% against the previous year. Overall, the export price saw a remarkable increase. The pace of growth appeared the most rapid in 2013 an increase of 97% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Mauritania ($X per ton), while the average price for exports to the Netherlands stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Mauritania (+73.0%), while the prices for the other major destinations experienced more modest paces of growth.

Benzoic Acid Imports

Imports into Morocco

In 2021, imports of benzoic acid, its salts and esters into Morocco soared to X tons, increasing by 19% against the previous year's figure. In general, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 when imports increased by 24% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, benzoic acid imports expanded slightly to $X in 2021. The total import value increased at an average annual rate of +5.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 62% against the previous year. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), the Netherlands (X tons) and Estonia (X tons) were the main suppliers of benzoic acid imports to Morocco, with a combined 63% share of total imports. These countries were followed by Denmark, Ireland, Belgium, Germany and Italy, which together accounted for a further 8%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +22.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the Netherlands ($X) and Ireland ($X) were the largest benzoic acid suppliers to Morocco, together accounting for 48% of total imports. These countries were followed by Estonia, Belgium, Denmark, Germany and Italy, which together accounted for a further 12%.

Belgium, with a CAGR of +16.5%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average benzoic acid import price amounted to $X per ton, falling by -12.6% against the previous year. In general, import price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 an increase of 39% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2020, and then contracted in the following year.

Prices varied noticeably by country of origin: 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 the Netherlands (+19.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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