Peru: Benzoic Acid Market 2024

Benzoic Acid Market Size in Peru

For the third consecutive year, the Peruvian benzoic acid market recorded growth in sales value, which increased by 13% to $X in 2021. The market value increased at an average annual rate of +3.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Benzoic Acid Production in Peru

In value terms, benzoic acid production amounted to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a perceptible contraction. The most prominent rate of growth was recorded in 2016 with an increase of 26% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Benzoic Acid Exports

Exports from Peru

In 2021, benzoic acid exports from Peru surged to X tons, picking up by 52% compared with the previous year. Overall, exports, however, continue to indicate a dramatic downturn. The most prominent rate of growth was recorded in 2014 with an increase of 104% against the previous year. The exports 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, recorded a sharp setback. The pace of growth appeared the most rapid in 2014 with an increase of 182%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Free Zones (X tons) was the main destination for benzoic acid exports from Peru, with a 89% share of total exports. Moreover, benzoic acid exports to Free Zones exceeded the volume sent to the second major destination, Mexico (X tons), tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Free Zones totaled +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (0.0% per year) and Venezuela (-68.5% per year).

In value terms, Free Zones ($X) remains the key foreign market for benzoic acid, its salts and esters exports from Peru, comprising 89% of total exports. The second position in the ranking was taken by Mexico ($X), with an 8.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Free Zones amounted to +7.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (0.0% per year) and Venezuela (-67.2% per year).

Export Prices by Country

In 2021, the average benzoic acid export price amounted to $X per ton, reducing by -4.5% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the average export price increased by 39%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Mexico ($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 Venezuela (+4.2%).

Benzoic Acid Imports

Imports into Peru

In 2021, approx. X tons of benzoic acid, its salts and esters were imported into Peru; growing by 47% against the year before. In general, total imports indicated a measured expansion from 2012 to 2021: its volume increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +64.4% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, benzoic acid imports soared to $X in 2021. Overall, total imports indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +97.4% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), the United States (X tons) and Costa Rica (X tons) were the main suppliers of benzoic acid imports to Peru, together comprising 88% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Costa Rica (with a CAGR of +224.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Costa Rica ($X) appeared to be the largest benzoic acid suppliers to Peru, together accounting for 86% of total imports.

Costa Rica, with a CAGR of +232.4%, saw 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

The average benzoic acid import price stood at $X per ton in 2021, growing by 9.4% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average import price increased by 33%. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Free Zones (+20.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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