Portugal: Citric Acid Market 2024

Citric Acid Market Size in Portugal

The Portuguese citric acid market declined remarkably to $X in 2021, reducing by -36.9% against the previous year. In general, consumption, however, recorded a moderate increase. As a result, consumption attained the peak level of $X, and then fell markedly in the following year.

Citric Acid Production in Portugal

In value terms, citric acid production stood at $X in 2021 estimated in export price. Overall, production posted a buoyant expansion. The pace of growth appeared the most rapid in 2015 with an increase of 582%. As a result, production reached the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Citric Acid Exports

Exports from Portugal

In 2021, shipments abroad of citric acid and its salts and esters increased by 128% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, showed a noticeable downturn. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, citric acid exports skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Spain (X tons), Angola (X tons) and Cabo Verde (X tons) were the main destinations of citric acid exports from Portugal, with a combined 95% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cabo Verde (with a CAGR of +15.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for citric acid exported from Portugal were Spain ($X), Angola ($X) and Cabo Verde ($X), together accounting for 96% of total exports.

Among the main countries of destination, Cabo Verde, with a CAGR of +16.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average citric acid export price stood at $X per ton in 2021, jumping by 31% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Angola ($X per ton) and Cabo Verde ($X per ton), while the average price for exports to Spain ($X per ton) and Mozambique ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Angola (+2.5%), while the prices for the other major destinations experienced more modest paces of growth.

Citric Acid Imports

Imports into Portugal

In 2021, approx. X tons of citric acid and its salts and esters were imported into Portugal; falling by -28.5% compared with 2020 figures. Over the period under review, total imports indicated a mild increase from 2012 to 2021: its volume increased at an average annual rate of +1.7% 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 +52.0% against 2016 indices. The pace of growth appeared the most rapid in 2020 with an increase of 72% against the previous year. As a result, imports attained the peak of X tons, and then shrank sharply in the following year.

In value terms, citric acid imports dropped significantly to $X in 2021. In general, imports, however, continue to indicate a mild increase. The most prominent rate of growth was recorded in 2020 with an increase of 137%. As a result, imports reached the peak of $X, and then fell rapidly in the following year.

Imports by Country

Spain (X tons), Belgium (X tons) and Austria (X tons) were the main suppliers of citric acid imports to Portugal, together accounting for 72% of total imports. These countries were followed by China, Germany, Thailand and Ireland, which together accounted for a further 23%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +40.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) constituted the largest supplier of citric acid and its salts and esters to Portugal, comprising 38% of total imports. The second position in the ranking was held by Belgium ($X), with a 17% share of total imports. It was followed by Austria, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain stood at +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+2.6% per year) and Austria (-1.6% per year).

Import Prices by Country

The average citric acid import price stood at $X per ton in 2021, shrinking by -4.7% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 40% against the previous year. The import price peaked at $X per ton in 2020, and then shrank in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ireland ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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