Report Update Nov 1, 2024

Republic of Korea - Citric Acid and Its Salts and Esters - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Citric Acid Market 2024

Citric Acid Market Size in Republic of Korea

In 2021, the South Korean citric acid market increased by 40% to $X, rising for the second year in a row after two years of decline. Overall, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +9.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +45.0% against 2019 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Citric Acid Exports

Exports from Republic of Korea

In 2021, approx. X tons of citric acid and its salts and esters were exported from South Korea; falling by -9.9% compared with 2020 figures. Over the period under review, exports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 83%. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, citric acid exports reduced to $X in 2021. Overall, exports showed a deep contraction. The most prominent rate of growth was recorded in 2019 with an increase of 73% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), Vietnam (X tons) and Italy (X tons) were the main destinations of citric acid exports from South Korea, together accounting for 70% of total exports. These countries were followed by Germany, Mongolia, India, Thailand, Indonesia, Malaysia and Israel, which together accounted for a further 22%.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +275.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for citric acid and its salts and esters exports from South Korea, comprising 44% of total exports. The second position in the ranking was held by Vietnam ($X), with a 20% share of total exports. It was followed by Germany, with a 9.5% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+123.3% per year) and Germany (+258.8% per year).

Export Prices by Country

In 2021, the average citric acid export price amounted to $X per ton, reducing by -3.7% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.9%. The pace of growth was the most pronounced in 2020 an increase of 30% against the previous year. As a result, the export price attained the peak level of $X per ton, and then fell in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Mongolia ($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 Turkmenistan (+40.6%), while the prices for the other major destinations experienced more modest paces of growth.

Citric Acid Imports

Imports into Republic of Korea

In 2021, supplies from abroad of citric acid and its salts and esters increased by 4.7% to X tons, rising for the second year in a row after two years of decline. Over the period under review, total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +8.2% 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 +11.8% against 2019 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 20% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the near future.

In value terms, citric acid imports soared to $X in 2021. In general, imports recorded a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) was the main citric acid supplier to South Korea, with a 94% share of total imports. Moreover, citric acid imports from China exceeded the figures recorded by the second-largest supplier, Austria (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +8.3%.

In value terms, China ($X) constituted the largest supplier of citric acid and its salts and esters to South Korea, comprising 81% of total imports. The second position in the ranking was taken by Austria ($X), with a 7.6% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China totaled +10.7%.

Import Prices by Country

The average citric acid import price stood at $X per ton in 2021, growing by 54% against the previous year. Over the last nine years, it increased at an average annual rate of +1.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Austria ($X per ton), while the price for China stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.2%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for citric acid and its salts and esters in the world?

China remains the largest citric acid consuming country worldwide, accounting for 25% of total volume. Moreover, citric acid consumption in China exceeded the figures recorded by the second-largest consumer, the United States, twofold. The third position in this ranking was occupied by India, with a 9.6% share.

What are the largest producers of citric acid and its salts and esters in the world?

China remains the largest citric acid producing country worldwide, comprising approx. 58% of total volume. Moreover, citric acid production in China exceeded the figures recorded by the second-largest producer, India, eightfold. The United States ranked third in terms of total production with a 5.9% share.

What are the leading suppliers of citric acid and its salts and esters to Republic of Korea?

In value terms, China constituted the largest supplier of citric acid to South Korea, comprising 74% of total imports. The second position in the ranking was occupied by Austria, with a 9.7% share of total imports.

What are the leading importers of citric acid and its salts and esters from Republic of Korea?

In value terms, the United States remains the key foreign market for citric acid exports from South Korea, comprising 36% of total exports. The second position in the ranking was occupied by China, with a 15% share of total exports. It was followed by Israel, with a 12% share.

What is the average export price for citric acid and its salts and esters in Republic of Korea?

In 2021, the average citric acid export price amounted to $3,400 per ton, shrinking by -31% against the previous year.

What is the average import price for citric acid and its salts and esters in Republic of Korea?

The average citric acid import price stood at $839 per ton in 2021, which is down by -1.8% against the previous year.

This report provides an in-depth analysis of the citric acid market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20143473 - Citric acid and its salts and esters

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

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This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
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While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023