Report Update Nov 1, 2024

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

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Republic of Korea: Glutamic Acid Market 2024

Glutamic Acid Market Size in Republic of Korea

The South Korean glutamic acid market soared to $X in 2022, increasing by 25% against the previous year. In general, consumption saw a resilient expansion. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the near future.

Glutamic Acid Production in Republic of Korea

In value terms, glutamic acid production totaled $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with a decrease of 99.9%. Over the period under review, production attained the maximum level in 2022 and is likely to see steady growth in the near future.

Glutamic Acid Exports

Exports from Republic of Korea

In 2022, shipments abroad of glutamic acid and its salts increased by 36% to X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports, however, saw a dramatic shrinkage. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, glutamic acid exports surged to $X in 2022. Over the period under review, exports, however, showed a significant curtailment. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for glutamic acid exports from South Korea, with a 56% share of total exports. Moreover, glutamic acid exports to the United States exceeded the volume sent to the second major destination, Australia (X tons), fourfold. The third position in this ranking was held by Canada (X tons), with an 8.8% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to -9.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-8.3% per year) and Canada (-1.8% per year).

In value terms, the United States ($X) remains the key foreign market for glutamic acid and its salts exports from South Korea, comprising 41% of total exports. The second position in the ranking was held by Australia ($X), with a 12% share of total exports. It was followed by Canada, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at -5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-7.2% per year) and Canada (+0.7% per year).

Export Prices by Country

The average glutamic acid export price stood at $X per ton in 2022, growing by 8.5% against the previous year. Overall, the export price saw strong growth. The most prominent rate of growth was recorded in 2020 when the average export price increased by 71% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+43.1%), while the prices for the other major destinations experienced more modest paces of growth.

Glutamic Acid Imports

Imports into Republic of Korea

For the third year in a row, South Korea recorded growth in overseas purchases of glutamic acid and its salts, which increased by 3% to X tons in 2022. Overall, imports saw a remarkable increase. The pace of growth appeared the most rapid in 2014 with an increase of 27%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, glutamic acid imports skyrocketed to $X in 2022. Over the period under review, imports posted prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest glutamic acid supplier to South Korea, with a 66% share of total imports. Moreover, glutamic acid imports from Indonesia exceeded the figures recorded by the second-largest supplier, China (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia stood at +13.3%.

In value terms, Indonesia ($X) constituted the largest supplier of glutamic acid and its salts to South Korea, comprising 70% of total imports. The second position in the ranking was held by China ($X), with a 26% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Indonesia amounted to +14.6%.

Import Prices by Country

In 2022, the average glutamic acid import price amounted to $X per ton, with an increase of 26% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for China stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+1.1%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

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

The countries with the highest volumes of in 2021 were Japan, Myanmar and Nigeria, together accounting for 28% of global consumption. These countries were followed by Indonesia, Taiwan Chinese), China, Brazil, the Philippines, South Korea, India, Malaysia, Vietnam and Mexico, which together accounted for a further 44%.

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

China remains the largest glutamic acid producing country worldwide, accounting for 67% of total volume. Moreover, glutamic acid production in China exceeded the figures recorded by the second-largest producer, Brazil, fivefold. Indonesia ranked third in terms of total production with a 12% share.

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

In value terms, the largest glutamic acid suppliers to South Korea were Indonesia and China.

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

In value terms, Japan remains the key foreign market for glutamic acid exports from South Korea, comprising 84% of total exports. The second position in the ranking was occupied by the United States, with a 4.3% share of total exports.

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

The average glutamic acid export price stood at $2,236 per ton in 2021, which is down by -17.1% against the previous year.

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

The average glutamic acid import price stood at $1,241 per ton in 2021, growing by 1.7% against the previous year.

This report provides an in-depth analysis of the glutamic 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 21102020 - Glutamic acid and its salts

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
How to load your idle production capacity
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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