SADC: Benzoic Acid Market 2024

Benzoic Acid Market Size in SADC

For the third year in a row, the SADC benzoic acid market recorded growth in sales value, which increased by 5.8% to $X in 2021. Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the near future.

Benzoic Acid Production in SADC

In value terms, benzoic acid production fell modestly to $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 23%. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Benzoic Acid Exports

Exports in SADC

After two years of growth, overseas shipments of benzoic acid, its salts and esters decreased by -44.5% to X tons in 2021. Over the period under review, exports recorded a sharp curtailment. The pace of growth appeared the most rapid in 2020 with an increase of 40% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, benzoic acid exports rose rapidly to $X in 2021. In general, exports recorded a abrupt setback. The most prominent rate of growth was recorded in 2017 when exports increased by 34% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Swaziland was the main exporter of benzoic acid, its salts and esters in SADC, with the volume of exports reaching X tons, which was near 79% of total exports in 2021. It was distantly followed by South Africa (X tons), making up a 20% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to benzoic acid exports from Swaziland stood at -22.1%. At the same time, South Africa (+6.3%) displayed positive paces of growth. Moreover, South Africa emerged as the fastest-growing exporter exported in SADC, with a CAGR of +6.3% from 2012-2021. While the share of South Africa (+19 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Swaziland (-19.1 p.p.) displayed negative dynamics.

In value terms, Swaziland ($X) remains the largest benzoic acid supplier in SADC, comprising 88% of total exports. The second position in the ranking was held by South Africa ($X), with a 12% share of total exports.

In Swaziland, benzoic acid exports declined by an average annual rate of -10.8% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in SADC amounted to $X per ton, with an increase of 105% against the previous year. Over the period under review, the export price saw a strong expansion. The pace of growth was the most pronounced in 2017 an increase of 121%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Swaziland ($X per ton), while South Africa amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Swaziland (+14.4%).

Benzoic Acid Imports

Imports in SADC

In 2021, after two years of decline, there was significant growth in overseas purchases of benzoic acid, its salts and esters, when their volume increased by 18% to X tons. Over the period under review, imports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 37%. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, benzoic acid imports soared to $X in 2021. Overall, imports, however, showed a pronounced slump. The pace of growth was the most pronounced in 2018 with an increase of 40% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

South Africa represented the key importer of benzoic acid, its salts and esters in SADC, with the volume of imports resulting at X tons, which was approx. 63% of total imports in 2021. Swaziland (X tons) ranks second in terms of the total imports with a 16% share, followed by Tanzania (8.5%). The following importers - Democratic Republic of the Congo (X tons), Zimbabwe (X tons), Zambia (X tons) and Angola (X tons) - each amounted to an 8.3% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to benzoic acid imports into South Africa stood at -8.0%. At the same time, Tanzania (+21.9%), Democratic Republic of the Congo (+16.4%), Zambia (+11.5%), Angola (+8.3%) and Zimbabwe (+5.0%) displayed positive paces of growth. Moreover, Tanzania emerged as the fastest-growing importer imported in SADC, with a CAGR of +21.9% from 2012-2021. Swaziland experienced a relatively flat trend pattern. Tanzania (+7.6 p.p.), Swaziland (+5.9 p.p.) and Democratic Republic of the Congo (+2.1 p.p.) significantly strengthened its position in terms of the total imports, while South Africa saw its share reduced by -20.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) constitutes the largest market for imported benzoic acid, its salts and esters in SADC, comprising 53% of total imports. The second position in the ranking was taken by Swaziland ($X), with a 15% share of total imports. It was followed by Tanzania, with an 8.9% share.

From 2012 to 2021, the average annual growth rate of value in South Africa stood at -8.4%. The remaining importing countries recorded the following average annual rates of imports growth: Swaziland (-1.0% per year) and Tanzania (+22.3% per year).

Import Prices by Country

The import price in SADC stood at $X per ton in 2021, rising by 13% against the previous year. Import price indicated mild growth from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, benzoic acid import price increased by +24.5% against 2019 indices. The most prominent rate of growth was recorded in 2013 an increase of 36%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Angola ($X per ton), while South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Angola (+3.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform