Scandinavia: Citric Acid Market 2024

Citric Acid Market Size in Scandinavia

The Scandinavia citric acid market was finally on the rise to reach $X in 2021, after two years of decline. The market value increased at an average annual rate of +3.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Citric Acid Production in Scandinavia

In value terms, citric acid production soared to $X in 2021 estimated in export price. In general, production showed a remarkable increase. The pace of growth appeared the most rapid in 2016 with an increase of 131% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Citric Acid Exports

Exports in Scandinavia

In 2021, approx. X tons of citric acid and its salts and esters were exported in Scandinavia; increasing by 36% on 2020. Total exports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +12.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +34.8% against 2018 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 54%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in years to come.

In value terms, citric acid exports soared to $X in 2021. Total exports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 52% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Denmark (X tons) represented the major exporter of citric acid and its salts and esters, constituting 62% of total exports. Sweden (X tons) took the second position in the ranking, distantly followed by Finland (X tons). All these countries together held approx. 35% share of total exports. Norway (X tons) held a little share of total exports.

Denmark was also the fastest-growing in terms of the citric acid and its salts and esters exports, with a CAGR of +15.8% from 2012 to 2021. At the same time, Sweden (+8.9%), Norway (+6.8%) and Finland (+5.8%) displayed positive paces of growth. Denmark (+15 p.p.) significantly strengthened its position in terms of the total exports, while Norway, Finland and Sweden saw its share reduced by -1.9%, -3.8% and -9.4% from 2012 to 2021, respectively.

In value terms, Denmark ($X) emerged as the largest citric acid supplier in Scandinavia, comprising 68% of total exports. The second position in the ranking was taken by Sweden ($X), with a 25% share of total exports. It was followed by Norway, with a 3.1% share.

In Denmark, citric acid exports expanded at an average annual rate of +10.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Sweden (+4.7% per year) and Norway (-12.6% per year).

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2021, shrinking by -12.2% against the previous year. In general, the export price recorded a deep contraction. The pace of growth appeared the most rapid in 2014 an increase of 13% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Denmark ($X per ton), while Finland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (-0.7%), while the other leaders experienced a decline in the export price figures.

Citric Acid Imports

Imports in Scandinavia

In 2021, overseas purchases of citric acid and its salts and esters were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +5.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, citric acid imports surged to $X in 2021. The total import value increased at an average annual rate of +4.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Denmark was the key importer of citric acid and its salts and esters in Scandinavia, with the volume of imports recording X tons, which was near 66% of total imports in 2021. It was distantly followed by Sweden (X tons), Finland (X tons) and Norway (X tons), together making up a 34% share of total imports.

Denmark was also the fastest-growing in terms of the citric acid and its salts and esters imports, with a CAGR of +7.9% from 2012 to 2021. At the same time, Norway (+2.2%) displayed positive paces of growth. Sweden and Finland experienced a relatively flat trend pattern. From 2012 to 2021, the share of Denmark increased by +14 percentage points.

In value terms, Denmark ($X) constitutes the largest market for imported citric acid and its salts and esters in Scandinavia, comprising 64% of total imports. The second position in the ranking was held by Sweden ($X), with an 18% share of total imports. It was followed by Finland, with a 9.4% share.

In Denmark, citric acid imports increased at an average annual rate of +7.4% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Sweden (-0.3% per year) and Finland (-1.0% per year).

Import Prices by Country

In 2021, the import price in Scandinavia amounted to $X per ton, with an increase of 22% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Sweden ($X per ton) and Finland ($X per ton), while Denmark ($X per ton) and Norway ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (+0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform