South Africa: Benzoic Acid Market 2024

Benzoic Acid Market Size in South Africa

For the third consecutive year, the South African benzoic acid market recorded growth in sales value, which increased by 9.3% to $X in 2021. Overall, consumption, however, saw a noticeable slump. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Benzoic Acid Production in South Africa

In value terms, benzoic acid production declined to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 21%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Benzoic Acid Exports

Exports from South Africa

In 2021, after three years of growth, there was significant decline in shipments abroad of benzoic acid, its salts and esters, when their volume decreased by -42% to X tons. In general, exports, however, continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2013 with an increase of 870% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, benzoic acid exports shrank to $X in 2021. Overall, exports, however, recorded a resilient increase. The growth pace was the most rapid in 2013 when exports increased by 674%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Zambia (X tons), Mozambique (X tons) and Zimbabwe (X tons) were the main destinations of benzoic acid exports from South Africa, with a combined 78% share of total exports. These countries were followed by Malawi, Ghana, Namibia, Botswana and Swaziland, which together accounted for a further 17%.

From 2012 to 2021, the biggest increases were recorded for Malawi (with a CAGR of +37.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for benzoic acid exported from South Africa were Zambia ($X), Mozambique ($X) and Ghana ($X), together accounting for 61% of total exports.

Ghana, with a CAGR of +39.7%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average benzoic acid export price stood at $X per ton in 2021, picking up by 47% against the previous year. Overall, the export price, however, continues to indicate a mild decrease. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while the average price for exports to Swaziland ($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 Ghana (+13.7%), while the prices for the other major destinations experienced mixed trend patterns.

Benzoic Acid Imports

Imports into South Africa

In 2021, supplies from abroad of benzoic acid, its salts and esters increased by 30% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports, however, showed a deep setback. The growth pace was the most rapid in 2018 when imports increased by 36%. Over the period under review, imports attained the peak figure 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, continue to indicate a deep setback. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest benzoic acid supplier to South Africa, accounting for a 70% share of total imports. Moreover, benzoic acid imports from China exceeded the figures recorded by the second-largest supplier, Swaziland (X tons), fourfold. The United States (X tons) ranked third in terms of total imports with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Swaziland (-21.8% per year) and the United States (+2.5% per year).

In value terms, China ($X), Swaziland ($X) and the United States ($X) appeared to be the largest benzoic acid suppliers to South Africa, with a combined 83% share of total imports.

Among the main suppliers, the United States, with a CAGR of +3.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average benzoic acid import price stood at $X per ton in 2021, growing by 16% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 17% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Swaziland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Swaziland (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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