South-Eastern Asia: Citric Acid Market 2024

Citric Acid Market Size in South-Eastern Asia

In 2021, the Southeast Asian citric acid market decreased by -3.5% to $X for the first time since 2017, thus ending a three-year rising trend. The market value increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 9.2% against the previous year. Over the period under review, the market attained the peak level at $X in 2020, and then contracted slightly in the following year.

Citric Acid Production in South-Eastern Asia

In value terms, citric acid production fell to $X in 2021 estimated in export price. The total production indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +67.7% against 2014 indices. The most prominent rate of growth was recorded in 2015 with an increase of 28% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then shrank in the following year.

Citric Acid Exports

Exports in South-Eastern Asia

In 2021, shipments abroad of citric acid and its salts and esters increased by 9.4% to X tons, rising for the second consecutive year after two years of decline. Total exports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +10.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +45.5% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 48%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in the near future.

In value terms, citric acid exports soared to $X in 2021. Overall, exports posted prominent growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Thailand dominates exports structure, reaching X tons, which was approx. 91% of total exports in 2021. It was distantly followed by Singapore (X tons), comprising a 6% share of total exports. Cambodia (X tons) took a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to citric acid exports from Thailand stood at +11.5%. At the same time, Singapore (+13.8%) and Cambodia (+11.8%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +13.8% from 2012-2021. Thailand (+9.8 p.p.) and Singapore (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest citric acid supplier in South-Eastern Asia, comprising 92% of total exports. The second position in the ranking was held by Singapore ($X), with a 6.2% share of total exports.

In Thailand, citric acid exports increased at an average annual rate of +15.4% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (-0.0% per year) and Cambodia (+17.6% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, growing by 72% against the previous year. Export price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cambodia (+5.1%), while the other leaders experienced mixed trends in the export price figures.

Citric Acid Imports

Imports in South-Eastern Asia

In 2021, citric acid imports in South-Eastern Asia reached X tons, increasing by 5.3% compared with 2020 figures. The total import volume increased at an average annual rate of +1.8% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by 16%. The volume of import peaked in 2021 and is likely to continue growth in the near future.

In value terms, citric acid imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.0% over the period from 2012 to 2021; 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

Indonesia was the largest importing country with an import of around X tons, which recorded 40% of total imports. It was distantly followed by Vietnam (X tons), Singapore (X tons), Thailand (X tons), the Philippines (X tons) and Malaysia (X tons), together comprising a 55% share of total imports. Myanmar (X tons) took a little share of total imports.

Imports into Indonesia increased at an average annual rate of +1.4% from 2012 to 2021. At the same time, Myanmar (+15.7%), Singapore (+13.6%), Vietnam (+6.9%) and Malaysia (+1.6%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +15.7% from 2012-2021. The Philippines experienced a relatively flat trend pattern. By contrast, Thailand (-8.2%) illustrated a downward trend over the same period. Singapore (+9.2 p.p.), Vietnam (+5.3 p.p.) and Myanmar (+2.2 p.p.) significantly strengthened its position in terms of the total imports, while the Philippines and Thailand saw its share reduced by -1.9% and -14.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported citric acid and its salts and esters in South-Eastern Asia, comprising 39% of total imports. The second position in the ranking was held by Singapore ($X), with a 16% share of total imports. It was followed by Vietnam, with a 14% share.

In Indonesia, citric acid imports expanded at an average annual rate of +1.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Singapore (+8.5% per year) and Vietnam (+6.0% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2021, increasing by 26% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Malaysia ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+1.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :