Southern Asia: Citric Acid Market 2024

Citric Acid Market Size in Southern Asia

In 2021, after five years of growth, there was decline in the South Asian citric acid market, when its value decreased by -2.3% to $X. The total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +7.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +95.2% against 2012 indices. The level of consumption peaked at $X in 2020, and then declined modestly in the following year.

Citric Acid Production in Southern Asia

In value terms, citric acid production declined slightly to $X in 2021 estimated in export price. The total production indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +8.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +21.2% against 2014 indices. The pace of growth was the most pronounced in 2014 with an increase of 61% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then dropped modestly in the following year.

Citric Acid Exports

Exports in Southern Asia

For the sixth consecutive year, Southern Asia recorded growth in shipments abroad of citric acid and its salts and esters, which increased by 57% to X tons in 2021. Overall, exports enjoyed prominent growth. The pace of growth was the most pronounced in 2014 with an increase of 71% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the near future.

In value terms, citric acid exports surged to $X in 2021. Over the period under review, exports recorded a prominent expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 191% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are likely to see gradual growth in years to come.

Exports by Country

In 2021, India (X tons) represented the largest exporter of citric acid and its salts and esters in Southern Asia, creating 100% of total export.

India was also the fastest-growing in terms of the citric acid and its salts and esters exports, with a CAGR of +14.8% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest citric acid supplier in Southern Asia.

From 2012 to 2021, the average annual rate of growth in terms of value in India totaled +19.6%.

Export Prices by Country

In 2021, the export price in Southern Asia amounted to $X per ton, surging by 21% against the previous year. Export price indicated a moderate increase from 2012 to 2021: its price increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, citric acid export price increased by +29.3% against 2019 indices. The growth pace was the most rapid in 2014 when the export price increased by 70% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2021, the rate of growth in terms of prices for India amounted to +4.2% per year.

Citric Acid Imports

Imports in Southern Asia

Citric acid imports amounted to X tons in 2021, growing by 13% against 2020 figures. Total imports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +7.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +96.0% against 2012 indices. The growth pace was the most rapid in 2014 when imports increased by 18%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, citric acid imports surged to $X in 2021. In general, imports enjoyed a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

India represented the largest importing country with an import of around X tons, which reached 70% of total imports. Pakistan (X tons) took an 18% share (based on physical terms) of total imports, which put it in second place, followed by Bangladesh (9.5%).

Imports into India increased at an average annual rate of +6.9% from 2012 to 2021. At the same time, Bangladesh (+11.6%) and Pakistan (+9.2%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +11.6% from 2012-2021. While the share of Bangladesh (+2.6 p.p.) and Pakistan (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of India (-5.4 p.p.) displayed negative dynamics.

In value terms, India ($X) constitutes the largest market for imported citric acid and its salts and esters in Southern Asia, comprising 71% of total imports. The second position in the ranking was taken by Pakistan ($X), with a 17% share of total imports.

In India, citric acid imports increased at an average annual rate of +9.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Pakistan (+8.3% per year) and Bangladesh (+12.8% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2021, picking up by 48% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was India ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+2.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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