Thailand: Glutamic Acid Market 2024

Glutamic Acid Market Size in Thailand

For the fourth year in a row, the Thai glutamic acid market recorded growth in sales value, which increased by 57% to $X in 2022. Overall, consumption showed mild growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Glutamic Acid Production in Thailand

In value terms, glutamic acid production declined remarkably to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt decline. The pace of growth appeared the most rapid in 2016 with an increase of 27% against the previous year. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Glutamic Acid Exports

Exports from Thailand

In 2022, the amount of glutamic acid and its salts exported from Thailand expanded remarkably to X tons, surging by 7.4% compared with the year before. The total export volume increased at an average annual rate of +5.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of 43%. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, glutamic acid exports expanded sharply to $X in 2022. The total export value increased at an average annual rate of +4.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 32% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Myanmar (X tons), Cambodia (X tons) and Lao People's Democratic Republic (X tons) were the main destinations of glutamic acid exports from Thailand, together accounting for 66% of total exports. The Philippines, Vietnam, Taiwan (Chinese) and Bangladesh lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of +68.8%), while the other leaders experienced more modest paces of growth.

In value terms, Cambodia ($X), Lao People's Democratic Republic ($X) and Myanmar ($X) appeared to be the largest markets for glutamic acid exported from Thailand worldwide, with a combined 72% share of total exports. The Philippines, Vietnam, Taiwan (Chinese) and Bangladesh lagged somewhat behind, together comprising a further 26%.

The Philippines, with a CAGR of +57.5%, 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

In 2022, the average glutamic acid export price amounted to $X per ton, picking up by 2.4% against the previous year. In general, the export price, however, showed a slight curtailment. The pace of growth was the most pronounced in 2020 an increase of 17%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while the average price for exports to Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (+0.6%), while the prices for the other major destinations experienced a decline.

Glutamic Acid Imports

Imports into Thailand

In 2022, glutamic acid imports into Thailand soared to X tons, rising by 22% compared with 2021 figures. The total import volume increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when imports increased by 32%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, glutamic acid imports surged to $X in 2022. Overall, total imports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +84.0% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons) was the main supplier of glutamic acid to Thailand, with a 98% share of total imports. It was followed by Indonesia (X tons), with a 0.9% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-7.8% per year) and Vietnam (-22.0% per year).

In value terms, China ($X) constituted the largest supplier of glutamic acid and its salts to Thailand, comprising 97% of total imports. The second position in the ranking was held by Indonesia ($X), with a 1.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-7.0% per year) and Vietnam (-21.3% per year).

Import Prices by Country

The average glutamic acid import price stood at $X per ton in 2022, surging by 20% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 26% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+0.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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