Uruguay: Citric Acid Market 2024

Citric Acid Market Size in Uruguay

In 2021, the Uruguayan citric acid market decreased by -15.8% to $X, falling for the second year in a row after three years of growth. In general, consumption saw a abrupt slump. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Citric Acid Production in Uruguay

In value terms, citric acid production totaled $X in 2021 estimated in export price. Over the period under review, production recorded a noticeable decrease. The growth pace was the most rapid in 2017 with an increase of 11% against the previous year. Citric acid production peaked at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Citric Acid Exports

Exports from Uruguay

In 2021, shipments abroad of citric acid and its salts and esters was finally on the rise to reach X tons after three years of decline. Overall, total exports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 92%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, citric acid exports skyrocketed to $X in 2021. In general, exports recorded a relatively flat trend pattern. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

El Salvador (X tons), Peru (X tons) and Chile (X tons) were the main destinations of citric acid exports from Uruguay, with a combined 68% share of total exports.

From 2012 to 2021, the biggest increases were recorded for El Salvador (with a CAGR of +43.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for citric acid exported from Uruguay were El Salvador ($X), Ecuador ($X) and Guatemala ($X), together accounting for 68% of total exports.

El Salvador, with a CAGR of +40.7%, 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 citric acid export price stood at $X per ton in 2021, declining by -8.8% against the previous year. In general, the export price saw a abrupt decrease. The pace of growth was the most pronounced in 2018 when the average export price increased by 41%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while the average price for exports to Chile ($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 the Philippines (+38.5%), while the prices for the other major destinations experienced more modest paces of growth.

Citric Acid Imports

Imports into Uruguay

Citric acid imports into Uruguay surged to X tons in 2021, growing by 25% compared with the year before. Overall, imports continue to indicate notable growth. The most prominent rate of growth was recorded in 2015 with an increase of 322% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, citric acid imports surged to $X in 2021. Over the period under review, imports saw a resilient expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 325%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of citric acid to Uruguay, with a 89% share of total imports. Moreover, citric acid imports from China exceeded the figures recorded by the second-largest supplier, Free Zones (X tons), more than tenfold. The third position in this ranking was taken by the United States (X tons), with a 2% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+9.9% per year) and the United States (+15.5% per year).

In value terms, China ($X) constituted the largest supplier of citric acid and its salts and esters to Uruguay, comprising 76% of total imports. The second position in the ranking was held by the United States ($X), with a 4.2% share of total imports. It was followed by Free Zones, with a 4% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+16.1% per year) and Free Zones (-0.2% per year).

Import Prices by Country

In 2021, the average citric acid import price amounted to $X per ton, picking up by 62% against the previous year. In general, import price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +2.2% 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 import price increased by +64.8% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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