Vietnam: Benzoic Acid Market 2024

Benzoic Acid Market Size in Vietnam

The Vietnamese benzoic acid market surged to $X in 2021, rising by 29% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a strong expansion. Benzoic acid consumption peaked in 2021 and is expected to retain growth in the near future.

Benzoic Acid Exports

Exports from Vietnam

In 2021, the amount of benzoic acid, its salts and esters exported from Vietnam stood at X tons, picking up by 11% on 2020. Overall, exports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of 323% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the near future.

In value terms, benzoic acid exports expanded sharply to $X in 2021. Over the period under review, exports saw resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 356% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Thailand (X tons) was the main destination for benzoic acid exports from Vietnam, accounting for a 61% share of total exports. Moreover, benzoic acid exports to Thailand exceeded the volume sent to the second major destination, Myanmar (X tons), threefold. Singapore (X tons) ranked third in terms of total exports with a 5.3% share.

From 2012 to 2021, the average annual growth rate of volume to Thailand totaled +129.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+42.9% per year) and Singapore (0.0% per year).

In value terms, Thailand ($X) emerged as the key foreign market for benzoic acid, its salts and esters exports from Vietnam, comprising 61% of total exports. The second position in the ranking was taken by Myanmar ($X), with a 23% share of total exports. It was followed by Singapore, with a 5.3% share.

From 2012 to 2021, the average annual growth rate of value to Thailand amounted to +135.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+37.8% per year) and Singapore (0.0% per year).

Export Prices by Country

In 2021, the average benzoic acid export price amounted to $X per ton, stabilizing at the previous year. Over the last nine-year period, it increased at an average annual rate of +1.5%. The pace of growth appeared the most rapid in 2013 when the average export price increased by 44%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Lao People's Democratic Republic ($X per ton) and Myanmar ($X per ton), while the average price for exports to Singapore ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+2.3%), while the prices for the other major destinations experienced mixed trend patterns.

Benzoic Acid Imports

Imports into Vietnam

For the fourth consecutive year, Vietnam recorded growth in purchases abroad of benzoic acid, its salts and esters, which increased by 22% to X tons in 2021. Overall, imports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2013 with an increase of 33% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, benzoic acid imports surged to $X in 2021. In general, imports showed prominent growth. The growth pace was the most rapid in 2013 when imports increased by 51% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the near future.

Imports by Country

The Netherlands (X tons), China (X tons) and Estonia (X tons) were the main suppliers of benzoic acid imports to Vietnam, together accounting for 81% of total imports. The United States, Japan and Singapore lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of +46.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest benzoic acid suppliers to Vietnam were the Netherlands ($X), China ($X) and Estonia ($X), with a combined 81% share of total imports. The United States, Japan and Singapore lagged somewhat behind, together accounting for a further 16%.

In terms of the main suppliers, Singapore, with a CAGR of +48.7%, recorded the highest rates of growth with regard to 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

In 2021, the average benzoic acid import price amounted to $X per ton, growing by 7% against the previous year. Overall, the import price showed modest growth. The growth pace was the most rapid in 2013 when the average import price increased by 14%. Over the period under review, average import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Japan ($X per ton) and Estonia ($X per ton), while the price for Singapore ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+1.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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