Citric Acid Market

The citric acid market is expected to experience continued growth in consumption volume and value, with a forecasted CAGR of +2.9% in volume and +4.9% in value from 2022 to 2030. Global consumption of citric acid reached 4.2M tons in 2022, with noticeable fluctuations in trends over the years. Leading countries in consumption were China, India, and the United States. Meanwhile, global citric acid production reached 3.8M tons in 2022, with China dominating as the largest producer. In terms of exports, China also led the market with 70% of total exports, followed by Belgium. Import prices saw growth in 2022, with the United States having the highest import price per ton. Overall, the citric acid market is projected to see steady growth in the coming years.

Market Forecast

Driven by increasing demand for citric acid and its salts and esters worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.9% for the period from 2022 to 2030, which is projected to bring the market volume to 5.3M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.9% for the period from 2022 to 2030, which is projected to bring the market value to $10.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Citric Acid And Its Salts And Esters

Global citric acid consumption expanded markedly to 4.2M tons in 2022, increasing by 8.8% against the year before. The total consumption volume increased at an average annual rate of +4.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked in 2022 and is likely to see gradual growth in years to come.

The global citric acid market revenue skyrocketed to $7.2B in 2022, growing by 24% 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, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +66.2% against 2012 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (629K tons), India (364K tons) and the United States (345K tons), with a combined 32% share of global consumption. Germany, Brazil, Mexico, Japan, Italy, Russia, the Netherlands, Thailand, Democratic Republic of the Congo and Canada lagged somewhat behind, together comprising a further 25%.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +11.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest citric acid markets worldwide were the United States ($1.1B), India ($911M) and China ($501M), with a combined 34% share of the global market. Germany, Brazil, Mexico, Italy, Japan, Canada, Democratic Republic of the Congo, the Netherlands, Russia and Thailand lagged somewhat behind, together accounting for a further 24%.

Russia, with a CAGR of +14.4%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of citric acid per capita consumption in 2022 were the Netherlands (4 kg per person), Germany (2.2 kg per person) and Canada (1.7 kg per person).

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +11.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Citric Acid And Its Salts And Esters

Global citric acid production reached 3.8M tons in 2022, picking up by 1.5% against the year before. Overall, the total production indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.9% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of 15% against the previous year. Over the period under review, global production attained the maximum volume at 3.8M tons in 2020; afterwards, it flattened through to 2022.

In value terms, citric acid production rose to $5B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 11%. Over the period under review, global production reached the peak level in 2022 and is likely to see steady growth in the immediate term.

Production By Country

China (2.1M tons) remains the largest citric acid producing country worldwide, comprising approx. 57% of total volume. Moreover, citric acid production in China exceeded the figures recorded by the second-largest producer, India (273K tons), eightfold. The third position in this ranking was held by the United States (221K tons), with a 5.8% share.

In China, citric acid production expanded at an average annual rate of +3.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+7.0% per year) and the United States (+3.3% per year).

Imports

World Imports of Citric Acid And Its Salts And Esters

In 2022, the amount of citric acid and its salts and esters imported worldwide skyrocketed to 2.6M tons, jumping by 22% compared with 2021 figures. Overall, total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +5.6% 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 +71.8% against 2012 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, citric acid imports soared to $5.1B in 2022. In general, imports recorded strong growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, Germany (201K tons), the United States (148K tons), Mexico (129K tons), the Netherlands (119K tons), India (108K tons), Poland (88K tons), Italy (88K tons), Japan (81K tons), Russia (79K tons), Argentina (67K tons), the UK (66K tons) and Indonesia (63K tons) was the key importer of citric acid and its salts and esters in the world, generating 48% of total import. Spain (60K tons) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +11.7%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest citric acid importing markets worldwide were the United States ($546M), Germany ($394M) and the Netherlands ($261M), with a combined 23% share of global imports. Mexico, Italy, India, Japan, Poland, Russia, the UK, Spain, Indonesia and Argentina lagged somewhat behind, together comprising a further 30%.

In terms of the main importing countries, Russia, with a CAGR of +16.6%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average citric acid import price stood at $1,995 per ton in 2022, growing by 42% against the previous year. Over the period under review, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, citric acid import price increased by +87.3% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($3,691 per ton), while Argentina ($1,228 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Citric Acid And Its Salts And Esters

In 2022, approx. 2.2M tons of citric acid and its salts and esters were exported worldwide; surging by 8.8% compared with 2021. Over the period under review, total exports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +110.6% against 2016 indices. The growth pace was the most rapid in 2017 with an increase of 50% against the previous year. The global exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, citric acid exports surged to $4.1B in 2022. In general, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by 62% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports By Country

China prevails in exports structure, recording 1.5M tons, which was near 70% of total exports in 2022. It was distantly followed by Belgium (130K tons), achieving a 6% share of total exports. Thailand (89K tons), Germany (86K tons), Canada (75K tons) and the Netherlands (51K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to citric acid exports from China stood at +5.7%. At the same time, Belgium (+20.0%), the Netherlands (+9.4%), Thailand (+8.4%), Germany (+3.5%) and Canada (+1.1%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing exporter exported in the world, with a CAGR of +20.0% from 2012-2022. Belgium (+4.3 p.p.) significantly strengthened its position in terms of the global exports, while Canada saw its share reduced by -1.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($2.5B) remains the largest citric acid supplier worldwide, comprising 60% of global exports. The second position in the ranking was held by Germany ($298M), with a 7.2% share of global exports. It was followed by Belgium, with a 7.2% share.

In China, citric acid exports expanded at an average annual rate of +10.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+7.0% per year) and Belgium (+22.8% per year).

Export Prices By Country

The average citric acid export price stood at $1,906 per ton in 2022, growing by 40% against the previous year. Over the period under review, export price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, citric acid export price increased by +104.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 46% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($3,468 per ton), while China ($1,622 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+5.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform