Report Update: May 1, 2024

Philippines - Citric Acid And Its Salts And Esters - Market Analysis, Forecast, Size, Trends And Insights

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Citric Acid Price in the Philippines - 2023

Citric Acid Price in the Philippines (CIF) - 2023

In June 2023, the average citric acid import price amounted to $1,591 per ton, surging by 7.2% against the previous month. Overall, the import price, however, recorded a pronounced curtailment. The growth pace was the most rapid in May 2023 when the average import price increased by 32% month-to-month. The import price peaked at $2,153 per ton in August 2022; however, from September 2022 to June 2023, import prices remained at a lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was Germany ($5,834 per ton), while the price for China ($1,429 per ton) was amongst the lowest.

From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by Germany (+2.6%), while the prices for the other major suppliers experienced a decline.

Citric Acid Price in the Philippines (FOB) - 2022

In 2022, the average citric acid export price amounted to $5,330 per ton, which is down by -11.5% against the previous year. Over the period under review, the export price, however, recorded strong growth. The pace of growth appeared the most rapid in 2015 an increase of 1,169%. As a result, the export price reached the peak level of $12,014 per ton. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($10,829 per ton), while the average price for exports to Sierra Leone ($1,983 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 Thailand (+12.0%), while the prices for the other major destinations experienced mixed trend patterns.

Citric Acid Imports in the Philippines

In 2022, after two years of decline, there was significant growth in supplies from abroad of citric acid and its salts and esters, when their volume increased by 44% to 19K tons. The total import volume increased at an average annual rate of +8.0% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, citric acid imports skyrocketed to $37M in 2022. Over the period under review, imports saw a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Import of Citric Acid in the Philippines (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	9.6	8.5	10.4	29.8	45.9%
Germany	3.5	2.8	2.2	3.1	-4.0%
Singapore	N/A	0.9	1.7	2.9	79.5%
Others	0.7	0.9	1.5	1.1	16.3%
Total	13.8	13.0	15.7	36.8	38.7%

Top Suppliers of Citric Acid to the Philippines in 2022:

China (16.4K tons)
Singapore (1.6K tons)
Germany (0.6K tons)

Citric Acid Exports in the Philippines

In 2022, citric acid exports from the Philippines shrank remarkably to 943 kg, which is down by -89.9% compared with the previous year's figure. Over the period under review, exports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 1,726%. As a result, the exports attained the peak of 9.3 tons, and then fell remarkably in the following year.

In value terms, citric acid exports shrank rapidly to $5K in 2022. Overall, exports faced a dramatic shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of 1,229%. As a result, the exports reached the peak of $56K, and then reduced markedly in the following year.

Export of Citric Acid in the Philippines (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Vietnam	6.3	4.2	49.4	2.6	-25.5%
Thailand	N/A	N/A	N/A	2.0	0%
Sierra Leone	N/A	N/A	N/A	0.5	0%
Indonesia	6.7	N/A	N/A	N/A	0%
Singapore	0.1	N/A	6.8	N/A	724.6%
Others	N/A	N/A	N/A	N/A	0%
Total	13.1	4.2	56.1	5.0	-27.5%

Top Export Markets for Citric Acid from the Philippines in 2022:

Thailand (470.0 kg)
Vietnam (238.0 kg)
Sierra Leone (235.0 kg)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the citric acid market in the Philippines. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20143473 - Citric acid and its salts and esters

Country coverage:

Philippines

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in the Philippines
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023