Lauric Acid And Other Acids, Their Salts And Esters Market

The article discusses the increasing demand for lauric acid and other acids, salts, and esters globally, with a projected growth in consumption over the next eight years. The market is expected to see a deceleration in performance, with an anticipated CAGR of +3.6% in volume and +5.5% in value from 2022 to 2030. China remains the largest consumer, followed by the United States and India. Production and exports of these products are also analyzed, with Indonesia and Malaysia being major exporters. The article provides insights into pricing trends and growth rates for key market players.

Market Forecast

Driven by increasing demand for lauric acid and other acids, their salts and esters worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market volume to 3.8M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.5% for the period from 2022 to 2030, which is projected to bring the market value to $17.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Lauric Acid And Other Acids, Their Salts And Esters

In 2022, after ten years of growth, there was significant decline in consumption of lauric acid and other acids, their salts and esters, when its volume decreased by -11.1% to 2.8M tons. Over the period under review, the total consumption indicated resilient growth from 2012 to 2022: its volume 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 +66.4% against 2012 indices. As a result, consumption attained the peak volume of 3.2M tons, and then reduced in the following year.

The value of the market for lauric acid and other acids, their salts and esters worldwide dropped to $11.4B in 2022, which is down by -9.9% 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). Overall, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.5% 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 +70.4% against 2012 indices. As a result, consumption attained the peak level of $12.7B, and then reduced in the following year.

Consumption By Country

China (657K tons) remains the largest lauric acid and other acids, their salts and esters consuming country worldwide, accounting for 23% of total volume. Moreover, consumption of lauric acid and other acids, their salts and esters in China exceeded the figures recorded by the second-largest consumer, the United States (327K tons), twofold. India (240K tons) ranked third in terms of total consumption with an 8.5% share.

In China, consumption of lauric acid and other acids, their salts and esters expanded at an average annual rate of +6.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+9.3% per year) and India (+5.2% per year).

In value terms, the largest lauric acid and other acids, their salts and esters markets worldwide were China ($2.5B), India ($2.1B) and the United States ($1.3B), together comprising 51% of the global market. Nigeria, Mexico, Japan, the Netherlands, Germany, Turkey, Belgium, the UK, Brazil and Indonesia lagged somewhat behind, together comprising a further 31%.

The Netherlands, with a CAGR of +38.9%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while esters for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of lauric acid and other acids, their salts and esters per capita consumption in 2022 were the Netherlands (13 kg per person), Belgium (7.2 kg per person) and Japan (1.1 kg per person).

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +38.0%), while esters for the other global leaders experienced more modest paces of growth.

Production

World Production of Lauric Acid And Other Acids, Their Salts And Esters

In 2022, after ten years of growth, there was decline in production of lauric acid and other acids, their salts and esters, when its volume decreased by -2.2% to 2.8M tons. In general, the total production indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +66.9% against 2012 indices. The most prominent rate of growth was recorded in 2021 when the production volume increased by 13%. As a result, production attained the peak volume of 2.9M tons, and then declined in the following year.

In value terms, production of lauric acid and other acids, their salts and esters shrank to $9.5B in 2022 estimated in export price. The total output value increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when the production volume increased by 17%. As a result, production attained the peak level of $9.8B, and then dropped modestly in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were China (480K tons), Indonesia (476K tons) and the United States (312K tons), with a combined 45% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of esters, amongst the main producing countries, was attained by Indonesia (with a CAGR of +11.9%), while esters for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Lauric Acid And Other Acids, Their Salts And Esters

In 2022, overseas purchases of lauric acid and other acids, their salts and esters decreased by -18.7% to 1.5M tons for the first time since 2013, thus ending a eight-year rising trend. In general, imports, however, saw a remarkable increase. The pace of growth appeared the most rapid in 2021 when imports increased by 34%. As a result, imports attained the peak of 1.9M tons, and then fell significantly in the following year.

In value terms, imports of lauric acid and other acids, their salts and esters reduced to $5.1B in 2022. Overall, imports, however, saw a resilient expansion. The growth pace was the most rapid in 2021 with an increase of 59%. As a result, imports reached the peak of $5.4B, and then dropped in the following year.

Imports By Country

The purchases of the eight major importers of lauric acid and other acids, their salts and esters, namely China, the Netherlands, Belgium, India, the United States, Japan, Germany and the UK, represented more than two-thirds of total import. Italy (40K tons), South Korea (37K tons), Spain (37K tons), Mexico (32K tons) and Malaysia (28K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +12.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest lauric acid and other acids, their salts and esters importing markets worldwide were China ($582M), the Netherlands ($469M) and Belgium ($461M), together accounting for 30% of global imports.

In terms of the main importing countries, the Netherlands, with a CAGR of +12.4%, saw the highest rates of growth with regard to 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 import price for lauric acid and other acids, their salts and esters stood at $3,339 per ton in 2022, surging by 16% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2021 when the average import price increased by 19% against the previous year. Global import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Spain ($4,651 per ton), while the Netherlands ($2,082 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+3.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Lauric Acid And Other Acids, Their Salts And Esters

In 2022, after three years of growth, there was decline in shipments abroad of lauric acid and other acids, their salts and esters, when their volume decreased by -3.7% to 1.5M tons. In general, total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +6.0% 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 +91.7% against 2013 indices. The growth pace was the most rapid in 2021 with an increase of 25%. As a result, the exports reached the peak of 1.5M tons, and then dropped modestly in the following year.

In value terms, exports of lauric acid and other acids, their salts and esters reached $4.7B in 2022. Overall, total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.6% 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 +76.7% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of 48% against the previous year. Over the period under review, the global exports of hit record highs in 2022 and are likely to continue growth in the near future.

Exports By Country

Indonesia (378K tons) and Malaysia (304K tons) were the major exporters of lauric acid and other acids, their salts and esters in 2022, accounting for approx. 25% and 20% of total exports, respectively. It was distantly followed by Germany (145K tons), the Netherlands (143K tons), Belgium (91K tons), China (76K tons) and the United States (73K tons), together achieving a 35% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +18.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Malaysia ($754M), Indonesia ($630M) and Germany ($514M) were the countries with the highest levels of exports in 2022, with a combined 41% share of global exports.

In terms of the main exporting countries, Indonesia, with a CAGR of +18.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average export price for lauric acid and other acids, their salts and esters stood at $3,125 per ton in 2022, picking up by 19% against the previous year. In general, the export price saw a relatively flat trend pattern. As a result, the export 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 exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($4,887 per ton), while Indonesia ($1,666 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+3.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform