Latin America and the Caribbean: Citric Acid Market 2024

Citric Acid Market Size in Latin America and the Caribbean

The Latin American citric acid market soared to $X in 2022, with an increase of X% against the previous year. The total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Citric Acid Production in Latin America and the Caribbean

In value terms, citric acid production amounted to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Citric Acid Exports

Exports in Latin America and the Caribbean

Citric acid exports expanded notably to X tons in 2022, with an increase of X% on 2021 figures. Over the period under review, exports, however, continue to indicate a pronounced downturn. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, citric acid exports surged to $X in 2022. Overall, exports, however, showed a pronounced decrease. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Colombia (X tons) was the largest exporter of citric acid and its salts and esters, constituting X% of total exports. It was distantly followed by Brazil (X tons), achieving a X% share of total exports. Guatemala (X tons) and Peru (X tons) followed a long way behind the leaders.

Exports from Colombia increased at an average annual rate of X% from 2012 to 2022. At the same time, Peru (X%) and Guatemala (X%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Brazil (X%) illustrated a downward trend over the same period. While the share of Colombia (X p.p.), Guatemala (X p.p.) and Peru (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Brazil (X p.p.) displayed negative dynamics.

In value terms, Colombia ($X) remains the largest citric acid supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Brazil ($X), with a X% share of total exports. It was followed by Guatemala, with a X% share.

In Colombia, citric acid exports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brazil (X% per year) and Guatemala (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, jumping by X% against the previous year. In general, the export price continues to indicate a slight expansion. 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 Peru ($X per ton), while Brazil ($X per ton) was amongst the lowest.

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

Citric Acid Imports

Imports in Latin America and the Caribbean

In 2022, overseas purchases of citric acid and its salts and esters increased by X% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, imports continue to indicate a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, citric acid imports soared to $X in 2022. Overall, imports continue to indicate buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Mexico (X tons), distantly followed by Argentina (X tons), Guatemala (X tons), Colombia (X tons), Chile (X tons), Brazil (X tons) and Peru (X tons) represented the main importers of citric acid and its salts and esters, together constituting X% of total imports. Costa Rica (X tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Guatemala (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported citric acid and its salts and esters in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was taken by Brazil ($X), with a X% share of total imports. It was followed by Argentina, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (X% per year) and Argentina (X% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($X per ton), while Colombia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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