South-Eastern Asia: Citric Acid Market 2024

Citric Acid Market Size in South-Eastern Asia

The Southeast Asian citric acid market surged to $X in 2022, increasing by 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 2014 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Citric Acid Production in South-Eastern Asia

In value terms, citric acid production expanded to $X in 2022 estimated in export price. The total production indicated a buoyant 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, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by X%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

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Citric Acid Exports

Exports in South-Eastern Asia

In 2022, overseas shipments of citric acid and its salts and esters decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Total exports indicated strong growth from 2012 to 2022: its volume 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. The most prominent rate of growth was recorded in 2013 when exports increased by X%. The volume of export peaked at X tons in 2021, and then reduced in the following year.

In value terms, citric acid exports stood at $X in 2022. Over the period under review, exports, however, posted a resilient increase. The pace of growth appeared the most rapid in 2021 with an increase of X%. The level of export peaked in 2022 and is likely to see gradual growth in the near future.

Exports by Country

Thailand dominates exports structure, recording X tons, which was approx. X% of total exports in 2022. Singapore (X tons) took an X% share (based on physical terms) of total exports, which put it in second place, followed by Cambodia (X%).

From 2012 to 2022, average annual rates of growth with regard to citric acid exports from Thailand stood at X%. At the same time, Cambodia (X%) and Singapore (X%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of X% from 2012-2022. While the share of Cambodia (X p.p.), Singapore (X p.p.) and Thailand (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest citric acid supplier in South-Eastern Asia, comprising X% of total exports. The second position in the ranking was taken by Singapore ($X), with an X% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Thailand totaled X%. In the other countries, the average annual rates were as follows: Singapore (X% per year) and Cambodia (X% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, increasing by X% against the previous year. Export price indicated a measured increase from 2012 to 2022: its price 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, citric acid export price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 when the export price increased by X%. Over the period under review, the export prices attained the maximum in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cambodia (X%), while the other leaders experienced mixed trends in the export price figures.

Citric Acid Imports

Imports in South-Eastern Asia

In 2022, citric acid imports in South-Eastern Asia soared to X tons, with an increase of X% against the year before. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, citric acid imports skyrocketed to $X in 2022. Overall, imports continue to indicate a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Indonesia represented the major importer of citric acid and its salts and esters in South-Eastern Asia, with the volume of imports reaching X tons, which was approx. X% of total imports in 2022. Singapore (X tons) ranks second in terms of the total imports with a X% share, followed by Vietnam (X%), the Philippines (X%), Thailand (X%) and Malaysia (X%). Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to citric acid imports into Indonesia stood at X%. At the same time, Myanmar (X%), Singapore (X%), Vietnam (X%), Malaysia (X%) and the Philippines (X%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of X% from 2012-2022. By contrast, Thailand (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Singapore, Vietnam and Myanmar increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported citric acid and its salts and esters in South-Eastern Asia, comprising X% of total imports. The second position in the ranking was held by Singapore ($X), with a X% share of total imports. It was followed by Vietnam, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Indonesia totaled X%. In the other countries, the average annual rates were as follows: Singapore (X% per year) and Vietnam (X% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, picking up by X% against the previous year. Import price indicated a pronounced increase from 2012 to 2022: its price 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, citric acid import price increased by X% against 2020 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 Vietnam ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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