South-Eastern Asia: Citric Acid Market 2024

Citric Acid Market Size in South-Eastern Asia

After two years of growth, the Southeast Asian citric acid market decreased by X% to $X in 2023. In general, consumption, however, posted a notable expansion. As a result, consumption reached the peak level of $X, and then reduced dramatically in the following year.

Citric Acid Production in South-Eastern Asia

In value terms, citric acid production rose markedly to $X in 2023 estimated in export price. Over the period under review, production enjoyed a prominent increase. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Citric Acid Exports

Exports in South-Eastern Asia

In 2023, exports of citric acid and its salts and esters in South-Eastern Asia soared to X tons, growing by X% compared with 2022 figures. Total exports indicated resilient growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by X%. Over the period under review, the exports reached the maximum in 2023 and are expected to retain growth in years to come.

In value terms, citric acid exports amounted to $X in 2023. In general, exports saw a buoyant increase. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure in 2023 and are likely to continue growth in the immediate term.

Exports by Country

Thailand prevails in exports structure, finishing at X tons, which was near X% of total exports in 2023. Singapore (X tons) took the second position in the ranking, followed by Malaysia (X tons). All these countries together took near X% share of total exports. Cambodia (X tons) followed a long way behind the leaders.

Exports from Thailand increased at an average annual rate of X% from 2012 to 2023. At the same time, Cambodia (X%), Singapore (X%) and Malaysia (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 2012-2023. While the share of Thailand (X p.p.) and Singapore (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 a X% share of total exports. It was followed by Malaysia, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Thailand stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (X% per year) and Malaysia (X% per year).

Export Prices by Country

In 2023, the export price in South-Eastern Asia amounted to $X per ton, waning by X% against the previous year. Overall, the export price, however, saw a mild increase. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The level of export peaked at $X per ton in 2022, and then contracted markedly in the following year.

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

From 2012 to 2023, 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

After four years of growth, overseas purchases of citric acid and its salts and esters decreased by X% to X tons in 2023. The total import volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2022 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons, and then contracted in the following year.

In value terms, citric acid imports dropped notably to $X in 2023. Over the period under review, imports, however, enjoyed perceptible growth. The most prominent rate of growth was recorded in 2022 with an increase of X%. As a result, imports reached the peak of $X, and then reduced notably in the following year.

Imports by Country

In 2023, Indonesia (X tons) was the key importer of citric acid and its salts and esters, creating X% of total imports. Vietnam (X tons) ranks second in terms of the total imports with a X% share, followed by Singapore (X%), the Philippines (X%), Malaysia (X%) and Thailand (X%). Cambodia (X tons) took a relatively small share of total imports.

Imports into Indonesia increased at an average annual rate of X% from 2012 to 2023. At the same time, Cambodia (X%), Singapore (X%), Vietnam (X%), Malaysia (X%) and the Philippines (X%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of X% from 2012-2023. By contrast, Thailand (X%) illustrated a downward trend over the same period. While the share of Vietnam (X p.p.), Singapore (X p.p.), Malaysia (X p.p.) and Cambodia (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Indonesia (X p.p.) and Thailand (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual rate of growth in terms of value in Indonesia stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Singapore (X% per year).

Import Prices by Country

In 2023, the import price in South-Eastern Asia amounted to $X per ton, waning by X% against the previous year. Import price indicated a modest expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, citric acid import price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2022 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton, and then fell dramatically in the following year.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in the Philippines ($X per ton) and Indonesia ($X per ton), while Thailand ($X per ton) and Cambodia ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Cambodia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform