Glutamic Acid Market

The global glutamic acid market is projected to experience growth in both consumption volume and market value over the period from 2022 to 2030. In 2022, consumption volume reached 1.2M tons, with Japan, Nigeria, and Indonesia being the top consuming countries. Production volume and export prices also saw fluctuations over the years. China emerged as the largest producer and exporter of glutamic acid, while Indonesia, Brazil, and Thailand also played significant roles in the global market. The average export price of glutamic acid increased in 2022, with France having the highest price and China the lowest. Overall, the glutamic acid market is expected to continue growing in the coming years.

Market Forecast

Driven by rising demand for glutamic acid worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market volume to 1.5M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.9% for the period from 2022 to 2030, which is projected to bring the market value to $2.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Glutamic Acid And Its Salts

In 2022, approx. 1.2M tons of glutamic acid and its salts were consumed worldwide; waning by -4.4% against the year before. Over the period under review, consumption continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the consumption volume increased by 9.8% against the previous year. Over the period under review, global consumption reached the peak volume at 1.4M tons in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

The global glutamic acid market value surged to $1.9B in 2022, increasing by 16% 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). In general, consumption, however, saw a relatively flat trend pattern. Global consumption peaked at $2.1B in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Japan (124K tons), Nigeria (120K tons) and Indonesia (117K tons), with a combined 30% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +21.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($211M), Vietnam ($178M) and Nigeria ($173M) were the countries with the highest levels of market value in 2022, together comprising 29% of the global market. Indonesia, the Philippines, South Korea, India, Brazil, Malaysia, the United States, Thailand, Myanmar and China lagged somewhat behind, together comprising a further 38%.

Among the main consuming countries, Indonesia, with a CAGR of +22.9%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of glutamic acid per capita consumption in 2022 were Malaysia (1,183 kg per 1000 persons), Japan (992 kg per 1000 persons) and Vietnam (964 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Indonesia (with a CAGR of +20.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Glutamic Acid And Its Salts

In 2022, the amount of glutamic acid and its salts produced worldwide contracted modestly to 1.4M tons, shrinking by -1.7% compared with the year before. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the production volume increased by 7.3%. As a result, production attained the peak volume of 1.4M tons, and then contracted modestly in the following year.

In value terms, glutamic acid production fell to $1.6B in 2022 estimated in export price. Over the period under review, production continues to indicate a mild curtailment. The pace of growth was the most pronounced in 2021 when the production volume increased by 17% against the previous year. Over the period under review, global production hit record highs at $1.8B in 2016; however, from 2017 to 2022, production failed to regain momentum.

Production By Country

China (874K tons) remains the largest glutamic acid producing country worldwide, comprising approx. 65% of total volume. Moreover, glutamic acid production in China exceeded the figures recorded by the second-largest producer, Brazil (161K tons), fivefold. Indonesia (141K tons) ranked third in terms of total production with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China was relatively modest. In the other countries, the average annual rates were as follows: Brazil (+0.6% per year) and Indonesia (+0.9% per year).

Imports

World Imports of Glutamic Acid And Its Salts

Global glutamic acid imports rose markedly to 1.2M tons in 2022, surging by 12% compared with 2021. Over the period under review, total imports indicated buoyant 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, imports increased by +66.6% against 2012 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 15%. Global imports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, glutamic acid imports surged to $2.1B in 2022. In general, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +66.9% against 2014 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

Japan (124K tons), Nigeria (120K tons), Thailand (119K tons), Indonesia (91K tons), Vietnam (75K tons), Malaysia (66K tons), the Philippines (57K tons), South Korea (52K tons), India (48K tons), Taiwan (Chinese) (44K tons), the United States (36K tons) and Myanmar (32K tons) represented roughly 70% of total imports in 2022. Mexico (23K tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Taiwan (Chinese) (with a CAGR of +17.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($218M), Nigeria ($183M) and Thailand ($169M) constituted the countries with the highest levels of imports in 2022, together accounting for 27% of global imports. Vietnam, Indonesia, Malaysia, the Philippines, India, South Korea, the United States, Taiwan (Chinese), Myanmar and Mexico lagged somewhat behind, together accounting for a further 43%.

In terms of the main importing countries, Taiwan (Chinese), with a CAGR of +16.3%, recorded 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

In 2022, the average glutamic acid import price amounted to $1,679 per ton, surging by 24% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $1,709 per ton in 2012; afterwards, it flattened through to 2022.

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 the United States ($2,054 per ton), while Myanmar ($1,298 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+1.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Glutamic Acid And Its Salts

In 2022, the amount of glutamic acid and its salts exported worldwide expanded rapidly to 1.4M tons, growing by 14% against the previous year. Overall, total exports indicated a prominent increase 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 +86.0% against 2016 indices. The growth pace was the most rapid in 2019 when exports increased by 35% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, glutamic acid exports skyrocketed to $2.1B in 2022. Over the period under review, total exports indicated strong growth from 2012 to 2022: its value 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, exports increased by +99.1% against 2017 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

China prevails in exports structure, finishing at 838K tons, which was approx. 61% of total exports in 2022. Indonesia (116K tons) held the second position in the ranking, followed by Brazil (108K tons), Thailand (93K tons), Vietnam (83K tons) and France (65K tons). All these countries together held near 34% share of total exports. Malaysia (26K tons) held a relatively small share of total exports.

Exports from China increased at an average annual rate of +10.4% from 2012 to 2022. At the same time, Malaysia (+15.7%) and Thailand (+5.6%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in the world, with a CAGR of +15.7% from 2012-2022. Brazil and Vietnam experienced a relatively flat trend pattern. By contrast, Indonesia (-2.0%) and France (-22.0%) illustrated a downward trend over the same period. While the share of China (+20 p.p.) and France (+4.7 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Vietnam (-4.7 p.p.), Brazil (-5.2 p.p.) and Indonesia (-10.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.1B) remains the largest glutamic acid supplier worldwide, comprising 52% of global exports. The second position in the ranking was taken by Indonesia ($209M), with a 9.8% share of global exports. It was followed by Brazil, with an 8.6% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +9.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (-1.1% per year) and Brazil (+0.1% per year).

Export Prices By Country

In 2022, the average glutamic acid export price amounted to $1,555 per ton, growing by 18% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 19% against the previous year. Over the period under review, the average export prices attained the peak figure at $1,681 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 France ($2,138 per ton), while China ($1,331 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+37.8%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform