Singapore: Glutamic Acid Market 2024

Glutamic Acid Market Size in Singapore

The Singaporean glutamic acid market shrank to $X in 2023, reducing by X% 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, consumption recorded a pronounced descent. Glutamic acid consumption peaked at $X in 2014; however, from 2015 to 2023, consumption remained at a lower figure.

Glutamic Acid Exports

Exports from Singapore

For the third year in a row, Singapore recorded growth in shipments abroad of glutamic acid and its salts, which increased by X% to X tons in 2023. Overall, exports recorded prominent growth. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, glutamic acid exports reduced slightly to $X in 2023. In general, exports enjoyed a noticeable increase. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

Vietnam (X tons) was the main destination for glutamic acid exports from Singapore, with a X% share of total exports. Moreover, glutamic acid exports to Vietnam exceeded the volume sent to the second major destination, Malaysia (X tons), threefold. The third position in this ranking was held by Hong Kong SAR (X tons), with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Vietnam totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Hong Kong SAR (X% per year).

In value terms, the largest markets for glutamic acid exported from Singapore were Vietnam ($X), Japan ($X) and Hong Kong SAR ($X), with a combined X% share of total exports.

Among the main countries of destination, Vietnam, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average glutamic acid export price stood at $X per ton in 2023, waning by X% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of X% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Japan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Glutamic Acid Imports

Imports into Singapore

In 2023, imports of glutamic acid and its salts into Singapore declined to X tons, which is down by X% against the previous year's figure. In general, imports recorded a slight curtailment. The pace of growth appeared the most rapid in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2023, the growth of imports failed to regain momentum.

In value terms, glutamic acid imports dropped to $X in 2023. Overall, imports continue to indicate a noticeable decline. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, China (X tons) constituted the largest glutamic acid supplier to Singapore, accounting for a X% share of total imports. Moreover, glutamic acid imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. The third position in this ranking was held by Malaysia (X tons), with an X% share.

From 2012 to 2023, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Malaysia (X% per year).

In value terms, China ($X) constituted the largest supplier of glutamic acid and its salts to Singapore, comprising X% of total imports. The second position in the ranking was held by Indonesia ($X), with a X% share of total imports. It was followed by Malaysia, with a X% share.

From 2012 to 2023, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Malaysia (X% per year).

Import Prices by Country

The average glutamic acid import price stood at $X per ton in 2023, which is down by X% against the previous year. Over the period under review, the import price recorded a perceptible contraction. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform