For the Quarter Ending June 2025
North America
• Q2 Citric acid spot price displayed a volatile but overall upward trajectory, with prices averaging 810 USD/MT in April, dipping slightly in May (-0.62%), before rebounding in June to 811 USD/MT (+0.75% MoM)—an average quarter-over-quarter (QoQ) fluctuation of approximately +0.67%. Notably, June 2025 saw record spot price acceleration, fueled by tight global supply and higher production costs.
• The Citric acid price forecast remains bullish for July, with June’s surge resulting from global supply disruptions, especially Chinese plant shutdowns, import tariffs, and a weakened dollar, each amplifying import costs for North American buyers.
• Citric acid production cost trend escalated due to higher Asian-origin feedstock prices and increased freight and utility rates, compounded by supply-side shocks from China and tight availability.
• The 10% baseline import tariff introduced in April sustained cost pressures, incentivizing buyers to secure additional inventory in anticipation of further price increases.
• Import reliance was acute, as domestic output stayed stagnant while logistical flows through Atlantic and Gulf ports operated efficiently despite high landed costs.
• Early Q2 saw downstream demand strength particularly from processed foods, carbonated beverages, and skincare/personal care lines, supporting steady spot demand despite broader inflation concerns.
• May’s market correction reflected a temporary oversupply, with end-users reducing new orders to clear inflated Q1 inventories, triggering price softness and retailer discounting.
• By June, Citric acid demand outlook shifted disciplined; end-users responded to looming supply constraints by accelerating procurement and building strategic reserves, reinforcing upward price momentum.
• June 2025 was characterized by exceptional price hikes, with US importers accepting higher CFR prices as persistent supply shortages and robust downstream demand created a sellers’ market.
• Looking forward, the Citric acid demand outlook suggests sustained tightness, with persistent production cost volatility and dynamic global trade policies expected to uphold elevated price levels into Q3.
APAC
• Q2 Citric acid spot price in China showed moderate volatility with a sharp upturn into June: April’s average was 695 USD/MT (+2.96%), May dipped below 690 USD/MT (-0.72%), and June rose to 696 USD/MT (+0.87% MoM), yielding an average QoQ price movement of +1.03%. June 2025 marked an inflection point, with spot prices reaching historic highs amid global supply shocks.
• Citric acid price forecast across APAC is bullish, with June’s escalation attributed to prolonged plant maintenance, supply chain disruptions, and geopolitical instability impacting international availability.
• Citric acid production cost trend was pressured upward by rising corn prices (key feedstock), outbound freight surges, and constrained refinery operations caused by maintenance shutdowns and limited raw material supply.
• In April, modest Yuan depreciation mildly supported exports, but lean domestic inventories and conservative procurement kept spot price volatility low.
• New US tariffs sparked frontloaded procurement and outbound shipments in early Q2, supporting exports before anticipated cost rises.
• May 2025 saw weaker demand and price declines due to macroeconomic softness, an appreciating Yuan curbing competitiveness, and surplus inventories prompting aggressive price cuts.
• Geopolitical turbulence in June, notably Middle East conflict, intensified upstream cost pressures and contributed to volatile supply chains, with downstream buyers scrambling for supply in anticipation of further curbs.
• Citric acid demand outlook remains exceptionally robust, led by processed foods, beverage, biofuel, and pharmaceutical sectors—especially as brands prioritize natural preservatives and shelf-life extension for summer product lines.
• Smaller producers seized market share during large plant shutdowns, pushing prices higher as baseline inelastic demand from food, pharma, and cosmetics absorbed higher offers.
• Spot prices in June 2025 spiked rapidly; with inventory thinning and new orders outpacing supply, export quotations are set to remain elevated well into Q3, sustaining bullish sentiment.
Europe
• Q2 Citric acid spot prices in Europe fluctuated sharply: April at 1315 EUR/MT (+5.62%), down in May to 1305 EUR/MT (-0.76%), and steeply up in June to 1350 EUR/MT (+3.45%), amounting to an average quarterly price increase of +2.77%. June 2025 reached new highs amid global scarcity.
• The Citric acid price forecast for Europe signals a market skewed toward high prices as supply constraints—stemming from Asian export reductions and logistical congestion—persist.
• Supply chain bottlenecks, especially around major holidays and persistent port congestion in Northern Europe, delayed shipments and contributed to sporadic inventory replenishment, fueling price volatility.
• Europe’s Citric acid production cost trend moved higher in Q2, driven by rising corn input prices and elevated transportation and import costs, offset only partially by declining energy prices in June.
• April’s demand was especially firm in food, pharma, and eco-friendly cleaning sectors, as downstream buyers scrambled to hedge against further rises in baseline raw material costs.
• May experienced a sharp reversal, with pronounced oversupply resulting from April’s stock-building spree and slowed demand—creating negative spot price movement and prompting just-in-time procurement strategies.
• June 2025 saw a robust demand rebound across all key application sectors, including a surge from sustainable and green product manufacturers amid tightening inventories and renewed industrial confidence.
• As Asian supply waned, Belgium’s exporters capitalized, finding ready buyers among European neighbors facing similar shortages and elevated spot pricing.
• Industrial sentiment improved through late Q2, as signaled by reduced contraction in manufacturing PMIs and a resurgence in new order activity.
• The Citric acid demand outlook across Europe points to continued premium pricing, elevated by strategic inventory builds, heightened exporter leverage, and sustained end-use growth in bio-based and health products.
South America
• Q2 Citric acid spot price in Argentina experienced overall upward pressure, with April at 790 USD/MT (+2.60%), May slipping to 785 USD/MT (-0.63%), and June jumping to 791 USD/MT (+0.76%), for a quarterly average gain of +0.91%. June 2025 led with price volatility intensified by global supply shortages.
• Citric acid price forecast into Q3 remains bullish, as June’s increase followed international supply curtailment from China, reallocating global trade flows and compressing available inventories.
• Citric acid production cost trend in Argentina was dictated by global swings, notably elevated international corn and freight rates, imported raw materials, and higher energy prices, all pushing delivered costs higher.
• April’s market saw price escalation driven less by local factors and more by international pricing sentiment, as buyers hedged against anticipated rise in spot and import prices due to global market firmness.
• Import reliance left Argentina exposed to shifts in Chinese and Belgian supplier pricing and trade routes, with local producers maintaining minimal influence.
• May price corrections reflected a glut of Chinese cargos—diverted following temporary Argentine tariff fluctuations—exacerbating short-term oversupply and buyer caution.
• June’s surge was aggravated by geopolitical disruptions in the Middle East, hindering shipping lanes and injecting fresh volatility into landed costs for importers.
• The Citric acid demand outlook remained fundamentally steady, with food processing, beverage, and pharmaceutical sectors maintaining resilient offtake even as overall economic expansion stalled.
• Despite healthy underlying consumption, margin compression emerged as rising import prices outpaced downstream manufacturers’ ability to pass through costs.
• For the balance of 2025, Argentina’s spot price outlook remains sensitive to global supply normalization, as sustained high production and logistics costs may prompt industrial demand substitution or cautious procurement if volatility endures.
For the Quarter Ending March 2025
North America
In Q1 2025, the U.S. Citric Acid market saw a fluctuating price trend, driven by varying demand, inventory levels, and supply chain disruptions. January began with a decline in prices, down by 3%, due to weak demand from industries like pharmaceuticals and food processing. Elevated inventories and global oversupply, particularly from China, compounded the downward pressure, while logistical delays at U.S. ports added to market uncertainty.
February saw the continuation of this bearish trend, though at a slower pace, as demand remained sluggish and inventories built up in anticipation of potential tariffs. However, improvements in logistics and reduced freight costs from China helped keep prices low, with domestic suppliers adjusting to the competitive import market.
The tide turned in March, as prices began to rise, driven by a combination of steady end-user demand, particularly from the pharmaceutical and food sectors, and disruptions caused by new tariffs on Chinese imports. The anticipation of further price increases prompted preemptive buying, which, alongside port congestion and limited supply, led to tighter market conditions. As a result, March experienced a significant price increase, reversing the trend seen in the first two months of the quarter. Overall, Q1 2025 was marked by volatility, with prices initially declining before rebounding sharply in March.
Asia Pacific
In Q1 2025, South Korea's Citric Acid market experienced fluctuating prices due to a mix of supply, demand, and logistical factors. January saw a significant price dip driven by ample supply and intense competition among Asian suppliers. Elevated inventory levels and favorable procurement conditions for buyers, ahead of the Lunar New Year, contributed to this decline.
In February, prices continued to decrease as demand softened in key sectors like pharmaceuticals and food & beverages, which had stockpiled before the holiday. Improved production efficiency, steady imports, and reduced logistical costs, such as lower ocean freight rates, further pressured prices down. However, March witnessed a moderate price increase due to minor logistical disruptions at major ports like Busan and Incheon, causing delays and higher handling costs.
Additionally, a slight depreciation of the South Korean won contributed to a marginal rise in import costs. Despite these factors, demand remained steady, particularly in the food and beverage, pharmaceutical, and personal care industries, stabilizing prices. Overall, Q1 2025 saw a buyer-friendly market with prices pushed down in the first two months, followed by a slight increase in March due to supply chain challenges and macroeconomic pressures.
Europe
The Citric Acid market in Germany experienced significant price fluctuations in Q1 2025. January saw a sharp price decline of -3.61%, driven by ample supply from Asian suppliers and high inventory levels. Despite logistical disruptions, including blank sailings that impacted lead times, the oversupply situation and competitive offers favored buyers, pushing prices lower.
This downward trend continued into February, where weak demand from key sectors like pharmaceuticals and food, coupled with improved production and steady imports, further pressured prices. The appreciation of the euro against the U.S. dollar and reduced ocean freight rates amplified this downward movement, as suppliers focused on clearing excess stock.
However, March marked a sharp reversal in pricing. Severe port congestion and labor strikes in major northern European ports, especially Hamburg, led to tighter supply, boosting supplier pricing power. At the same time, steady procurement from industries like food, cosmetics, and pharmaceuticals, along with easing inflation, prompted restocking ahead of Q2. These factors combined to push prices upward, reversing the earlier downward trajectory. Overall, Q1 2025 witnessed a volatile price trend for Citric Acid in Germany, influenced by supply chain disruptions, changing demand dynamics, and inventory levels.
South America
In Q1 2025, the Citric Acid market in Argentina saw fluctuating price trends, beginning with a significant dip in January. This decline was driven by oversupply, with heightened competition from Asian suppliers, particularly China, and ample inventories ahead of the Lunar New Year. Buyers took advantage of favorable market conditions, locking in advantageous contracts as prices continued to fall.
February maintained the downward trajectory, with weak demand from key sectors such as food processing and pharmaceuticals, and an excess of stockpiled product. The market was further pressured by reduced transpacific freight rates and declining logistics costs, which made imports more competitive. However, March saw a shift, with prices beginning to stabilize and rise slightly. This was attributed to supply chain disruptions at ports, inflationary pressures, and the depreciation of the Argentine Peso.
Despite these factors, sufficient domestic supply prevented sharp price increases. Demand remained steady, with no significant spikes in consumption, particularly from the food, beverage, and pharmaceutical sectors. Overall, while Q1 began with a price decline, the market found a balance by March, with supply-side factors contributing to a mild price increase, reflecting a stable but cautious market environment.
For the Quarter Ending December 2024
North America
The U.S. Citric Acid market experienced a persistent price increase throughout Q4 2024, driven by robust demand and extensive supply chain disruptions. In October, seasonal demand from food and beverage manufacturers, coupled with surging import costs from Asian suppliers, set the stage for price escalation.
Rising fuel charges, port congestion, and supply chain bottlenecks—exacerbated by labor strikes and limited domestic production—intensified these pressures. Strategic stockpiling by traders anticipating winter demand further tightened inventories. Higher corn prices, a critical raw material, also contributed to elevated production costs.
November saw sustained price hikes as the market grappled with soaring Chinese export prices, fluctuating dollar-yuan rates, and persistent logistical challenges at major ports. Importers faced higher procurement costs, driven by constrained shipping capacities and increased freight rates. Despite export demand for U.S.-produced citric acid remaining strong, domestic supply limitations left traders with minimal negotiation power. The culmination of these factors suggests a structural shift in the market, with elevated prices likely to persist unless significant changes in domestic production or import diversification occur.
Asia Pacific
The Citric Acid market in China experienced a robust price surge, driven by supply shortages, strong demand, and strategic market dynamics. The Chinese Citric Acid market displayed remarkable growth throughout Q4 2024, with prices escalating significantly due to constrained supply and robust demand across domestic and international markets. In October, typhoon-related disruptions, elevated freight costs, and pre-holiday procurement activities spurred market pressure.
Downstream demand, particularly from the pharmaceutical sector, further amplified supply constraints, while the depreciation of the dollar against the yuan inflated import costs. November brought intensified price hikes as Western post-holiday demand surged alongside reduced freight rates, allowing suppliers to capitalize on favorable market conditions. Logistical bottlenecks at export terminals like Shanghai compounded delays, further driving up costs.
By December, manufacturers adopted aggressive pricing strategies, leveraging critically low inventories and a seller’s market to reset pricing structures. This deliberate recalibration of market dynamics signals a structural shift, positioning Chinese suppliers to exert greater influence over global trade flows and pricing mechanisms. The overall quarter reflected assertive market transformation and reinforced China's dominance.
Europe
The Belgian Citric Acid market faced a challenging Q4 in 2024, driven by oversupply, weakened demand, and macroeconomic pressures. The trend was characterized by declining regional prices and rising inventories, which negatively impacted market sentiment and manufacturing activity.
Despite a stronger euro enhancing domestic purchasing power, the broader economic climate and persistent inflationary pressures continued to weigh on production costs. Strategic pricing revisions were made to stimulate demand and resolve inventory imbalances, though export volumes remained low. In addition, the downturn in the domestic corn market, a key raw material, contributed to the market's oversupply. Inflation remained high at 3.2%, further straining consumer spending.
The persistent bearish trend was exacerbated by weak demand, leading to significant inventory destocking efforts. The depreciation of the euro and a muted manufacturing outlook added to the market's uncertainty. With weak demand and reduced capacity, manufacturers also scaled back their workforce. Overall, the Belgian Citric Acid market in Q4 exhibited a contraction, with sluggish recovery expected until supply-demand dynamics stabilize.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American Citric Acid market witnessed a significant decline in prices, driven by a confluence of factors. A persistent oversupply in the market, combined with sluggish demand both domestically and internationally, resulted in a substantial imbalance. As manufacturers adjusted to the reduced demand, they curtailed production, leading to the first contraction in supplier lead times in three months. This cautious approach from end-users further dampened buying interest, solidifying a bearish market sentiment.
Moreover, the Corn market, a crucial input for Citric Acid production, experienced its own downturn, adding additional pressure on prices. Disruptions in the U.S. market, notably due to plant shutdowns triggered by hurricanes, temporarily impacted operations, compounding the challenges faced by manufacturers.
Overall, the quarterly trend was decidedly negative, with Citric Acid prices decreasing by 2% compared to the previous quarter. A stark contrast was observed between the first and second halves of the quarter, with prices plummeting by 6%. By the end of the quarter, the price for Citric Acid Anhydrous CFR New York settled at USD 890/MT, reflecting a prevailing trend of decreasing market sentiment.
Asia Pacific
In Q3 2024, the APAC region experienced a significant decline in Citric Acid prices, driven by a confluence of market factors. Notably, an oversupply of Citric Acid, coupled with reduced demand and negative economic indicators, set the stage for a downturn. Currency depreciation across key economies contributed to rising import costs, while persistent supply chain disruptions and weakened consumer sentiment compounded the challenges for producers.
China, as a major player in the Citric Acid market, experienced the most pronounced price fluctuations. The region faced escalating input costs, excessive stockpiles, and a sluggish demand environment, resulting in a notable price adjustment. This quarter marked a -3% price decrease compared to the previous quarter and a more pronounced -9% drop between the first and second halves of the year. The closing price for Citric Acid Anhydrous in China reached USD 675/MT FOB Shanghai, highlighting the pervasive downward pricing pressure.
Additionally, plant shutdowns and operational disruptions further exacerbated market challenges, reinforcing the trend of decreasing prices. Collectively, these factors contributed to a consistent decline in Citric Acid prices throughout Q3 2024, reflecting the ongoing complexities within the APAC market.
Europe
The third quarter of 2024 for citric acid in the European market was marked by a significant price decline, driven by a confluence of factors that reshaped market dynamics. A notable oversupply coupled with reduced demand from downstream sectors contributed to the downturn. Global supply chain challenges continued to affect production and distribution, exacerbating the price decline.
In particular, Germany experienced the most pronounced price fluctuations, serving as a barometer for overall market sentiment. Factors such as reduced production costs, high inventory levels, and cautious consumer behavior further fueled the downward trend in prices. Seasonal influences also played a role, impacting the pricing landscape and prompting correlations with other market variables.
When comparing this quarter to the same period last year, prices revealed a marked decrease, reflective of prevailing market conditions. Quarter-on-quarter analysis showed stability in prices, yet a notable decline of 6% was observed between the first and second halves of the quarter. The quarter-ending price of USD 880/MT for citric acid anhydrous CFR Hamburg in Germany highlighted the ongoing downward trend. Additionally, disruptions and plant shutdowns during the quarter further underscored the challenges facing the citric acid pricing environment.
FAQ’s
1. What are the current Citric Acid prices in different regions?
As of June 2025, Citric Acid spot prices averaged 811 USD/MT in North America, 696 USD/MT in China (APAC), 1350 EUR/MT in Europe, and 791 USD/MT in South America. Prices have shown upward momentum due to global supply disruptions, higher production costs, and tight inventories.
2. Who are the major producers and exporters of Citric Acid?
China remains the largest global producer, with major plants in Shandong and Anhui leading supply. Belgium is a key exporter to Europe, while North America relies on imports from Asian and European suppliers due to stagnant domestic output.
3. What factors are driving the price trends in Q2 2025?
Price trends have been influenced by Chinese plant shutdowns, import tariffs, rising corn and freight costs, and geopolitical disruptions affecting shipping lanes. Strong downstream demand from food, beverage, pharmaceuticals, and personal care sectors also supports elevated prices.
4. What is the price forecast for Q3 2025?
The outlook remains bullish across all regions. Continued supply chain bottlenecks, high feedstock costs, and strong industrial demand are expected to sustain elevated Citric Acid prices, with importers likely to secure inventory in advance of further price hikes.
