Sulphites Market

The global sulphites market is projected to continue an upward consumption trend over the next eight years, with an anticipated CAGR of +2.6% from 2022 to 2030. Market volume is expected to reach 3.9M tons by 2030, while market value is forecasted to increase to $3.5B. Key countries for consumption include China, the United States, and India. Production trends show fluctuation over the years, with China as the largest producer. Imports and exports are also on the rise, with China leading in exports and Democratic Republic of the Congo in imports. Prices have been increasing steadily, with Italy having the highest export price.

Market Forecast

Driven by increasing demand for sulphites worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market volume to 3.9M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market value to $3.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Sulphites

In 2022, approx. 3.2M tons of sulphites were consumed worldwide; picking up by 3.7% on the previous year. The total consumption volume increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 7.2% against the previous year. Global consumption peaked in 2022 and is likely to see steady growth in the immediate term.

The global sulphites market value rose rapidly to $2.6B in 2022, with an increase of 8.6% 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, however, showed a relatively flat trend pattern. Over the period under review, the global market reached the maximum level at $2.7B in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (659K tons), the United States (331K tons) and India (261K tons), together accounting for 39% of global consumption. Germany, Democratic Republic of the Congo, Russia, Japan, France, the UK, South Africa, Mexico, Ecuador and Italy lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +24.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($219M), China ($219M) and Democratic Republic of the Congo ($152M) appeared to be the countries with the highest levels of market value in 2022, with a combined 23% share of the global market. The United States, Russia, Germany, India, the UK, Mexico, France, Ecuador, Italy and South Africa lagged somewhat behind, together accounting for a further 26%.

Among the main consuming countries, Ecuador, with a CAGR of +24.1%, 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 sulphites per capita consumption in 2022 were Ecuador (3.2 kg per 1000 persons), Germany (2.5 kg per 1000 persons) and Democratic Republic of the Congo (1.7 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +22.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Sulphites

In 2022, global production of sulphites shrank slightly to 3M tons, flattening at the previous year's figure. The total output volume increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 8.8%. Global production peaked at 3M tons in 2018; afterwards, it flattened through to 2022.

In value terms, sulphites production dropped to $1.7B in 2022 estimated in export price. Over the period under review, production saw a abrupt decrease. The most prominent rate of growth was recorded in 2021 with an increase of 13% against the previous year. Global production peaked at $3.2B in 2012; however, from 2013 to 2022, production failed to regain momentum.

Production By Country

China (1.1M tons) constituted the country with the largest volume of sulphites production, accounting for 37% of total volume. Moreover, sulphites production in China exceeded the figures recorded by the second-largest producer, the United States (335K tons), threefold. The third position in this ranking was taken by India (315K tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +3.6%. In the other countries, the average annual rates were as follows: the United States (+7.5% per year) and India (+6.3% per year).

Imports

World Imports of Sulphites

For the third year in a row, the global market recorded growth in overseas purchases of sulphites, which increased by 17% to 1.3M tons in 2022. Overall, total imports indicated a remarkable 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, imports increased by +14.4% against 2018 indices. The pace of growth appeared the most rapid in 2018 with an increase of 21% against the previous year. Global imports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, sulphites imports soared to $817M in 2022. In general, imports saw a prominent expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, Democratic Republic of the Congo (164K tons), followed by France (79K tons), South Africa (65K tons), the United States (65K tons), Mexico (59K tons) and Ecuador (58K tons) were the main importers of sulphites, together constituting 39% of total imports. The following importers - Zambia (49K tons), the Netherlands (36K tons), Australia (36K tons), Brazil (34K tons), Peru (33K tons), Indonesia (32K tons) and Canada (32K tons) - together made up 20% of total imports.

From 2012 to 2022, average annual rates of growth with regard to sulphites imports into Democratic Republic of the Congo stood at +11.8%. At the same time, Peru (+24.1%), Ecuador (+22.8%), Zambia (+10.1%), Mexico (+7.0%), Australia (+6.9%), the United States (+4.9%), South Africa (+4.8%), France (+3.7%), Indonesia (+3.0%) and Brazil (+1.4%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing importer imported in the world, with a CAGR of +24.1% from 2012-2022. By contrast, Canada (-1.9%) and the Netherlands (-2.1%) illustrated a downward trend over the same period. Democratic Republic of the Congo (+13 p.p.), Ecuador (+3.6 p.p.) and Peru (+2.1 p.p.) significantly strengthened its position in terms of the global imports, while Brazil, France, Canada and the Netherlands saw its share reduced by -1.5%, -1.5%, -2.9% and -3.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Democratic Republic of the Congo ($152M) constitutes the largest market for imported sulphites worldwide, comprising 19% of global imports. The second position in the ranking was held by Zambia ($42M), with a 5.1% share of global imports. It was followed by France, with a 4.9% share.

From 2012 to 2022, the average annual growth rate of value in Democratic Republic of the Congo stood at +15.2%. The remaining importing countries recorded the following average annual rates of imports growth: Zambia (+10.6% per year) and France (+9.2% per year).

Import Prices By Country

In 2022, the average sulphites import price amounted to $652 per ton, picking up by 33% against the previous year. Over the last decade, it increased at an average annual rate of +3.1%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Democratic Republic of the Congo ($927 per ton), while South Africa ($344 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+6.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Sulphites

In 2022, shipments abroad of sulphites increased by 6.7% to 1M tons, rising for the second consecutive year after two years of decline. Over the period under review, total exports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +6.4% 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 +21.4% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of 33% against the previous year. The global exports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, sulphites exports soared to $534M in 2022. Overall, exports enjoyed a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

In 2022, China (447K tons) was the main exporter of sulphites, making up 45% of total exports. Italy (132K tons) held a 13% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (8.9%), India (7%), the United States (6.9%) and Turkey (5%). Belgium (41K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to sulphites exports from China stood at +10.0%. At the same time, India (+15.2%), Turkey (+8.1%), the United States (+4.4%), Thailand (+4.4%), Belgium (+4.0%) and Italy (+3.0%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in the world, with a CAGR of +15.2% from 2012-2022. While the share of China (+13 p.p.) and India (+3.8 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Thailand (-1.8 p.p.) and Italy (-5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($201M) remains the largest sulphites supplier worldwide, comprising 38% of global exports. The second position in the ranking was taken by Italy ($99M), with a 19% share of global exports. It was followed by Thailand, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +12.8%. In the other countries, the average annual rates were as follows: Italy (+8.0% per year) and Thailand (+6.9% per year).

Export Prices By Country

The average sulphites export price stood at $533 per ton in 2022, growing by 27% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Italy ($752 per ton), while India ($301 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+4.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform