Chile: Soups Market 2024

Soups Market Size in Chile

In 2021, after four years of growth, there was decline in the Chilean soups market, when its value decreased by -2% to $X. The market value increased at an average annual rate of +3.2% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2020, and then dropped modestly in the following year.

Soups Production in Chile

In value terms, soups production shrank slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.8% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 39% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then reduced in the following year.

Soups Exports

Exports from Chile

In 2021, shipments abroad of soups and broths increased by 9.1% to X tons, rising for the second consecutive year after four years of decline. In general, exports, however, recorded a abrupt descent. The most prominent rate of growth was recorded in 2020 when exports increased by 46% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, soups exports contracted to $X in 2021. Over the period under review, exports, however, saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2020 when exports increased by 62%. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Peru (X tons) was the main destination for soups exports from Chile, with a 53% share of total exports. Moreover, soups exports to Peru exceeded the volume sent to the second major destination, Bolivia (X tons), twofold. The third position in this ranking was taken by Venezuela (X tons), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Peru stood at -6.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bolivia (-0.1% per year) and Venezuela (+23.4% per year).

In value terms, Peru ($X) emerged as the key foreign market for soups and broths exports from Chile, comprising 52% of total exports. The second position in the ranking was held by Bolivia ($X), with a 24% share of total exports. It was followed by Venezuela, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to Peru totaled -4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bolivia (+3.9% per year) and Venezuela (+20.9% per year).

Export Prices by Country

The average soups export price stood at $X per ton in 2021, waning by -16.6% against the previous year. Over the last nine years, it increased at an average annual rate of +1.7%. The pace of growth appeared the most rapid in 2018 an increase of 24%. The export price peaked at $X per ton in 2020, and then dropped dramatically in the following year.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to Colombia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ecuador (+6.2%), while the prices for the other major destinations experienced more modest paces of growth.

Soups Imports

Imports into Chile

In 2021, purchases abroad of soups and broths increased by 24% to X tons, rising for the fifth year in a row after three years of decline. Over the period under review, imports continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2013 with an increase of 49% against the previous year. Imports peaked in 2021 and are likely to see steady growth in years to come.

In value terms, soups imports expanded significantly to $X in 2021. In general, total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +7.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +83.3% against 2016 indices. The most prominent rate of growth was recorded in 2013 with an increase of 61% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

The United States (X tons), Peru (X tons) and Spain (X tons) were the main suppliers of soups imports to Chile, with a combined 81% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +125.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of soups and broths to Chile, comprising 59% of total imports. The second position in the ranking was held by Peru ($X), with a 17% share of total imports. It was followed by South Korea, with a 6.1% share.

From 2012 to 2021, the average annual growth rate of value from the United States stood at +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (+10.2% per year) and South Korea (+25.1% per year).

Import Prices by Country

The average soups import price stood at $X per ton in 2021, waning by -8.6% against the previous year. In general, the import price saw a mild downturn. The growth pace was the most rapid in 2013 when the average import price increased by 7.6%. Over the period under review, average import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+7.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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