Colombia: Plastic Closure Market 2024

Plastic Closure Market Size in Colombia

The Colombian plastic closure market was estimated at $X in 2022, picking up by 1.9% against the previous year. Overall, the total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.0% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2020; afterwards, it flattened through to 2022.

Plastic Closure Production in Colombia

In value terms, plastic closure production stood at $X in 2022 estimated in export price. In general, the total production indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.9% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 31%. Plastic closure production peaked at $X in 2020; afterwards, it flattened through to 2022.

Plastic Closure Exports

Exports from Colombia

Plastic closure exports from Colombia skyrocketed to X tons in 2022, with an increase of 53% compared with 2021. Overall, exports, however, saw a mild decline. The most prominent rate of growth was recorded in 2020 when exports increased by 177% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, plastic closure exports soared to $X in 2022. Over the period under review, exports recorded a slight expansion. The pace of growth appeared the most rapid in 2020 with an increase of 175%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Mexico (X tons), Ecuador (X tons) and Peru (X tons) were the main destinations of plastic closure exports from Colombia, with a combined 43% share of total exports. Germany, Chile, Brazil, the Dominican Republic, Panama, Costa Rica, the United States, Honduras, Guyana and Venezuela lagged somewhat behind, together accounting for a further 43%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Germany (with a CAGR of +81.6%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) emerged as the key foreign market for plastic stoppers, caps and closures exports from Colombia, comprising 33% of total exports. The second position in the ranking was held by Mexico ($X), with an 11% share of total exports. It was followed by Ecuador, with an 8.7% share.

From 2012 to 2022, the average annual growth rate of value to Germany amounted to +91.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+2.0% per year) and Ecuador (-5.7% per year).

Export Prices by Country

In 2022, the average plastic closure export price amounted to $X per ton, with a decrease of -2.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2013 when the average export price increased by 26%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+8.6%), while the prices for the other major destinations experienced mixed trend patterns.

Plastic Closure Imports

Imports into Colombia

In 2022, approx. X tons of plastic stoppers, caps and closures were imported into Colombia; shrinking by -9.7% against the year before. In general, imports continue to indicate a slight descent. The pace of growth appeared the most rapid in 2021 with an increase of 23% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic closure imports dropped to $X in 2022. The total import value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 33%. As a result, imports reached the peak of $X, and then contracted in the following year.

Imports by Country

In 2022, Mexico (X tons) constituted the largest supplier of plastic closure to Colombia, with a 32% share of total imports. Moreover, plastic closure imports from Mexico exceeded the figures recorded by the second-largest supplier, Brazil (X tons), twofold. The third position in this ranking was taken by China (X tons), with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Mexico totaled +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+7.9% per year) and China (-1.9% per year).

In value terms, Mexico ($X), Peru ($X) and Brazil ($X) appeared to be the largest plastic closure suppliers to Colombia, together accounting for 48% of total imports. The United States, China, Spain, France, Italy, Chile and Ecuador lagged somewhat behind, together comprising a further 44%.

France, with a CAGR of +24.4%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average plastic closure import price stood at $X per ton in 2022, declining by -3.1% against the previous year. Over the period under review, import price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plastic closure import price increased by +53.6% against 2017 indices. The growth pace was the most rapid in 2020 when the average import price increased by 42% against the previous year. The import price peaked at $X per ton in 2021, and then contracted in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+13.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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