Colombia: Soups Market 2024

Soups Market Size in Colombia

The Colombian soups market expanded rapidly to $X in 2021, rising by 7.2% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the market value increased by 8.5% against the previous year. Soups consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Soups Production in Colombia

In value terms, soups production totaled $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the production volume increased by 11% against the previous year. Soups production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Soups Exports

Exports from Colombia

In 2021, the amount of soups and broths exported from Colombia declined significantly to X tons, waning by -17.2% against the previous year. Over the period under review, exports saw a abrupt downturn. The most prominent rate of growth was recorded in 2018 with an increase of 61%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, soups exports contracted to $X in 2021. In general, exports saw a abrupt contraction. The growth pace was the most rapid in 2018 with an increase of 41%. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Ecuador (X tons), Peru (X tons) and the United States (X tons) were the main destinations of soups exports from Colombia, together comprising 80% of total exports. Panama, Venezuela, Spain and Paraguay lagged somewhat behind, together comprising a further 17%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Paraguay (with a CAGR of +205.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soups exported from Colombia were Ecuador ($X), Peru ($X) and the United States ($X), together comprising 77% of total exports. Panama, Venezuela, Spain and Paraguay lagged somewhat behind, together accounting for a further 20%.

Paraguay, with a CAGR of +294.1%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average soups export price amounted to $X per ton, growing by 17% against the previous year. Overall, the export price, however, continues to indicate a mild reduction. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Paraguay ($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 Paraguay (+26.3%), while the prices for the other major destinations experienced more modest paces of growth.

Soups Imports

Imports into Colombia

In 2021, approx. X tons of soups and broths were imported into Colombia; rising by 20% compared with the previous year. Overall, imports posted prominent growth. The most prominent rate of growth was recorded in 2013 with an increase of 46%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, soups imports surged to $X in 2021. In general, total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +9.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +64.7% against 2019 indices. The growth pace was the most rapid in 2013 when imports increased by 62%. Imports peaked in 2021 and are likely to see steady growth in years to come.

Imports by Country

In 2021, Peru (X tons) constituted the largest soups supplier to Colombia, with a 77% share of total imports. Moreover, soups imports from Peru exceeded the figures recorded by the second-largest supplier, the United States (X tons), sixfold. The third position in this ranking was taken by Brazil (X tons), with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Peru totaled +18.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+0.2% per year) and Brazil (+119.2% per year).

In value terms, Peru ($X) constituted the largest supplier of soups and broths to Colombia, comprising 59% of total imports. The second position in the ranking was held by the United States ($X), with a 26% share of total imports. It was followed by Brazil, with an 8.5% share.

From 2012 to 2021, the average annual growth rate of value from Peru stood at +14.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+7.2% per year) and Brazil (+116.0% per year).

Import Prices by Country

In 2021, the average soups import price amounted to $X per ton, picking up by 4.6% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 13% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, 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 the United States ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+7.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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