Costa Rica: Butter Market 2024

Butter Market Size in Costa Rica

The Costa Rican butter market rose rapidly to $X in 2022, picking up by 5.7% against the previous year. Overall, the total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.1% 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 -5.2% against 2020 indices. Butter consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Butter Production in Costa Rica

In value terms, butter production expanded slightly to $X in 2022 estimated in export price. In general, the total production indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 pace of growth appeared the most rapid in 2016 when the production volume increased by 28% against the previous year. Butter production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Butter Exports

Exports from Costa Rica

After two years of growth, overseas shipments of butter decreased by -11.6% to X tons in 2022. In general, total exports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +3.9% 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 +30.6% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 36% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then shrank in the following year.

In value terms, butter exports contracted to $X in 2022. Overall, total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.3% 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 +38.7% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 57%. The exports peaked at $X in 2021, and then fell in the following year.

Exports by Country

El Salvador (X tons), Guatemala (X tons) and Honduras (X tons) were the main destinations of butter exports from Costa Rica, together comprising 71% of total exports. Nicaragua, Panama and the United States lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +196.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for butter exported from Costa Rica were El Salvador ($X), Guatemala ($X) and Honduras ($X), with a combined 73% share of total exports. Nicaragua, Panama and the United States lagged somewhat behind, together accounting for a further 27%.

Among the main countries of destination, the United States, with a CAGR of +185.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average butter export price stood at $X per ton in 2022, growing by 3.8% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The most prominent rate of growth was recorded in 2016 when the average export price increased by 23% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was El Salvador ($X per ton), while the average price for exports to the United States ($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 Panama (+5.3%), while the prices for the other major destinations experienced more modest paces of growth.

Butter Imports

Imports into Costa Rica

In 2022, butter imports into Costa Rica reduced to X tons, dropping by -10.2% compared with the year before. Overall, imports, however, showed resilient growth. The growth pace was the most rapid in 2015 when imports increased by 249% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, butter imports contracted to $X in 2022. Over the period under review, imports, however, enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2015 with an increase of 252%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Denmark (X tons) constituted the largest butter supplier to Costa Rica, accounting for a 64% share of total imports. Moreover, butter imports from Denmark exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. The third position in this ranking was held by El Salvador (X tons), with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Denmark amounted to +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+18.4% per year) and El Salvador (-7.2% per year).

In value terms, Denmark ($X) constituted the largest supplier of butter to Costa Rica, comprising 63% of total imports. The second position in the ranking was taken by the United States ($X), with a 25% share of total imports. It was followed by El Salvador, with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Denmark stood at +14.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+26.4% per year) and El Salvador (-5.9% per year).

Import Prices by Country

In 2022, the average butter import price amounted to $X per ton, with a decrease of -3.8% against the previous year. Over the period under review, import price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter import price increased by +33.5% against 2019 indices. The most prominent rate of growth was recorded in 2018 an increase of 33% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2021, and then shrank modestly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Panama ($X per ton), while the price for El Salvador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+6.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform