Costa Rica: Cereal Market 2024

Cereal Market Size in Costa Rica

For the third year in a row, the Costa Rican cereal market recorded growth in sales value, which increased by X% to $X in 2022. In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Cereal Production in Costa Rica

In value terms, cereal production reduced slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Over the period under review, production attained the peak level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

The average yield of cereals in Costa Rica dropped slightly to X tons per ha in 2022, falling by X% compared with the year before. The yield figure increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the yield increased by X% against the previous year. As a result, the yield attained the peak level of X tons per ha. From 2015 to 2022, the growth of the average cereal yield remained at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of cereals production in Costa Rica expanded slightly to X ha, surging by X% against the previous year. In general, the harvested area, however, showed a abrupt downturn. The pace of growth appeared the most rapid in 2013 when the harvested area increased by X% against the previous year. As a result, the harvested area reached the peak level of X ha. From 2014 to 2022, the growth of the cereal harvested area remained at a lower figure.

Cereal Exports

Exports from Costa Rica

In 2022, shipments abroad of cereals increased by X% to X tons, rising for the fourth year in a row after two years of decline. In general, exports saw a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, cereal exports surged to $X in 2022. Overall, exports recorded a prominent increase. The most prominent rate of growth was recorded in 2019 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Nicaragua (X tons) was the main destination for cereal exports from Costa Rica, with a X% share of total exports. Moreover, cereal exports to Nicaragua exceeded the volume sent to the second major destination, Panama (X tons), fivefold. Guatemala (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual growth rate of volume to Nicaragua amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (X% per year) and Guatemala (X% per year).

In value terms, the largest markets for cereal exported from Costa Rica were Nicaragua ($X), Panama ($X) and Guatemala ($X), together accounting for X% of total exports. El Salvador lagged somewhat behind, accounting for a further X%.

Among the main countries of destination, El Salvador, with a CAGR of X%, recorded the highest rates of growth with regard to 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 cereal export price stood at $X per ton in 2022, reducing by X% against the previous year. Overall, the export price continues to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2019 when the average export price increased by X% against the previous year. 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 Panama ($X per ton), while the average price for exports to Nicaragua ($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 (X%), while the prices for the other major destinations experienced a decline.

Cereal Imports

Imports into Costa Rica

In 2022, after seven years of growth, there was significant decline in supplies from abroad of cereals, when their volume decreased by X% to X tons. Overall, total imports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when imports increased by X%. Imports peaked at X tons in 2021, and then declined markedly in the following year.

In value terms, cereal imports expanded slightly to $X in 2022. In general, total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2016 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

The United States (X tons), Brazil (X tons) and Canada (X tons) were the main suppliers of cereal imports to Costa Rica, together accounting for X% of total imports. These countries were followed by Uruguay, which accounted for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Uruguay (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Brazil ($X) and Canada ($X) appeared to be the largest cereal suppliers to Costa Rica, together accounting for X% of total imports. Uruguay lagged somewhat behind, accounting for a further X%.

In terms of the main suppliers, Uruguay, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average cereal import price stood at $X per ton in 2022, surging by X% against the previous year. Over the period under review, import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cereal import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Canada ($X per ton) and Uruguay ($X per ton), while the price for the United States ($X per ton) and Brazil ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform