Costa Rica: Modified Starches Market 2024

Modified Starches Market Size in Costa Rica

The Costa Rican modified starches market expanded slightly to $X in 2022, with an increase of 4.2% against the previous year. Over the period under review, consumption, however, continues to indicate a perceptible reduction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Modified Starches Production in Costa Rica

In value terms, modified starches production rose remarkably to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a perceptible decrease. The most prominent rate of growth was recorded in 2020 when the production volume increased by 33%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Modified Starches Exports

Exports from Costa Rica

In 2022, after three years of growth, there was decline in shipments abroad of dextrins and other modified starches, when their volume decreased by -4% to X tons. Overall, exports, however, recorded a resilient expansion. The pace of growth was the most pronounced in 2019 with an increase of 157% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then contracted slightly in the following year.

In value terms, modified starches exports dropped to $X in 2022. In general, exports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of 266%. Over the period under review, the exports attained the maximum at $X in 2021, and then dropped in the following year.

Exports by Country

Honduras (X tons), Panama (X tons) and Guatemala (X tons) were the main destinations of modified starches exports from Costa Rica, with a combined 99.9% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Honduras (with a CAGR of +40.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Panama ($X), Honduras ($X) and Guatemala ($X) constituted the largest markets for modified starches exported from Costa Rica worldwide.

Among the main countries of destination, Honduras, with a CAGR of +34.5%, 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 modified starches export price stood at $X per ton in 2022, dropping by -1.7% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average export price increased by 43% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while the average price for exports to Honduras ($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 Nicaragua (+9.3%), while the prices for the other major destinations experienced mixed trend patterns.

Modified Starches Imports

Imports into Costa Rica

In 2022, imports of dextrins and other modified starches into Costa Rica dropped to X tons, with a decrease of -5.1% compared with the year before. Overall, total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +3.8% 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 +19.0% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of 41% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, modified starches imports fell to $X in 2022. The total import value increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 35% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then dropped in the following year.

Imports by Country

Mexico (X tons), the United States (X tons) and Brazil (X tons) were the main suppliers of modified starches imports to Costa Rica, with a combined 70% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +106.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Mexico ($X) and Brazil ($X) appeared to be the largest modified starches suppliers to Costa Rica, with a combined 69% share of total imports.

Among the main suppliers, Brazil, with a CAGR of +77.7%, saw the highest rates of growth with regard to 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

In 2022, the average modified starches import price amounted to $X per ton, dropping by -4% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 12%. As a result, import price reached the peak level of $X per ton, and then shrank 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 the Netherlands ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+0.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform