Costa Rica: Powdered Milk Market 2024

Powdered Milk Market Size in Costa Rica

The Costa Rican powdered milk market expanded to $X in 2022, rising by 2% against the previous year. In general, consumption, however, posted a buoyant increase. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Powdered Milk Production in Costa Rica

In value terms, powdered milk production expanded slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when the production volume increased by 20% against the previous year. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Powdered Milk Exports

Exports from Costa Rica

In 2022, overseas shipments of powdered milk increased by 2.2% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, showed a noticeable descent. The growth pace was the most rapid in 2016 when exports increased by 79% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, powdered milk exports reached $X in 2022. In general, exports, however, saw a mild reduction. The most prominent rate of growth was recorded in 2016 when exports increased by 67%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Guatemala (X tons) was the main destination for powdered milk exports from Costa Rica, accounting for a 46% share of total exports. Moreover, powdered milk exports to Guatemala exceeded the volume sent to the second major destination, the Dominican Republic (X tons), threefold. El Salvador (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Guatemala stood at +3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (-1.4% per year) and El Salvador (-3.2% per year).

In value terms, Guatemala ($X) remains the key foreign market for powdered milk exports from Costa Rica, comprising 46% of total exports. The second position in the ranking was held by El Salvador ($X), with a 15% share of total exports. It was followed by the Dominican Republic, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Guatemala stood at +4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (+0.6% per year) and the Dominican Republic (-1.8% per year).

Export Prices by Country

The average powdered milk export price stood at $X per ton in 2022, rising by 5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. The pace of growth appeared the most rapid in 2020 when the average export price increased by 16%. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 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 El Salvador ($X per ton), while the average price for exports to Colombia ($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 Russia (+7.0%), while the prices for the other major destinations experienced more modest paces of growth.

Powdered Milk Imports

Imports into Costa Rica

In 2022, overseas purchases of powdered milk decreased by -0.8% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, enjoyed a slight increase. The most prominent rate of growth was recorded in 2016 with an increase of 267% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, powdered milk imports fell to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 278%. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of powdered milk to Costa Rica, accounting for a 78% share of total imports. Moreover, powdered milk imports from the United States exceeded the figures recorded by the second-largest supplier, Nicaragua (X tons), sixfold.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Nicaragua (+4.1% per year) and France (+144.1% per year).

In value terms, the United States ($X) constituted the largest supplier of powdered milk to Costa Rica, comprising 72% of total imports. The second position in the ranking was held by Nicaragua ($X), with a 19% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Nicaragua (+23.8% per year) and France (+95.1% per year).

Import Prices by Country

The average powdered milk import price stood at $X per ton in 2022, declining by -6.1% against the previous year. Overall, the import price saw a mild decline. The pace of growth was the most pronounced in 2014 when the average import price increased by 34% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices failed to regain momentum.

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 Nicaragua ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nicaragua (+18.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform