Costa Rica: Market for Industrial, Laboratory or Bakery Ovens 2024

Market Size for Industrial, Laboratory or Bakery Ovens in Costa Rica

In 2022, the Costa Rican market for industrial, laboratory or bakery ovens decreased by -22.7% to $X for the first time since 2016, thus ending a five-year rising trend. In general, consumption, however, posted a significant expansion. Over the period under review, the market reached the maximum level at $X in 2021, and then contracted remarkably in the following year.

Exports of Industrial, Laboratory or Bakery Ovens

Exports from Costa Rica

In 2022, approx. X units of industrial, laboratory or bakery ovens were exported from Costa Rica; waning by -10% on the previous year's figure. Overall, exports continue to indicate a noticeable downturn. The pace of growth was the most pronounced in 2020 when exports increased by 240%. As a result, the exports reached the peak of X units. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, industrial, laboratory or bakery oven exports dropped sharply to $X in 2022. Over the period under review, exports showed a slight shrinkage. The growth pace was the most rapid in 2020 with an increase of 2,318%. The exports peaked at $X in 2021, and then dropped dramatically in the following year.

Exports by Country

Guatemala (X units) was the main destination for industrial, laboratory or bakery oven exports from Costa Rica, with a 56% share of total exports. Moreover, industrial, laboratory or bakery oven exports to Guatemala exceeded the volume sent to the second major destination, Mexico (X units), fivefold. The third position in this ranking was held by the United States (X units), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Guatemala totaled +9.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (0.0% per year) and the United States (0.0% per year).

In value terms, Guatemala ($X) remains the key foreign market for industrial, laboratory or bakery ovens exports from Costa Rica, comprising 87% of total exports. The second position in the ranking was taken by Nicaragua ($X), with a 4.6% share of total exports. It was followed by Mexico, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value to Guatemala amounted to +12.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (-6.1% per year) and Mexico (+34.9% per year).

Export Prices by Country

In 2022, the average export price for industrial, laboratory or bakery ovens amounted to $X per unit, dropping by -16.1% against the previous year. In general, the export price, however, continues to indicate a moderate expansion. The most prominent rate of growth was recorded in 2020 an increase of 611% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2021, and then fell dramatically in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Guatemala ($X per unit), while the average price for exports to Panama ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+34.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Industrial, Laboratory or Bakery Ovens

Imports into Costa Rica

In 2022, after five years of growth, there was significant decline in purchases abroad of industrial, laboratory or bakery ovens, when their volume decreased by -23.1% to X units. In general, imports, however, saw a significant increase. The most prominent rate of growth was recorded in 2015 when imports increased by 166% against the previous year. Over the period under review, imports attained the maximum at X units in 2021, and then declined remarkably in the following year.

In value terms, industrial, laboratory or bakery oven imports dropped notably to $X in 2022. Overall, imports, however, recorded a significant increase. The growth pace was the most rapid in 2015 when imports increased by 247% against the previous year. Imports peaked at $X in 2021, and then contracted significantly in the following year.

Imports by Country

In 2022, South Korea (X units) constituted the largest supplier of industrial, laboratory or bakery oven to Costa Rica, with a 62% share of total imports. Moreover, industrial, laboratory or bakery oven imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X units), fivefold. Spain (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea totaled +28.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+64.8% per year) and Spain (+22.2% per year).

In value terms, South Korea ($X), the United States ($X) and China ($X) were the largest industrial, laboratory or bakery oven suppliers to Costa Rica, together accounting for 90% of total imports.

Among the main suppliers, China, with a CAGR of +58.2%, 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 import price for industrial, laboratory or bakery ovens stood at $X per unit in 2022, almost unchanged from the previous year. Over the period under review, the import price, however, continues to indicate a noticeable reduction. The pace of growth appeared the most rapid in 2018 an increase of 45%. As a result, import price reached the peak level of $X per unit. From 2019 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 the United States ($X per unit), while the price for Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+5.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform