Costa Rica: Glass Closure Market 2024

Glass Closure Market Size in Costa Rica

The Costa Rican glass closure market rose modestly to $X in 2022, with an increase of 4.6% against the previous year. In general, consumption, however, continues to indicate a noticeable curtailment. Glass closure consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Glass Closure Production in Costa Rica

In value terms, glass closure production totaled $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a noticeable curtailment. The most prominent rate of growth was recorded in 2014 when the production volume increased by 25%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Glass Closure Exports

Exports from Costa Rica

In 2022, glass closure exports from Costa Rica surged to X kg, increasing by 217% against 2021 figures. Over the period under review, exports continue to indicate modest growth. The growth pace was the most rapid in 2017 when exports increased by 480%. The exports peaked at X kg in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, glass closure exports soared to $X in 2022. In general, exports, however, recorded a noticeable slump. The growth pace was the most rapid in 2014 with an increase of 564%. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Guatemala (X kg) was the main destination for glass closure exports from Costa Rica, with a 74% share of total exports. Moreover, glass closure exports to Guatemala exceeded the volume sent to the second major destination, Nicaragua (X kg), fivefold. The United States (X kg) ranked third in terms of total exports with a 3.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Guatemala stood at +35.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (+23.1% per year) and the United States (-25.3% per year).

In value terms, Guatemala ($X) remains the key foreign market for glass stoppers, lids and other closures exports from Costa Rica, comprising 88% of total exports. The second position in the ranking was taken by Mexico ($X), with a 1.7% share of total exports. It was followed by the United States, with a 1.7% share.

From 2012 to 2022, the average annual growth rate of value to Guatemala stood at +26.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-10.4% per year) and the United States (-32.9% per year).

Export Prices by Country

In 2022, the average glass closure export price amounted to $X per ton, which is down by -31% against the previous year. In general, the export price continues to indicate a perceptible decline. The pace of growth appeared the most rapid in 2021 an increase of 161%. 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 stood at a somewhat 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 Guatemala ($X per ton), while the average price for exports to Nicaragua ($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 Mexico (-4.0%), while the prices for the other major destinations experienced a decline.

Glass Closure Imports

Imports into Costa Rica

In 2022, overseas purchases of glass stoppers, lids and other closures decreased by -10.7% to X tons, falling for the third year in a row after two years of growth. Over the period under review, imports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 784% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, glass closure imports soared to $X in 2022. In general, imports, however, recorded a perceptible increase. The pace of growth was the most pronounced in 2018 with an increase of 480% against the previous year. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Spain (X tons), Panama (X tons) and China (X tons) were the main suppliers of glass closure imports to Costa Rica, together comprising 82% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +33.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest glass closure suppliers to Costa Rica were Panama ($X), Mexico ($X) and Spain ($X), together comprising 69% of total imports. China, the United States and Italy lagged somewhat behind, together accounting for a further 24%.

China, with a CAGR of +37.4%, saw the highest rates of growth with regard to the value of imports, among the main suppliers 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 glass closure import price amounted to $X per ton, with an increase of 39% against the previous year. Overall, the import price, however, recorded a noticeable downturn. The most prominent rate of growth was recorded in 2021 when the average import price increased by 106% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+10.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform