Costa Rica: Honey Market 2024

Honey Market Size in Costa Rica

The Costa Rican honey market soared to $X in 2022, growing by 20% against the previous year. The market value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Honey consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Honey Production in Costa Rica

In value terms, honey production expanded sharply to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when the production volume increased by 33%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Honey Exports

Exports from Costa Rica

In 2022, shipments abroad of honey decreased by -64.2% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 1,006% against the previous year. As a result, the exports attained the peak of X tons, and then fell dramatically in the following year.

In value terms, honey exports contracted rapidly to $X in 2022. Overall, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 1,146%. The exports peaked at $X in 2021, and then declined rapidly in the following year.

Exports by Country

The United States (X tons) was the main destination for honey exports from Costa Rica, accounting for a 93% share of total exports. Moreover, honey exports to the United States exceeded the volume sent to the second major destination, Nicaragua (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +59.7%.

In value terms, Nicaragua ($X) emerged as the key foreign market for honey exports from Costa Rica, comprising 68% of total exports. The second position in the ranking was held by the United States ($X), with a 32% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Nicaragua amounted to +252.5%.

Export Prices by Country

The average honey export price stood at $X per ton in 2022, with an increase of 112% against the previous year. Overall, the export price enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2020 when the average export price increased by 374% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the average price for exports to the United States amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Nicaragua (+32.1%), while the prices for the other major destinations experienced mixed trend patterns.

Honey Imports

Imports into Costa Rica

In 2022, imports of honey into Costa Rica reduced to X tons, which is down by -12% against the previous year's figure. Over the period under review, imports, however, recorded a resilient expansion. The growth pace was the most rapid in 2014 when imports increased by 92%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, honey imports contracted dramatically to $X in 2022. Overall, imports, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of 120% against the previous year. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

El Salvador (X tons), Guatemala (X tons) and Nicaragua (X tons) were the main suppliers of honey imports to Costa Rica, together accounting for 99% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Guatemala (with a CAGR of +21.8%), while imports for the other leaders experienced mixed trend patterns.

In value terms, El Salvador ($X), Guatemala ($X) and Nicaragua ($X) appeared to be the largest honey suppliers to Costa Rica, with a combined 99% share of total imports.

In terms of the main suppliers, Guatemala, with a CAGR of +24.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average honey import price amounted to $X per ton, reducing by -10.9% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 34% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Nicaragua ($X per ton), while the price for Guatemala ($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 (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform