Costa Rica: Market for Other Synthetic Organic Colouring Matters 2024

Market Size for Other Synthetic Organic Colouring Matters in Costa Rica

The Costa Rican synthetic organic colouring matters market declined rapidly to $X in 2022, which is down by -30.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Exports of Other Synthetic Organic Colouring Matters

Exports from Costa Rica

In 2022, shipments abroad of other synthetic organic colouring matters decreased by -9.8% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, total exports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +20.3% against 2017 indices. The most prominent rate of growth was recorded in 2015 when exports increased by 116%. The exports peaked at X tons in 2021, and then dropped in the following year.

In value terms, synthetic organic colouring matters exports fell markedly to $X in 2022. Overall, exports, however, enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2015 when exports increased by 80%. Over the period under review, the exports attained the peak figure at $X in 2021, and then declined remarkably in the following year.

Exports by Country

Nicaragua (X tons), Guatemala (X tons) and Honduras (X tons) were the main destinations of synthetic organic colouring matters exports from Costa Rica, together accounting for 75% of total exports.

From 2012 to 2022, the biggest increases were recorded for Guatemala (with a CAGR of +55.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for synthetic organic colouring matters exported from Costa Rica were Honduras ($X), Guatemala ($X) and Nicaragua ($X), with a combined 76% share of total exports.

Guatemala, with a CAGR of +72.7%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average synthetic organic colouring matters export price amounted to $X per ton, reducing by -31.6% against the previous year. In general, export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, synthetic organic colouring matters export price decreased by -35.5% against 2020 indices. The most prominent rate of growth was recorded in 2019 an increase of 46%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

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 Honduras ($X per ton), while the average price for exports to Panama ($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 Guatemala (+11.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Other Synthetic Organic Colouring Matters

Imports into Costa Rica

In 2022, approx. X tons of other synthetic organic colouring matters were imported into Costa Rica; dropping by -42.5% compared with 2021. In general, imports recorded a perceptible reduction. The pace of growth appeared the most rapid in 2019 with an increase of 80% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then fell markedly in the following year.

In value terms, synthetic organic colouring matters imports shrank to $X in 2022. Overall, total imports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.2% 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 +51.6% against 2018 indices. The most prominent rate of growth was recorded in 2019 with an increase of 53%. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of synthetic organic colouring matters to Costa Rica, with a 43% share of total imports. Moreover, synthetic organic colouring matters imports from the United States exceeded the figures recorded by the second-largest supplier, Brazil (X tons), fourfold. Colombia (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to -3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+8.4% per year) and Colombia (-5.7% per year).

In value terms, the United States ($X) constituted the largest supplier of other synthetic organic colouring matters to Costa Rica, comprising 42% of total imports. The second position in the ranking was taken by Germany ($X), with a 9.3% share of total imports. It was followed by Guatemala, with an 8.3% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+3.4% per year) and Guatemala (+13.1% per year).

Import Prices by Country

In 2022, the average synthetic organic colouring matters import price amounted to $X per ton, picking up by 62% against the previous year. In general, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, synthetic organic colouring matters import price increased by +62.4% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+17.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform