Costa Rica: Plant-Growth Regulators Market 2024

Plant-Growth Regulators Market Size in Costa Rica

For the third year in a row, the Costa Rican plant-growth regulators market recorded decline in sales value, which decreased by -2.4% to $X in 2022. In general, consumption, however, showed a perceptible decline. Plant-growth regulators consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Plant-Growth Regulators Production in Costa Rica

In value terms, plant-growth regulators production contracted notably to $X in 2022 estimated in export price. Overall, production recorded a abrupt slump. The pace of growth appeared the most rapid in 2021 with an increase of 81%. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Plant-Growth Regulators Exports

Exports from Costa Rica

In 2022, shipments abroad of plant-growth regulators decreased by -2% to X tons for the first time since 2019, thus ending a two-year rising trend. The total export volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 when exports increased by 37% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then contracted modestly in the following year.

In value terms, plant-growth regulators exports contracted to $X in 2022. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 24% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then fell in the following year.

Exports by Country

Panama (X tons), Honduras (X tons) and Nicaragua (X tons) were the main destinations of plant-growth regulators exports from Costa Rica, together comprising 83% of total exports. El Salvador, Guatemala, Cuba, the Dominican Republic and Belize lagged somewhat behind, together accounting for a further 15%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cuba (with a CAGR of +22.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for plant-growth regulators exported from Costa Rica were Panama ($X), Honduras ($X) and Nicaragua ($X), together comprising 78% of total exports. El Salvador, the Dominican Republic, Cuba, Guatemala and Belize lagged somewhat behind, together comprising a further 20%.

Among the main countries of destination, Cuba, with a CAGR of +14.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average plant-growth regulators export price stood at $X per ton in 2022, shrinking by -6.3% against the previous year. In general, the export price continues to indicate a pronounced shrinkage. The growth pace was the most rapid in 2021 an increase of 15%. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Dominican Republic ($X per ton), while the average price for exports to Honduras ($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 Belize (+4.4%), while the prices for the other major destinations experienced mixed trend patterns.

Plant-Growth Regulators Imports

Imports into Costa Rica

In 2022, approx. X tons of plant-growth regulators were imported into Costa Rica; rising by 16% on the previous year. Over the period under review, total imports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -18.7% against 2020 indices. The pace of growth was the most pronounced in 2020 with an increase of 75%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, plant-growth regulators imports amounted to $X in 2022. The total import value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 with an increase of 33%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of plant-growth regulators to Costa Rica, with a 44% share of total imports. Moreover, plant-growth regulators imports from China exceeded the figures recorded by the second-largest supplier, Guatemala (X tons), threefold. The United States (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 China stood at +20.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Guatemala (+4.0% per year) and the United States (+5.4% per year).

In value terms, China ($X), the United States ($X) and Guatemala ($X) constituted the largest plant-growth regulators suppliers to Costa Rica, together comprising 67% of total imports.

China, with a CAGR of +19.3%, recorded the highest growth rate of 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 plant-growth regulators import price amounted to $X per ton, which is down by -12.8% against the previous year. In general, the import price saw a perceptible descent. The most prominent rate of growth was recorded in 2021 when the average import price increased by 39%. Over the period under review, average import prices attained the maximum 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 Germany ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+2.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform