Costa Rica: Plastic Closure Market 2024

Plastic Closure Market Size in Costa Rica

The Costa Rican plastic closure market reduced to $X in 2022, shrinking by -9.9% against the previous year. Overall, consumption, however, showed buoyant growth. Plastic closure consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Plastic Closure Production in Costa Rica

In value terms, plastic closure production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, posted a prominent increase. The growth pace was the most rapid in 2014 when the production volume increased by 52% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Plastic Closure Exports

Exports from Costa Rica

In 2022, the amount of plastic stoppers, caps and closures exported from Costa Rica reduced to X tons, declining by -12.9% against the year before. Overall, exports showed a slight reduction. The pace of growth appeared the most rapid in 2021 with an increase of 35% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, plastic closure exports contracted rapidly to $X in 2022. Over the period under review, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 57% against the previous year. As a result, the exports reached the peak of $X, and then dropped remarkably in the following year.

Exports by Country

Honduras (X tons), the Dominican Republic (X tons) and El Salvador (X tons) were the main destinations of plastic closure exports from Costa Rica, together comprising 47% of total exports. Jamaica, Trinidad and Tobago, the United States, Panama, Guatemala, Haiti and Nicaragua lagged somewhat behind, together accounting for a further 47%.

From 2012 to 2022, the biggest increases were recorded for Haiti (with a CAGR of +16.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for plastic closure exported from Costa Rica were Honduras ($X), the United States ($X) and the Dominican Republic ($X), with a combined 46% share of total exports. Jamaica, El Salvador, Trinidad and Tobago, Guatemala, Panama, Haiti and Nicaragua lagged somewhat behind, together comprising a further 48%.

Haiti, with a CAGR of +15.9%, saw the highest rates of growth with regard to the value of exports, in terms of 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

The average plastic closure export price stood at $X per ton in 2022, reducing by -6% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 17% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while the average price for exports to the Dominican Republic ($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 Taiwan (Chinese) (+38.0%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Closure Imports

Imports into Costa Rica

In 2022, supplies from abroad of plastic stoppers, caps and closures decreased by -17.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, saw strong growth. The growth pace was the most rapid in 2021 with an increase of 88%. As a result, imports attained the peak of X tons, and then shrank rapidly in the following year.

In value terms, plastic closure imports contracted modestly to $X in 2022. In general, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.4% 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 +65.7% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 60% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then contracted modestly in the following year.

Imports by Country

Guatemala (X tons), Mexico (X tons) and the United States (X tons) were the main suppliers of plastic closure imports to Costa Rica, with a combined 55% share of total imports. Colombia, China, Hungary, Italy, El Salvador, Honduras and Canada lagged somewhat behind, together comprising a further 20%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by El Salvador (with a CAGR of +22.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of plastic stoppers, caps and closures to Costa Rica, comprising 30% of total imports. The second position in the ranking was taken by Mexico ($X), with a 15% share of total imports. It was followed by Guatemala, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+6.9% per year) and Guatemala (+8.2% per year).

Import Prices by Country

The average plastic closure import price stood at $X per ton in 2022, surging by 17% against the previous year. In general, the import price, however, recorded a noticeable descent. Over the period under review, average import prices attained the peak figure at $X per ton in 2020; however, from 2021 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 ($X per ton), while the price for Honduras ($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 (+1.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform