Dominican Republic: Plastic Closure Market 2024

Plastic Closure Market Size in the Dominican Republic

After two years of decline, the Dominican plastic closure market increased by 91% to $X in 2022. Over the period under review, consumption, however, saw a noticeable curtailment. Plastic closure consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Plastic Closure Exports

Exports from the Dominican Republic

In 2022, shipments abroad of plastic stoppers, caps and closures increased by 8.3% to X tons, rising for the sixth year in a row after two years of decline. Overall, exports saw buoyant growth. The pace of growth was the most pronounced in 2014 when exports increased by 116% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, plastic closure exports skyrocketed to $X in 2022. Over the period under review, exports saw a resilient increase. The growth pace was the most rapid in 2014 when exports increased by 120%. The exports peaked in 2022 and are likely to continue growth in the near future.

Exports by Country

The United States (X tons), Haiti (X tons) and Guyana (X tons) were the main destinations of plastic closure exports from the Dominican Republic, together accounting for 78% of total exports. Jamaica, Costa Rica, Panama, Cuba and Guatemala lagged somewhat behind, together accounting for a further 11%.

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 +135.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for plastic closure exported from the Dominican Republic were the United States ($X), Haiti ($X) and Guyana ($X), with a combined 79% share of total exports. Jamaica, Costa Rica, Guatemala, Panama and Cuba lagged somewhat behind, together accounting for a further 11%.

Cuba, with a CAGR of +135.1%, 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

The average plastic closure export price stood at $X per ton in 2022, surging by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 Guatemala ($X per ton), while the average price for exports to Cuba ($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 (+9.6%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Closure Imports

Imports into the Dominican Republic

In 2022, purchases abroad of plastic stoppers, caps and closures was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, total imports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when imports increased by 33% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in years to come.

In value terms, plastic closure imports soared to $X in 2022. In general, total imports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.9% 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 +92.2% against 2016 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 30%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

The United States (X tons), Mexico (X tons) and Spain (X tons) were the main suppliers of plastic closure imports to the Dominican Republic, with a combined 50% share of total imports. Costa Rica, China, El Salvador, Brazil, Colombia, the UK, Hungary, Guatemala and Peru lagged somewhat behind, together comprising a further 43%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +86.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Mexico ($X) and Spain ($X) were the largest plastic closure suppliers to the Dominican Republic, with a combined 52% share of total imports. China, Costa Rica, Brazil, the UK, El Salvador, Colombia, Hungary, Guatemala and Peru lagged somewhat behind, together accounting for a further 41%.

The UK, with a CAGR of +98.9%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average plastic closure import price stood at $X per ton in 2022, approximately reflecting the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 36% against the previous year. As a result, import price attained the peak level of $X per ton, leveling off in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+23.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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