Dominican Republic: Soups Market 2024

Soups Market Size in the Dominican Republic

The Dominican soups market declined slightly to $X in 2021, which is down by -3.8% against the previous year. The market value increased at an average annual rate of +4.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Soups consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Soups Production in the Dominican Republic

In value terms, soups production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the production volume increased by 19%. Soups production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Soups Exports

Exports from the Dominican Republic

Soups exports from the Dominican Republic skyrocketed to X tons in 2021, with an increase of 29% compared with the previous year's figure. In general, exports, however, continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2019 with an increase of 394%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, soups exports surged to $X in 2021. Over the period under review, exports, however, showed a deep reduction. The growth pace was the most rapid in 2019 when exports increased by 435%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons), Jamaica (X tons) and Trinidad and Tobago (X tons) were the main destinations of soups exports from the Dominican Republic, together comprising 85% of total exports. These countries were followed by Guyana, Suriname, Chile and Saint Vincent and the Grenadines, which together accounted for a further 14%.

From 2012 to 2021, the biggest increases were recorded for Chile (with a CAGR of +181.0%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for soups exported from the Dominican Republic were Trinidad and Tobago ($X), the United States ($X) and Jamaica ($X), together comprising 69% of total exports. These countries were followed by Guyana, Suriname, Saint Vincent and the Grenadines and Chile, which together accounted for a further 29%.

In terms of the main countries of destination, Chile, with a CAGR of +106.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average soups export price stood at $X per ton in 2021, shrinking by -4.5% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average export price increased by 33% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Saint Vincent and the Grenadines ($X per ton), while the average price for exports to Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Saint Vincent and the Grenadines (+7.2%), while the prices for the other major destinations experienced more modest paces of growth.

Soups Imports

Imports into the Dominican Republic

Soups imports into the Dominican Republic reached X tons in 2021, stabilizing at 2020 figures. Over the period under review, total imports indicated pronounced growth from 2012 to 2021: its volume increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -7.9% against 2019 indices. The pace of growth appeared the most rapid in 2014 with an increase of 57%. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, soups imports soared to $X in 2021. Overall, total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +7.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +46.6% against 2018 indices. The pace of growth appeared the most rapid in 2014 with an increase of 45%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Honduras (X tons) constituted the largest soups supplier to the Dominican Republic, with a 42% share of total imports. Moreover, soups imports from Honduras exceeded the figures recorded by the second-largest supplier, Guatemala (X tons), twofold. The United States (X tons) ranked third in terms of total imports with a 19% share.

From 2012 to 2021, the average annual growth rate of volume from Honduras stood at +43.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Guatemala (-2.3% per year) and the United States (-7.1% per year).

In value terms, Honduras ($X) constituted the largest supplier of soups and broths to the Dominican Republic, comprising 47% of total imports. The second position in the ranking was held by Guatemala ($X), with an 18% share of total imports. It was followed by the United States, with a 17% share.

From 2012 to 2021, the average annual growth rate of value from Honduras amounted to +45.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Guatemala (+1.4% per year) and the United States (-6.8% per year).

Import Prices by Country

In 2021, the average soups import price amounted to $X per ton, jumping by 17% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.4%. 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 Honduras ($X per ton), while the price for El Salvador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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