Dominican Republic: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in the Dominican Republic

After three years of growth, the Dominican waffle and wafer market decreased by -48.4% to $X in 2021. In general, consumption, however, saw a measured expansion. Waffle and wafer consumption peaked at $X in 2020, and then declined markedly in the following year.

Waffle And Wafer Exports

Exports from the Dominican Republic

In 2021, waffle and wafer exports from the Dominican Republic reached X tons, increasing by 5.4% on the year before. In general, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 188% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are likely to see gradual growth in years to come.

In value terms, waffle and wafer exports dropped to $X in 2021. Overall, exports showed a significant expansion. The growth pace was the most rapid in 2015 with an increase of 321% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2020, and then dropped modestly in the following year.

Exports by Country

The United States (X tons) was the main destination for waffle and wafer exports from the Dominican Republic, accounting for a 55% share of total exports. Moreover, waffle and wafer exports to the United States exceeded the volume sent to the second major destination, Chile (X tons), fourfold. The third position in this ranking was held by Panama (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +146.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+64.7% per year) and Panama (+116.8% per year).

In value terms, the United States ($X) remains the key foreign market for waffles and wafers exports from the Dominican Republic, comprising 55% of total exports. The second position in the ranking was taken by Chile ($X), with a 17% share of total exports. It was followed by Panama, with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +186.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+70.2% per year) and Panama (+144.5% per year).

Export Prices by Country

In 2021, the average waffle and wafer export price amounted to $X per ton, shrinking by -7.7% against the previous year. Over the period under review, the export price, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2015 an increase of 46% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2020, and then declined in the following year.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Spain ($X per ton), while the average price for exports to Trinidad and Tobago ($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 the United States (+16.1%), while the prices for the other major destinations experienced more modest paces of growth.

Waffle And Wafer Imports

Imports into the Dominican Republic

After six years of growth, overseas purchases of waffles and wafers decreased by -38.3% to X tons in 2021. Overall, imports, however, enjoyed resilient growth. The pace of growth was the most pronounced in 2018 when imports increased by 76% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020, and then reduced dramatically in the following year.

In value terms, waffle and wafer imports dropped dramatically to $X in 2021. Over the period under review, imports, however, saw resilient growth. The pace of growth was the most pronounced in 2016 when imports increased by 41%. Over the period under review, imports reached the peak figure at $X in 2020, and then fell notably in the following year.

Imports by Country

In 2021, Guatemala (X tons) constituted the largest supplier of waffle and wafer to the Dominican Republic, accounting for a 49% share of total imports. Moreover, waffle and wafer imports from Guatemala exceeded the figures recorded by the second-largest supplier, the United States (X tons), sixfold. Colombia (X tons) ranked third in terms of total imports with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Guatemala amounted to +26.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-1.7% per year) and Colombia (+61.9% per year).

In value terms, Guatemala ($X), the United States ($X) and Brazil ($X) constituted the largest waffle and wafer suppliers to the Dominican Republic, together comprising 57% of total imports. These countries were followed by Italy, Denmark, the UK, Colombia, Turkey, France, Peru, India, Argentina and Chile, which together accounted for a further 20%.

Turkey, with a CAGR of +46.2%, saw 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 waffle and wafer import price stood at $X per ton in 2021, picking up by 23% against the previous year. Overall, the import price, however, continues to indicate a pronounced slump. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for Colombia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+1.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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