Ecuador: Sauce And Seasoning Market 2024

Sauce And Seasoning Market Size in Ecuador

The Ecuadorian sauce and seasoning market rose significantly to $X in 2021, growing by 8.1% against the previous year. The market value increased at an average annual rate of +2.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Sauce and seasoning consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Sauce And Seasoning Production in Ecuador

In value terms, sauce and seasoning production expanded rapidly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 32%. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Sauce And Seasoning Exports

Exports from Ecuador

In 2021, shipments abroad of sauces and seasonings decreased by -15.2% to X tons for the first time since 2017, thus ending a three-year rising trend. Overall, exports, however, continue to indicate a buoyant increase. The growth pace was the most rapid in 2020 with an increase of 75% against the previous year. As a result, the exports reached the peak of X tons, and then contracted markedly in the following year.

In value terms, sauce and seasoning exports fell to $X in 2021. Over the period under review, exports, however, enjoyed a resilient increase. The pace of growth was the most pronounced in 2020 with an increase of 75% against the previous year. As a result, the exports attained the peak of $X, and then shrank in the following year.

Exports by Country

The United States (X tons) was the main destination for sauce and seasoning exports from Ecuador, with a 44% share of total exports. Moreover, sauce and seasoning exports to the United States exceeded the volume sent to the second major destination, Spain (X tons), twofold. The third position in this ranking was held by Australia (X tons), with a 6.3% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +5.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+12.4% per year) and Australia (+17.9% per year).

In value terms, the United States ($X) remains the key foreign market for sauces and seasonings exports from Ecuador, comprising 48% of total exports. The second position in the ranking was taken by Spain ($X), with a 21% share of total exports. It was followed by the UK, with a 3.4% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +11.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+7.7% per year) and the UK (+24.0% per year).

Export Prices by Country

The average sauce and seasoning export price stood at $X per ton in 2021, increasing by 5.4% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of 12% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Colombia ($X per ton), while the average price for exports to Australia ($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 UK (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Sauce And Seasoning Imports

Imports into Ecuador

In 2021, imports of sauces and seasonings into Ecuador skyrocketed to X tons, rising by 24% against the previous year's figure. Overall, total imports indicated a mild expansion from 2012 to 2021: its volume increased at an average annual rate of +1.5% 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 +104.5% against 2016 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 36%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, sauce and seasoning imports skyrocketed to $X in 2021. Over the period under review, total imports indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 37%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

The United States (X tons), Peru (X tons) and Mexico (X tons) were the main suppliers of sauce and seasoning imports to Ecuador, together accounting for 62% of total imports. These countries were followed by Colombia, Chile, China and Brazil, which together accounted for a further 24%.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +15.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest sauce and seasoning suppliers to Ecuador were the United States ($X), Mexico ($X) and Peru ($X), together accounting for 62% of total imports. Colombia, China, Chile and Brazil lagged somewhat behind, together comprising a further 19%.

In terms of the main suppliers, China, with a CAGR of +8.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average sauce and seasoning import price stood at $X per ton in 2021, growing by 6.6% against the previous year. Over the last nine years, it increased at an average annual rate of +2.5%. The pace of growth was the most pronounced in 2016 when the average import price increased by 15%. Over the period under review, average import prices hit record highs at $X per ton in 2017; afterwards, it flattened through to 2021.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+3.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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