Ecuador: Soap Market 2024

Soap Market Size in Ecuador

In 2021, the Ecuadorian soap market decreased by -2.9% to $X for the first time since 2017, thus ending a three-year rising trend. The market value increased at an average annual rate of +4.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2020, and then contracted slightly in the following year.

Soap Production in Ecuador

In value terms, soap production dropped slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.8% 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 2018 when the production volume increased by 22% against the previous year. Soap production peaked at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Soap Exports

Exports from Ecuador

In 2021, overseas shipments of soap decreased by -9.3% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, exports recorded a abrupt slump. The pace of growth appeared the most rapid in 2020 with an increase of 29% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, soap exports rose modestly to $X in 2021. In general, exports saw a abrupt slump. The most prominent rate of growth was recorded in 2020 when exports increased by 17%. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Cuba (X tons), Colombia (X tons) and Panama (X tons) were the main destinations of soap exports from Ecuador, together comprising 92% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Panama (with a CAGR of +15.3%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for soap exported from Ecuador were Cuba ($X), Colombia ($X) and Panama ($X), with a combined 85% share of total exports.

Among the main countries of destination, Panama, with a CAGR of +16.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average soap export price stood at $X per ton in 2021, picking up by 16% against the previous year. Overall, the export price, however, continues to indicate a slight slump. The most prominent rate of growth was recorded in 2018 when the average export price increased by 21%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Cuba ($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 Panama (+1.0%), while the prices for the other major destinations experienced more modest paces of growth.

Soap Imports

Imports into Ecuador

In 2021, approx. X tons of soap were imported into Ecuador; which is down by -9% on 2020 figures. The total import volume increased at an average annual rate of +2.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 63% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then dropped in the following year.

In value terms, soap imports stood at $X in 2021. Overall, total imports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +38.5% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 57%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Colombia (X tons) constituted the largest soap supplier to Ecuador, with a 63% share of total imports. Moreover, soap imports from Colombia exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. Brazil (X tons) ranked third in terms of total imports with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Colombia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+40.1% per year) and Brazil (+6.8% per year).

In value terms, Colombia ($X) constituted the largest supplier of soap to Ecuador, comprising 66% of total imports. The second position in the ranking was held by Brazil ($X), with a 12% share of total imports. It was followed by China, with a 6.8% share.

From 2012 to 2021, the average annual growth rate of value from Colombia stood at +1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+3.6% per year) and China (+39.7% per year).

Import Prices by Country

In 2021, the average soap import price amounted to $X per ton, rising by 11% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the average import price increased by 13%. The import price peaked in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Brazil ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guatemala (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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