Ecuador: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in Ecuador

The Ecuadorian waffle and wafer market surged to $X in 2021, rising by 23% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Waffle And Wafer Exports

Exports from Ecuador

For the third consecutive year, Ecuador recorded growth in overseas shipments of waffles and wafers, which increased by less than 0.1% to X tons in 2021. Over the period under review, exports showed a slight expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 174% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, waffle and wafer exports rose sharply to $X in 2021. In general, exports saw a tangible increase. The most prominent rate of growth was recorded in 2020 with an increase of 138% against the previous year. The exports peaked in 2021 and are likely to see steady growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for waffle and wafer exports from Ecuador, with a 58% share of total exports. Moreover, waffle and wafer exports to the United States exceeded the volume sent to the second major destination, Spain (X tons), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+9.4% per year) and Colombia (-3.7% per year).

In value terms, the largest markets for waffle and wafer exported from Ecuador were the United States ($X), Spain ($X) and Colombia ($X), together comprising 100% of total exports.

Spain, with a CAGR of +18.5%, recorded the highest rates of growth with regard to the value of exports, in terms of 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 waffle and wafer export price stood at $X per ton in 2021, picking up by 5.2% against the previous year. Over the period under review, export price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, waffle and wafer export price decreased by -12.1% against 2018 indices. The growth pace was the most rapid in 2018 an increase of 69% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Colombia ($X per ton), while the average price for exports to the United States ($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 Spain (+8.3%), while the prices for the other major destinations experienced more modest paces of growth.

Waffle And Wafer Imports

Imports into Ecuador

In 2021, the amount of waffles and wafers imported into Ecuador surged to X tons, picking up by 16% against the previous year. In general, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 28%. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, waffle and wafer imports soared to $X in 2021. Overall, total imports indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.1% 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 -8.6% against 2019 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 35% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Colombia (X tons), the United States (X tons) and Peru (X tons) were the main suppliers of waffle and wafer imports to Ecuador, together comprising 69% of total imports. Turkey, Brazil, Poland and Venezuela lagged somewhat behind, together comprising a further 26%.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +147.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest waffle and wafer suppliers to Ecuador were Colombia ($X), Peru ($X) and the United States ($X), with a combined 64% share of total imports. These countries were followed by Poland, Brazil, Turkey and Venezuela, which together accounted for a further 28%.

Turkey, with a CAGR of +123.4%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average waffle and wafer import price amounted to $X per ton, rising by 4.4% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average import price increased by 6.5% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+15.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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