Guatemala: Peanut Butter Market 2024

Peanut Butter Market Size in Guatemala

The Guatemalan peanut butter market reached $X in 2022, increasing by 8.3% against the previous year. In general, consumption showed a resilient increase. Peanut butter consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Peanut Butter Production in Guatemala

In value terms, peanut butter production rose notably to $X in 2022 estimated in export price. Over the period under review, production showed a temperate expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by 140%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Peanut Butter Exports

Exports from Guatemala

In 2022, the amount of peanut butter and prepared or preserved groundnuts exported from Guatemala surged to X tons, rising by 20% against the previous year. Overall, exports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 83% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, peanut butter exports skyrocketed to $X in 2022. Over the period under review, exports saw strong growth. The most prominent rate of growth was recorded in 2021 when exports increased by 79%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.

Exports by Country

The Dominican Republic (X tons), El Salvador (X tons) and Honduras (X tons) were the main destinations of peanut butter exports from Guatemala, together accounting for 68% of total exports.

From 2012 to 2022, the biggest increases were recorded for Honduras (with a CAGR of +17.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Dominican Republic ($X), Honduras ($X) and El Salvador ($X) were the largest markets for peanut butter exported from Guatemala worldwide, together comprising 64% of total exports.

Honduras, with a CAGR of +15.9%, recorded the highest growth rate of 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

In 2022, the average peanut butter export price amounted to $X per ton, increasing by 1.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2017 an increase of 23% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Nicaragua ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Dominican Republic (+6.2%), while the prices for the other major destinations experienced mixed trend patterns.

Peanut Butter Imports

Imports into Guatemala

In 2022, imports of peanut butter and prepared or preserved groundnuts into Guatemala rose markedly to X tons, picking up by 10% on the previous year's figure. Over the period under review, imports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 43% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

In value terms, peanut butter imports amounted to $X in 2022. Overall, imports continue to indicate prominent growth. The pace of growth appeared the most rapid in 2014 when imports increased by 46%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, El Salvador (X tons) constituted the largest supplier of peanut butter to Guatemala, with a 65% share of total imports. Moreover, peanut butter imports from El Salvador exceeded the figures recorded by the second-largest supplier, Mexico (X tons), fourfold. The United States (X tons) ranked third in terms of total imports with a 9.8% share.

From 2012 to 2022, the average annual growth rate of volume from El Salvador stood at +9.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+28.2% per year) and the United States (+15.9% per year).

In value terms, El Salvador ($X) constituted the largest supplier of peanut butter and prepared or preserved groundnuts to Guatemala, comprising 58% of total imports. The second position in the ranking was taken by the United States ($X), with a 16% share of total imports. It was followed by Mexico, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from El Salvador totaled +11.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+12.9% per year) and Mexico (+23.7% per year).

Import Prices by Country

In 2022, the average peanut butter import price amounted to $X per ton, remaining constant against the previous year. In general, the import price, however, continues to indicate a modest expansion. The pace of growth was the most pronounced in 2021 when the average import price increased by 6.8% against the previous year. As a result, import price attained the peak level of $X per ton, leveling off in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by El Salvador (+2.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform