Guatemala: Plastic Closure Market 2024

Plastic Closure Market Size in Guatemala

The Guatemalan plastic closure market declined slightly to $X in 2022, flattening at the previous year. Over the period under review, consumption, however, continues to indicate prominent growth. Plastic closure consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Plastic Closure Production in Guatemala

In value terms, plastic closure production dropped to $X in 2022 estimated in export price. In general, production, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of 26% against the previous year. Plastic closure production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Plastic Closure Exports

Exports from Guatemala

In 2022, shipments abroad of plastic stoppers, caps and closures increased by 14% to X tons, rising for the second consecutive year after two years of decline. In general, total exports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +31.2% against 2020 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 15% against the previous year. The exports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, plastic closure exports surged to $X in 2022. Overall, total exports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +54.0% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

El Salvador (X tons), Nicaragua (X tons) and Honduras (X tons) were the main destinations of plastic closure exports from Guatemala, together comprising 56% of total exports. Costa Rica, Peru, Panama, Jamaica, the United States, Mexico and the Dominican Republic lagged somewhat behind, together comprising a further 39%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Peru (with a CAGR of +41.9%), while the other leaders experienced more modest paces of growth.

In value terms, El Salvador ($X), Nicaragua ($X) and Honduras ($X) constituted the largest markets for plastic closure exported from Guatemala worldwide, with a combined 55% share of total exports. Costa Rica, Peru, Panama, Jamaica, the United States, Mexico and the Dominican Republic lagged somewhat behind, together accounting for a further 39%.

Peru, with a CAGR of +44.0%, saw 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

The average plastic closure export price stood at $X per ton in 2022, surging by 12% against the previous year. In general, the export price saw a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were the Dominican Republic ($X per ton) and Panama ($X per ton), while the average price for exports to the United States ($X per ton) and Nicaragua ($X per ton) were 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 (+2.6%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Closure Imports

Imports into Guatemala

In 2022, imports of plastic stoppers, caps and closures into Guatemala skyrocketed to X tons, picking up by 19% compared with the previous year. Over the period under review, total imports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +99.3% against 2012 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, plastic closure imports soared to $X in 2022. Overall, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +63.2% against 2017 indices. The pace of growth appeared the most rapid in 2021 with an increase of 25% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, Mexico (X tons) constituted the largest plastic closure supplier to Guatemala, with a 42% share of total imports. Moreover, plastic closure imports from Mexico exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. El Salvador (X tons) ranked third in terms of total imports with an 8% share.

From 2012 to 2022, the average annual growth rate of volume from Mexico totaled +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+13.7% per year) and El Salvador (+14.4% per year).

In value terms, Mexico ($X) constituted the largest supplier of plastic stoppers, caps and closures to Guatemala, comprising 34% of total imports. The second position in the ranking was held by China ($X), with a 15% share of total imports. It was followed by El Salvador, with an 8.9% share.

From 2012 to 2022, the average annual growth rate of value from Mexico totaled +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.9% per year) and El Salvador (+13.6% per year).

Import Prices by Country

In 2022, the average plastic closure import price amounted to $X per ton, almost unchanged from the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 11% against the previous year. As a result, import price reached the peak level of $X per ton, leveling off in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Honduras ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform