Guatemala: Vegetable Oils Market 2024

Vegetable Oils Market Size in Guatemala

The Guatemalan vegetable oils market fell to $X in 2022, waning by X% against the previous year. Overall, consumption showed a abrupt decrease. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Vegetable Oils Production in Guatemala

In value terms, vegetable oils production fell slightly to $X in 2022 estimated in export price. In general, production saw a abrupt setback. The pace of growth appeared the most rapid in 2019 with an increase of X%. Vegetable oils production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Vegetable Oils Exports

Exports from Guatemala

In 2022, shipments abroad of vegetable fats and oils increased by X% to X tons, rising for the third year in a row after two years of decline. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, vegetable oils exports skyrocketed to $X in 2022. Overall, exports saw modest growth. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the near future.

Exports by Country

El Salvador (X tons) was the main destination for vegetable oils exports from Guatemala, with a X% share of total exports. Moreover, vegetable oils exports to El Salvador exceeded the volume sent to the second major destination, Nicaragua (X tons), threefold. The third position in this ranking was taken by Honduras (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to El Salvador amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (X% per year) and Honduras (X% per year).

In value terms, El Salvador ($X) remains the key foreign market for vegetable fats and oils exports from Guatemala, comprising X% of total exports. The second position in the ranking was taken by Honduras ($X), with a X% share of total exports. It was followed by Nicaragua, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to El Salvador was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (X% per year) and Nicaragua (X% per year).

Export Prices by Country

The average vegetable oils export price stood at $X per ton in 2022, rising by X% against the previous year. Over the period under review, export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vegetable oils export price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of X%. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Belize ($X per ton) and Costa Rica ($X per ton), while the average price for exports to Nicaragua ($X per ton) and Honduras ($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 Panama (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Oils Imports

Imports into Guatemala

In 2022, after seven years of growth, there was decline in supplies from abroad of vegetable fats and oils, when their volume decreased by X% to X tons. Over the period under review, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2014 indices. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2021, and then dropped in the following year.

In value terms, vegetable oils imports skyrocketed to $X in 2022. In general, imports, however, showed a prominent expansion. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Honduras (X tons), Malaysia (X tons) and Colombia (X tons) were the main suppliers of vegetable oils imports to Guatemala, together comprising X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Colombia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Honduras ($X), Malaysia ($X) and Colombia ($X) were the largest vegetable oils suppliers to Guatemala, with a combined X% share of total imports.

Colombia, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of 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 2022, the average vegetable oils import price amounted to $X per ton, surging by X% against the previous year. In general, import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vegetable oils import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The import price peaked in 2022 and is likely to continue growth in years to come.

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

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

Source: IndexBox Platform