Guatemala: Wool Grease Market 2024

Wool Grease Market Size in Guatemala

The Guatemalan wool grease market skyrocketed to $X in 2022, picking up by 15% against the previous year. In general, consumption enjoyed prominent growth. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Wool Grease Production in Guatemala

In value terms, wool grease production soared to $X in 2022 estimated in export price. Over the period under review, production continues to indicate significant growth. The growth pace was the most rapid in 2020 when the production volume increased by 7,737,400% against the previous year. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Wool Grease Exports

Exports from Guatemala

In 2022, the amount of wool grease and fatty substances exported from Guatemala contracted rapidly to X tons, falling by -40.2% on the previous year. Over the period under review, exports, however, enjoyed resilient growth. The growth pace was the most rapid in 2015 with an increase of 345%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, wool grease exports shrank rapidly to $X in 2022. Overall, exports, however, posted a significant expansion. The growth pace was the most rapid in 2017 when exports increased by 262%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Honduras (X tons), El Salvador (X tons) and Costa Rica (X tons) were the main destinations of wool grease exports from Guatemala, together comprising 93% of total exports.

From 2012 to 2022, the biggest increases were recorded for Honduras (with a CAGR of +46.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for wool grease exported from Guatemala were Honduras ($X), Costa Rica ($X) and El Salvador ($X), together comprising 93% of total exports.

In terms of the main countries of destination, Honduras, with a CAGR of +55.1%, 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 more modest paces of growth.

Export Prices by Country

The average wool grease export price stood at $X per ton in 2022, rising by 33% against the previous year. Overall, the export price continues to indicate prominent growth. The pace of growth was the most pronounced in 2021 when the average export price increased by 49% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to El Salvador ($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 Cuba (+20.9%), while the prices for the other major destinations experienced more modest paces of growth.

Wool Grease Imports

Imports into Guatemala

In 2022, approx. X tons of wool grease and fatty substances were imported into Guatemala; which is down by -37.5% compared with 2021 figures. Overall, imports, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2013 when imports increased by 176% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, wool grease imports declined sharply to $X in 2022. Over the period under review, imports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2013 when imports increased by 251% against the previous year. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Belgium (X tons) constituted the largest supplier of wool grease to Guatemala, with a 61% share of total imports. Moreover, wool grease imports from Belgium exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was taken by Australia (X tons), with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium stood at +5.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-4.6% per year) and Australia (0.0% per year).

In value terms, Belgium ($X) constituted the largest supplier of wool grease and fatty substances to Guatemala, comprising 69% of total imports. The second position in the ranking was taken by China ($X), with a 15% share of total imports. It was followed by Australia, with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Belgium stood at +15.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-5.6% per year) and Australia (0.0% per year).

Import Prices by Country

The average wool grease import price stood at $X per ton in 2022, jumping by 21% against the previous year. Overall, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wool grease import price increased by +70.1% against 2020 indices. The growth pace was the most rapid in 2021 when the average import price increased by 41%. The import price peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, 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 2022, the most notable rate of growth in terms of prices was attained by Brazil (+38.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform