Latin America and the Caribbean: Grand Piano Market 2024

Grand Piano Market Size in Latin America and the Caribbean

In 2021, after three years of decline, there was significant growth in the Latin American grand piano market, when its value increased by 41% to $X. Overall, consumption, however, showed a perceptible decrease. The level of consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Grand Piano Production in Latin America and the Caribbean

In value terms, grand piano production soared to $X in 2021 estimated in export price. Overall, production recorded a strong increase. The pace of growth was the most pronounced in 2018 when the production volume increased by 765% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Grand Piano Exports

Exports in Latin America and the Caribbean

After four years of decline, overseas shipments of acoustic grand pianos increased by 82% to X tons in 2021. Overall, exports, however, continue to indicate a abrupt curtailment. The volume of export peaked at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, grand piano exports surged to $X in 2021. Over the period under review, exports, however, recorded a abrupt decrease. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Argentina (X tons) and Panama (X tons) represented the main exporters of acoustic grand pianos in 2021, recording near 29% and 27% of total exports, respectively. Venezuela (X kg) held a 13% share (based on physical terms) of total exports, which put it in second place, followed by Bahamas (13%) and Uruguay (9.5%). The following exporters - Jamaica (X kg) and Mexico (X kg) - together made up 6.5% of total exports.

From 2012 to 2021, the biggest increases were recorded for Venezuela (with a CAGR of +36.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Bahamas ($X), Argentina ($X) and Panama ($X) constituted the countries with the highest levels of exports in 2021, with a combined 75% share of total exports.

Among the main exporting countries, Bahamas, with a CAGR of +35.0%, recorded the highest growth rate of 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

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, falling by -24.5% against the previous year. Over the period under review, the export price continues to indicate a pronounced slump. The most prominent rate of growth was recorded in 2018 when the export price increased by 24%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uruguay (+10.1%), while the other leaders experienced more modest paces of growth.

Grand Piano Imports

Imports in Latin America and the Caribbean

In 2021, purchases abroad of acoustic grand pianos increased by 50% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports, however, recorded a deep reduction. The pace of growth appeared the most rapid in 2015 with an increase of 51% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, grand piano imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a pronounced descent. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Brazil represented the key importing country with an import of about X tons, which amounted to 35% of total imports. Panama (X tons) held the second position in the ranking, followed by Argentina (X tons), Mexico (X tons), Chile (X tons), Uruguay (X tons) and Colombia (X tons). All these countries together held near 47% share of total imports.

Imports into Brazil decreased at an average annual rate of -4.9% from 2012 to 2021. At the same time, Uruguay (+15.4%), Panama (+8.9%), Chile (+7.6%) and Argentina (+2.7%) displayed positive paces of growth. Moreover, Uruguay emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +15.4% from 2012-2021. By contrast, Mexico (-12.0%) and Colombia (-13.0%) illustrated a downward trend over the same period. While the share of Panama (+8.6 p.p.), Argentina (+5.4 p.p.), Uruguay (+4.9 p.p.) and Chile (+4.4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Colombia (-6.6 p.p.) and Mexico (-6.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported acoustic grand pianos in Latin America and the Caribbean, comprising 33% of total imports. The second position in the ranking was held by Argentina ($X), with a 12% share of total imports. It was followed by Panama, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Brazil amounted to -2.8%. In the other countries, the average annual rates were as follows: Argentina (+4.4% per year) and Panama (+2.1% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, reducing by -11.2% against the previous year. Import price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, grand piano import price increased by +29.5% against 2018 indices. The most prominent rate of growth was recorded in 2016 an increase of 73%. The level of import peaked at $X per ton in 2020, and then dropped in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+2.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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