Latin America and the Caribbean: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Latin America and the Caribbean

The Latin American chemically modified oils market declined to $X in 2022, reducing by -7% against the previous year. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Chemically Modified Oils Production in Latin America and the Caribbean

In value terms, chemically modified oils production shrank modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2019 when the production volume increased by 28%. As a result, production reached the peak level of $X; afterwards, it flattened through to 2022.

Chemically Modified Oils Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of animal or vegetable fats and oils chemically modified increased by 6.8% to X tons, rising for the fifth consecutive year after two years of decline. Total exports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +4.1% 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 +63.7% against 2017 indices. The pace of growth was the most pronounced in 2021 with an increase of 24% against the previous year. The volume of export peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, chemically modified oils exports surged to $X in 2022. Over the period under review, exports enjoyed temperate growth. The growth pace was the most rapid in 2021 with an increase of 76% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Argentina (X tons) and Chile (X tons) prevails in exports structure, together creating 74% of total exports. Brazil (X tons) held a 5.9% share (based on physical terms) of total exports, which put it in second place, followed by Mexico (5.7%). The following exporters - Colombia (X tons) and Peru (X tons) - each amounted to a 7.7% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Peru (with a CAGR of +71.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest chemically modified oils supplying countries in Latin America and the Caribbean were Argentina ($X), Chile ($X) and Brazil ($X), together accounting for 82% of total exports. Mexico, Peru and Colombia lagged somewhat behind, together comprising a further 13%.

Peru, with a CAGR of +65.7%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, growing by 15% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 42%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+5.0%), while the other leaders experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports in Latin America and the Caribbean

In 2022, imports of animal or vegetable fats and oils chemically modified in Latin America and the Caribbean reduced slightly to X tons, with a decrease of -2.3% compared with 2021. Over the period under review, imports continue to indicate a perceptible decline. The most prominent rate of growth was recorded in 2021 with an increase of 60%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, chemically modified oils imports surged to $X in 2022. Overall, imports recorded a perceptible slump. The pace of growth appeared the most rapid in 2021 with an increase of 74%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Mexico (X tons) represented the largest importer of animal or vegetable fats and oils chemically modified, achieving 60% of total imports. Chile (X tons) held a 13% share (based on physical terms) of total imports, which put it in second place, followed by the Dominican Republic (9.4%). El Salvador (X tons), Honduras (X tons), Brazil (X tons) and Ecuador (X tons) followed a long way behind the leaders.

Mexico experienced a relatively flat trend pattern with regard to volume of imports of animal or vegetable fats and oils chemically modified. At the same time, Ecuador (+22.1%), Honduras (+12.0%), Chile (+8.7%), Brazil (+6.8%) and the Dominican Republic (+1.3%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +22.1% from 2012-2022. By contrast, El Salvador (-1.2%) illustrated a downward trend over the same period. Mexico (+17 p.p.), Chile (+9.3 p.p.), the Dominican Republic (+4 p.p.), Honduras (+2.2 p.p.) and Ecuador (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported animal or vegetable fats and oils chemically modified in Latin America and the Caribbean, comprising 52% of total imports. The second position in the ranking was taken by Chile ($X), with a 14% share of total imports. It was followed by the Dominican Republic, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico stood at +1.1%. In the other countries, the average annual rates were as follows: Chile (+9.7% per year) and the Dominican Republic (+1.6% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, rising by 31% against the previous year. Import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chemically modified oils import price increased by +55.8% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by El Salvador (+4.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :