Latin America and the Caribbean: Areca Nut Market 2024

Areca Nut Market Size in Latin America and the Caribbean

The Latin American areca nut market reached $X in 2022, growing by 3.6% against the previous year. The market value increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is likely to continue growth in the immediate term.

Areca Nut Production in Latin America and the Caribbean

In value terms, areca nut production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.0% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when the production volume increased by 22% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Peru (X tons) constituted the country with the largest volume of areca nut production, comprising approx. 97% of total volume. It was followed by Mexico (X tons), with a 2.7% share of total production.

In Peru, areca nut production remained relatively stable over the period from 2012-2022.

Areca Nut Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of areca nuts were exported in Latin America and the Caribbean; rising by 1,894% against 2021 figures. Over the period under review, exports, however, faced a significant decrease. The growth pace was the most rapid in 2020 with an increase of 7,040%. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, areca nut exports skyrocketed to $X in 2022. Overall, exports, however, recorded a sharp contraction. The most prominent rate of growth was recorded in 2020 when exports increased by 33,217% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Mexico prevails in exports structure, accounting for X tons, which was approx. 90% of total exports in 2022. It was distantly followed by Peru (X kg), making up a 5.5% share of total exports. Guyana (X kg) followed a long way behind the leaders.

From 2017 to 2022, average annual rates of growth with regard to areca nut exports from Mexico stood at -29.3%. Guyana experienced a relatively flat trend pattern. Peru (-67.0%) illustrated a downward trend over the same period. While the share of Mexico (+90 p.p.) and Guyana (+3.8 p.p.) increased significantly in terms of the total exports from 2017-2022, the share of Peru (-94.5 p.p.) displayed negative dynamics.

In value terms, Mexico ($X) emerged as the largest areca nut supplier in Latin America and the Caribbean, comprising 97% of total exports. The second position in the ranking was held by Peru ($X), with a 2.3% share of total exports.

In Mexico, areca nut exports shrank by an average annual rate of -29.3% over the period from 2017-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Peru (-65.5% per year) and Guyana (0.0% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, surging by 144% against the previous year. In general, the export price posted significant growth. The growth pace was the most rapid in 2020 when the export price increased by 367%. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Guyana ($X per ton) was amongst the lowest.

From 2017 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+4.4%).

Areca Nut Imports

Imports in Latin America and the Caribbean

In 2022, approx. X tons of areca nuts were imported in Latin America and the Caribbean; growing by 496% against the previous year. In general, imports, however, recorded a deep downturn. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, areca nut imports skyrocketed to $X in 2022. Overall, imports saw a pronounced expansion. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

Colombia was the main importer of areca nuts in Latin America and the Caribbean, with the volume of imports recording X tons, which was approx. 60% of total imports in 2022. Argentina (X tons) ranks second in terms of the total imports with a 30% share, followed by Trinidad and Tobago (5.7%).

Imports into Colombia increased at an average annual rate of +1.1% from 2012 to 2022. At the same time, Argentina (+23.9%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +23.9% from 2012-2022. By contrast, Trinidad and Tobago (-4.8%) illustrated a downward trend over the same period. Colombia (+60 p.p.) and Argentina (+30 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, Colombia ($X), Argentina ($X) and Trinidad and Tobago ($X) constituted the countries with the highest levels of imports in 2022, with a combined 92% share of total imports.

Argentina, with a CAGR of +29.2%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, reducing by -38.2% against the previous year. Over the period under review, the import price, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2013 an increase of 300% against the previous year. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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 Trinidad and Tobago ($X per ton), while Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago (+5.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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