Latin America and the Caribbean: Benzoic Acid Market 2024

Benzoic Acid Market Size in Latin America and the Caribbean

In 2021, the Latin American benzoic acid market was finally on the rise to reach $X after three years of decline. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Benzoic Acid Production in Latin America and the Caribbean

In value terms, benzoic acid production totaled $X in 2021 estimated in export price. Overall, production, however, showed a abrupt slump. The pace of growth appeared the most rapid in 2017 with an increase of 27% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Benzoic Acid Exports

Exports in Latin America and the Caribbean

In 2021, approx. X tons of benzoic acid, its salts and esters were exported in Latin America and the Caribbean; which is down by -10.4% on 2020. In general, exports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2020 with an increase of 38%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, benzoic acid exports rose remarkably to $X in 2021. Over the period under review, exports showed a abrupt setback. The pace of growth was the most pronounced in 2020 with an increase of 32% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Mexico (X tons), Argentina (X tons), Peru (X tons), Brazil (X tons) and Guatemala (X tons) represented roughly 88% of total exports in 2021. It was distantly followed by Uruguay (X tons), achieving a 4.6% share of total exports. Costa Rica (X tons) held a relatively small share of total exports.

From 2012 to 2021, the biggest increases were recorded for Brazil (with a CAGR of +8.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Argentina ($X) and Brazil ($X) were the countries with the highest levels of exports in 2021, with a combined 63% share of total exports. Peru, Guatemala, Uruguay and Costa Rica lagged somewhat behind, together comprising a further 31%.

Among the main exporting countries, Costa Rica, with a CAGR of +7.1%, saw 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 export price in Latin America and the Caribbean stood at $X per ton in 2021, increasing by 22% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. The pace of growth was the most pronounced in 2014 when the export price increased by 23%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Costa Rica ($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 (+14.1%), while the other leaders experienced more modest paces of growth.

Benzoic Acid Imports

Imports in Latin America and the Caribbean

In 2021, overseas purchases of benzoic acid, its salts and esters increased by 24% to X tons, rising for the fifth year in a row after four years of decline. The total import volume increased at an average annual rate of +1.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, benzoic acid imports soared to $X in 2021. The total import value increased at an average annual rate of +1.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Brazil (X tons) and Mexico (X tons) prevails in imports structure, together mixing up 76% of total imports. The following importers - Colombia (X tons), Peru (X tons), Chile (X tons), Argentina (X tons), Costa Rica (X tons), the Dominican Republic (X tons) and Guatemala (X tons) - together made up 19% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Dominican Republic (with a CAGR of +7.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Mexico ($X) and Colombia ($X) constituted the countries with the highest levels of imports in 2021, with a combined 80% share of total imports. These countries were followed by Argentina, Peru, Chile, Costa Rica, Guatemala and the Dominican Republic, which together accounted for a further 14%.

Guatemala, with a CAGR of +4.7%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, leveling off at the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the import price increased by 14% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Argentina ($X per ton), while the Dominican Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+1.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :