Latin America and the Caribbean: Carob Market 2024

Carob Market Size in Latin America and the Caribbean

The Latin American carob market reached $X in 2022, approximately reflecting the previous year. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Carob Production in Latin America and the Caribbean

In value terms, carob production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 2.2%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

The country with the largest volume of carob production was Costa Rica (X tons), comprising approx. 66% of total volume. Moreover, carob production in Costa Rica exceeded the figures recorded by the second-largest producer, Guatemala (X tons), threefold.

In Costa Rica, carob production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Guatemala (+1.0% per year) and Mexico (+24.9% per year).

The average carob yield declined to X tons per ha in 2022, dropping by -1.8% on 2021. In general, the yield saw a abrupt slump. The most prominent rate of growth was recorded in 2019 when the yield increased by 13%. The level of yield peaked at X tons per ha in 2012; however, from 2013 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of carob production in Latin America and the Caribbean amounted to X ha, increasing by 2.5% against 2021 figures. Overall, the harvested area recorded a prominent increase. The pace of growth appeared the most rapid in 2018 when the harvested area increased by 31% against the previous year. Over the period under review, the harvested area dedicated to carob production reached the maximum at X ha in 2020; however, from 2021 to 2022, the harvested area remained at a lower figure.

Carob Exports

Exports in Latin America and the Caribbean

In 2022, after three years of growth, there was decline in overseas shipments of carob, when their volume decreased by -2% to X tons. In general, exports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2020 when exports increased by 231%. The volume of export peaked at X tons in 2021, and then reduced slightly in the following year.

In value terms, carob exports fell modestly to $X in 2022. Over the period under review, exports, however, recorded a significant increase. The pace of growth was the most pronounced in 2020 when exports increased by 107%. The level of export peaked at $X in 2021, and then fell in the following year.

Exports by Country

Costa Rica dominates exports structure, recording X tons, which was near 98% of total exports in 2022. Peru (X tons) held a little share of total exports.

Costa Rica was also the fastest-growing in terms of the carob exports, with a CAGR of +15.5% from 2012 to 2022. At the same time, Peru (+6.6%) displayed positive paces of growth. From 2012 to 2022, the share of Costa Rica increased by +5.7 percentage points.

In value terms, Costa Rica ($X) remains the largest carob supplier in Latin America and the Caribbean, comprising 62% of total exports. The second position in the ranking was taken by Peru ($X), with a 7.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Costa Rica totaled +21.2%.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, standing approx. at the previous year. Export price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, carob export price increased by +7.7% against 2020 indices. The most prominent rate of growth was recorded in 2013 an increase of 50% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

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 Peru ($X per ton), while Costa Rica stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (+4.9%).

Carob Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of carob decreased by -0.2% to X tons, falling for the second year in a row after two years of growth. In general, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 43% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, carob imports expanded to $X in 2022. Total imports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -7.4% against 2020 indices. The pace of growth was the most pronounced in 2013 when imports increased by 92%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The countries with the highest levels of carob imports in 2022 were Costa Rica (X tons), Argentina (X tons) and Peru (X tons), together resulting at 68% of total import. Chile (X tons) ranks next in terms of the total imports with a 14% share, followed by Brazil (12%). The following importers - Colombia (X tons) and Mexico (X tons) - each finished at a 3.8% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Brazil (with a CAGR of +11.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest carob importing markets in Latin America and the Caribbean were Argentina ($X), Costa Rica ($X) and Peru ($X), together comprising 62% of total imports. Chile, Brazil, Mexico and Colombia lagged somewhat behind, together accounting for a further 35%.

Brazil, with a CAGR of +12.2%, saw the highest rates of growth with regard to 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 2022, the import price in Latin America and the Caribbean amounted to $X per ton, growing by 4.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.2%. The most prominent rate of growth was recorded in 2013 when the import price increased by 34% against the previous year. The level of import peaked at $X per ton in 2018; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+15.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :