Latin America and the Caribbean: Coffee Substitutes Market 2024

Coffee Substitutes Market Size in Latin America and the Caribbean

The Latin American coffee substitutes market reached $X in 2022, almost unchanged from the previous year. The market value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Coffee Substitutes Production in Latin America and the Caribbean

In value terms, coffee substitutes production rose modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 when the production volume increased by 13%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Coffee Substitutes Exports

Exports in Latin America and the Caribbean

After three years of decline, overseas shipments of coffee substitutes containing coffee increased by 34% to X tons in 2022. Overall, exports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2013 when exports increased by 136%. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, coffee substitutes exports skyrocketed to $X in 2022. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 115%. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Nicaragua (X tons) was the largest exporter of coffee substitutes containing coffee, mixing up 73% of total exports. It was distantly followed by Colombia (X tons), constituting a 10% share of total exports. The following exporters - Costa Rica (X tons), Honduras (X tons), the Dominican Republic (X tons) and Guatemala (X tons) - together made up 11% of total exports.

Nicaragua experienced a relatively flat trend pattern with regard to volume of exports of coffee substitutes containing coffee. At the same time, Colombia (+53.6%), the Dominican Republic (+52.8%), Honduras (+11.7%), Costa Rica (+11.6%) and Guatemala (+9.0%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +53.6% from 2012-2022. Nicaragua (+73 p.p.), Colombia (+9.4 p.p.) and the Dominican Republic (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while Guatemala and Costa Rica saw its share reduced by -2.2% and -2.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Colombia ($X), Costa Rica ($X) and Guatemala ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising 63% of total exports. The Dominican Republic, Honduras and Nicaragua lagged somewhat behind, together comprising a further 16%.

Among the main exporting countries, the Dominican Republic, with a CAGR of +72.1%, 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 2022, the export price in Latin America and the Caribbean amounted to $X per ton, with an increase of 41% against the previous year. In general, the export price, however, continues to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2017 when the export price increased by 309%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 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 Guatemala ($X per ton), while Nicaragua ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+12.6%), while the other leaders experienced more modest paces of growth.

Coffee Substitutes Imports

Imports in Latin America and the Caribbean

In 2022, approx. X tons of coffee substitutes containing coffee were imported in Latin America and the Caribbean; with a decrease of -8.8% against the previous year's figure. Over the period under review, imports continue to indicate a pronounced decline. The most prominent rate of growth was recorded in 2017 with an increase of 42% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, coffee substitutes imports shrank notably to $X in 2022. In general, imports continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2021 when imports increased by 76% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Belize (X tons) and Aruba (X tons) represented the largest importers of coffee substitutes containing coffee in Latin America and the Caribbean, together reaching approx. 42% of total imports. It was distantly followed by Chile (X tons), Venezuela (X tons), Barbados (X tons) and Curacao (X tons), together mixing up a 32% share of total imports. Bahamas (X tons), Cayman Islands (X tons), the Dominican Republic (X tons), Peru (X tons), Guatemala (X tons), Honduras (X tons) and Cuba (X tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Belize (with a CAGR of +77.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest coffee substitutes importing markets in Latin America and the Caribbean were Aruba ($X), Chile ($X) and Venezuela ($X), with a combined 60% share of total imports. Curacao, Peru, Bahamas, Cayman Islands, Belize, Barbados, Honduras, Guatemala, the Dominican Republic and Cuba lagged somewhat behind, together comprising a further 31%.

Among the main importing countries, Belize, with a CAGR of +71.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, reducing by -31.5% against the previous year. Over the period under review, the import price continues to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2021 when the import price increased by 29%. As a result, import price reached the peak level of $X per ton, and then shrank markedly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (+6.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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