Latin America and the Caribbean: Natural Cork Stopper Market 2024

Natural Cork Stopper Market Size in Latin America and the Caribbean

The Latin American natural cork stopper market declined to $X in 2022, dropping by -5.4% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Natural Cork Stopper Production in Latin America and the Caribbean

In value terms, natural cork stopper production fell modestly to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the production volume increased by 14%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Natural Cork Stopper Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of corks and stoppers of natural cork were exported in Latin America and the Caribbean; jumping by 98% compared with the previous year. Overall, exports, however, saw a deep slump. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, natural cork stopper exports rose significantly to $X in 2022. Over the period under review, exports, however, recorded a abrupt downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 38% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Guatemala (X tons) and Chile (X tons) dominates exports structure, together mixing up 75% of total exports. Panama (X tons) ranks next in terms of the total exports with an 8.7% share, followed by Argentina (7.5%) and Mexico (5.8%). The Dominican Republic (X kg) took a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Guatemala (with a CAGR of +169.5%), while the other leaders experienced more modest paces of growth.

In value terms, Chile ($X) remains the largest natural cork stopper supplier in Latin America and the Caribbean, comprising 55% of total exports. The second position in the ranking was taken by Panama ($X), with a 19% share of total exports. It was followed by Guatemala, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in Chile stood at -13.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Panama (+46.3% per year) and Guatemala (+219.4% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, waning by -45.2% against the previous year. Over the period under review, the export price continues to indicate a perceptible slump. The growth pace was the most rapid in 2014 an increase of 39%. Over the period under review, the export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, 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 Panama ($X per ton), while Guatemala ($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 (+18.5%), while the other leaders experienced more modest paces of growth.

Natural Cork Stopper Imports

Imports in Latin America and the Caribbean

For the fifth year in a row, LatAmerica and the Caribbean recorded decline in purchases abroad of corks and stoppers of natural cork, which decreased by -22.6% to X tons in 2022. In general, imports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2015 with an increase of 18% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, natural cork stopper imports reduced dramatically to $X in 2022. Over the period under review, imports showed a pronounced reduction. The most prominent rate of growth was recorded in 2021 when imports increased by 14%. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Chile (X tons) was the main importer of corks and stoppers of natural cork, generating 42% of total imports. Mexico (X tons) ranks second in terms of the total imports with a 26% share, followed by Argentina (11%) and Guatemala (7.6%). The Dominican Republic (X tons), Brazil (X tons) and Panama (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Panama (with a CAGR of +18.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X), Mexico ($X) and Argentina ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 80% of total imports. Guatemala, the Dominican Republic, Brazil and Panama lagged somewhat behind, together accounting for a further 15%.

Panama, with a CAGR of +23.1%, saw the highest rates of growth with regard to the value of imports, in terms of 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

The import price in Latin America and the Caribbean stood at $X per ton in 2022, declining by -19.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2021 when the import price increased by 27%. As a result, import price reached the peak level of $X per ton, and then contracted sharply in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+8.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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