Latin America and the Caribbean: Modified Starches Market 2024

Modified Starches Market Size in Latin America and the Caribbean

The Latin American modified starches market reduced modestly to $X in 2022, leveling off at the previous year. Overall, consumption continues to indicate a perceptible downturn. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Modified Starches Production in Latin America and the Caribbean

In value terms, modified starches production dropped slightly to $X in 2022 estimated in export price. In general, production saw a perceptible shrinkage. The pace of growth appeared the most rapid in 2018 with an increase of 21% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Modified Starches Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of dextrins and other modified starches increased by 26% to X tons, rising for the third year in a row after six years of decline. Total exports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +83.7% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, modified starches exports skyrocketed to $X in 2022. In general, exports posted a mild increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Brazil represented the major exporter of dextrins and other modified starches in Latin America and the Caribbean, with the volume of exports recording X tons, which was near 81% of total exports in 2022. It was distantly followed by Argentina (X tons), committing an 11% share of total exports. Mexico (X tons) and Paraguay (X tons) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to modified starches exports from Brazil stood at +6.5%. At the same time, Paraguay (+12.0%) displayed positive paces of growth. Moreover, Paraguay emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +12.0% from 2012-2022. By contrast, Argentina (-6.4%) and Mexico (-11.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Brazil and Paraguay increased by +26 and +2.2 percentage points, respectively.

In value terms, Brazil ($X) remains the largest modified starches supplier in Latin America and the Caribbean, comprising 85% of total exports. The second position in the ranking was held by Argentina ($X), with a 6.7% share of total exports. It was followed by Mexico, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value in Brazil amounted to +5.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Argentina (-6.0% per year) and Mexico (-15.3% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, jumping by 36% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Paraguay (+4.0%), while the other leaders experienced mixed trends in the export price figures.

Modified Starches Imports

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of dextrins and other modified starches increased by 9.4% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 18% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the near future.

In value terms, modified starches imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +3.5% over the period from 2012 to 2022; 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

Mexico represented the main importing country with an import of about X tons, which finished at 34% of total imports. It was distantly followed by Chile (X tons), Argentina (X tons), Paraguay (X tons) and Colombia (X tons), together committing a 42% share of total imports. Peru (X tons), Brazil (X tons), Ecuador (X tons), Guatemala (X tons), Costa Rica (X tons) and the Dominican Republic (X tons) took a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to modified starches imports into Mexico stood at +1.4%. At the same time, Paraguay (+44.9%), Guatemala (+13.8%), the Dominican Republic (+5.5%), Peru (+4.3%), Costa Rica (+3.8%) and Argentina (+2.0%) displayed positive paces of growth. Moreover, Paraguay emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +44.9% from 2012-2022. Ecuador experienced a relatively flat trend pattern. By contrast, Brazil (-2.1%), Chile (-2.1%) and Colombia (-4.4%) illustrated a downward trend over the same period. While the share of Paraguay (+9.6 p.p.) and Guatemala (+2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Chile (-5.4 p.p.) and Colombia (-6.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported dextrins and other modified starches in Latin America and the Caribbean, comprising 39% of total imports. The second position in the ranking was held by Chile ($X), with an 11% share of total imports. It was followed by Argentina, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico amounted to +4.6%. The remaining importing countries recorded the following average annual rates of imports growth: Chile (+1.2% per year) and Argentina (+3.1% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, jumping by 18% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Brazil ($X per ton), while Paraguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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