Latin America and the Caribbean: Festive Articles Market 2024

Festive Articles Market Size in Latin America and the Caribbean

The Latin American festive articles market soared to $X in 2022, growing by 16% against the previous year. The total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +50.5% against 2020 indices. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Festive Articles Production in Latin America and the Caribbean

In value terms, festive articles production dropped slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 40% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Festive Articles Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of festive or carnival articles decreased by -35.4% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports showed a abrupt downturn. The growth pace was the most rapid in 2021 when exports increased by 176% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, festive articles exports declined to $X in 2022. Overall, exports saw a pronounced shrinkage. The pace of growth was the most pronounced in 2021 when exports increased by 37%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Mexico prevails in exports structure, resulting at X tons, which was approx. 87% of total exports in 2022. The following exporters - Guatemala (X tons), the Dominican Republic (X tons) and Colombia (X tons) - together made up 6.8% of total exports.

From 2012 to 2022, average annual rates of growth with regard to festive articles exports from Mexico stood at -6.2%. At the same time, the Dominican Republic (+37.8%) and Colombia (+14.4%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +37.8% from 2012-2022. By contrast, Guatemala (-3.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Mexico, the Dominican Republic and Colombia increased by +7.6, +2.3 and +1.5 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest festive articles supplier in Latin America and the Caribbean, comprising 80% of total exports. The second position in the ranking was taken by Colombia ($X), with a 4.1% share of total exports. It was followed by Guatemala, with a 4.1% share.

From 2012 to 2022, the average annual growth rate of value in Mexico stood at -2.8%. In the other countries, the average annual rates were as follows: Colombia (+17.6% per year) and Guatemala (-1.3% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, surging by 34% against the previous year. Overall, the export price posted a notable increase. The most prominent rate of growth was recorded in 2016 when the export price increased by 92% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 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 Colombia ($X per ton), while the Dominican Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+3.6%), while the other leaders experienced more modest paces of growth.

Festive Articles Imports

Imports in Latin America and the Caribbean

In 2022, festive articles imports in Latin America and the Caribbean skyrocketed to X tons, growing by 17% on 2021. Overall, imports showed a remarkable increase. The pace of growth appeared the most rapid in 2021 with an increase of 50% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, festive articles imports totaled $X in 2022. Total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +82.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 66% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

The countries with the highest levels of festive articles imports in 2022 were Bolivia (X tons), Mexico (X tons) and Chile (X tons), together finishing at 50% of total import. Peru (X tons) took an 8.7% share (based on physical terms) of total imports, which put it in second place, followed by Brazil (7.7%), Colombia (5.8%), Argentina (5.3%) and Ecuador (4.6%).

From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of +21.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X), Mexico ($X) and Peru ($X) were the countries with the highest levels of imports in 2022, with a combined 42% share of total imports.

Among the main importing countries, Peru, with a CAGR of +19.8%, saw 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, shrinking by -6.4% against the previous year. Overall, the import price showed a noticeable decline. The most prominent rate of growth was recorded in 2021 an increase of 11% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

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 Argentina ($X per ton), while Bolivia ($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 (+4.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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