Latin America and the Caribbean: Market for Gingerbread, Sweet Biscuits and Waffles 2024

Market Size for Gingerbread, Sweet Biscuits and Waffles in Latin America and the Caribbean

In 2022, the Latin American market for gingerbread, sweet biscuits and waffles decreased by -0.4% to $X, falling for the fourth year in a row after four years of growth. Over the period under review, consumption showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 7.3% against the previous year. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Gingerbread, Sweet Biscuits and Waffles in Latin America and the Caribbean

In value terms, gingerbread, sweet biscuit and waffle production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 9.3%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Gingerbread, Sweet Biscuits and Waffles

Exports in Latin America and the Caribbean

In 2022, gingerbread, sweet biscuit and waffle exports in Latin America and the Caribbean rose to X tons, picking up by 3.2% on 2021. In general, exports saw a prominent increase. The pace of growth appeared the most rapid in 2021 with an increase of 41%. The volume of export peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, gingerbread, sweet biscuit and waffle exports skyrocketed to $X in 2022. Overall, exports posted a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Mexico (X tons) represented the main exporter of gingerbread, sweet biscuits and waffles, constituting 62% of total exports. Brazil (X tons) held an 11% share (based on physical terms) of total exports, which put it in second place, followed by Guatemala (5.6%) and Peru (5.5%). The following exporters - Costa Rica (X tons), Colombia (X tons) and Argentina (X tons) - each resulted at a 9.2% share of total exports.

Mexico was also the fastest-growing in terms of the gingerbread, sweet biscuits and waffles exports, with a CAGR of +11.6% from 2012 to 2022. At the same time, Colombia (+11.0%), Guatemala (+7.3%), Brazil (+6.9%), Peru (+6.4%) and Costa Rica (+3.3%) displayed positive paces of growth. By contrast, Argentina (-1.8%) illustrated a downward trend over the same period. While the share of Mexico (+17 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Costa Rica (-1.8 p.p.) and Argentina (-4.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest gingerbread, sweet biscuit and waffle supplier in Latin America and the Caribbean, comprising 67% of total exports. The second position in the ranking was taken by Brazil ($X), with a 9.2% share of total exports. It was followed by Guatemala, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value in Mexico totaled +13.2%. In the other countries, the average annual rates were as follows: Brazil (+5.6% per year) and Guatemala (+10.6% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, with an increase of 17% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2016 an increase of 26%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat 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 Mexico ($X per ton), while Peru ($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 (+3.1%), while the other leaders experienced mixed trends in the export price figures.

Imports of Gingerbread, Sweet Biscuits and Waffles

Imports in Latin America and the Caribbean

In 2022, gingerbread, sweet biscuit and waffle imports in Latin America and the Caribbean reached X tons, standing approx. at the previous year's figure. The total import volume increased at an average annual rate of +4.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when imports increased by 15%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, gingerbread, sweet biscuit and waffle imports reached $X in 2022. The total import value increased at an average annual rate of +5.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 19% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

Mexico (X tons), Chile (X tons), Guatemala (X tons), Paraguay (X tons), Venezuela (X tons), Colombia (X tons), the Dominican Republic (X tons), Honduras (X tons), Uruguay (X tons), Haiti (X tons), Nicaragua (X tons) and El Salvador (X tons) represented roughly 73% of total imports in 2022. Ecuador (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Venezuela (with a CAGR of +10.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Chile ($X) and Guatemala ($X) constituted the countries with the highest levels of imports in 2022, with a combined 35% share of total imports.

Chile, with a CAGR of +10.6%, recorded 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

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, growing by 9.5% against the previous year. In general, the import price recorded a relatively flat trend pattern. 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 Mexico ($X per ton), while Haiti ($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 (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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