Latin America and the Caribbean: Glass Closure Market 2024

Glass Closure Market Size in Latin America and the Caribbean

The Latin American glass closure market fell modestly to $X in 2022, waning by -2.1% against the previous year. The market value increased at an average annual rate of +4.3% 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 2020 to 2022, the growth of the market failed to regain momentum.

Glass Closure Production in Latin America and the Caribbean

In value terms, glass closure production fell to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 20% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Glass Closure Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of glass stoppers, lids and other closures increased by 39% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, continue to indicate a dramatic decline. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, glass closure exports surged to $X in 2022. Overall, exports, however, saw a abrupt downturn. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Mexico was the major exporting country with an export of about X tons, which reached 73% of total exports. It was distantly followed by Colombia (X tons) and Brazil (X tons), together achieving a 22% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to glass closure exports from Mexico stood at -22.6%. At the same time, Brazil (+58.2%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +58.2% from 2012-2022. By contrast, Colombia (-7.3%) illustrated a downward trend over the same period. While the share of Colombia (+11 p.p.) and Brazil (+7.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Mexico (-22.2 p.p.) displayed negative dynamics.

In value terms, Mexico ($X) remains the largest glass closure supplier in Latin America and the Caribbean, comprising 68% of total exports. The second position in the ranking was taken by Brazil ($X), with a 14% share of total exports.

In Mexico, glass closure exports plunged by an average annual rate of -19.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (+59.5% per year) and Colombia (-6.8% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, dropping by -1.8% against the previous year. Overall, the export price, however, enjoyed a perceptible increase. The most prominent rate of growth was recorded in 2015 an increase of 79%. Over the period under review, the export prices attained the peak figure 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 Brazil ($X per ton), while Colombia ($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 (+3.7%), while the other leaders experienced more modest paces of growth.

Glass Closure Imports

Imports in Latin America and the Caribbean

In 2022, overseas purchases of glass stoppers, lids and other closures decreased by -46.8% to X tons for the first time since 2016, thus ending a five-year rising trend. Overall, imports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2015 with an increase of 79% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then declined rapidly in the following year.

In value terms, glass closure imports contracted markedly to $X in 2022. Over the period under review, imports, however, posted a buoyant expansion. The pace of growth was the most pronounced in 2021 when imports increased by 68%. As a result, imports attained the peak of $X, and then declined markedly in the following year.

Imports by Country

Brazil was the key importer of glass stoppers, lids and other closures in Latin America and the Caribbean, with the volume of imports reaching X tons, which was approx. 67% of total imports in 2022. Colombia (X tons) held an 18% share (based on physical terms) of total imports, which put it in second place, followed by Mexico (7.8%). Ecuador (X tons) held a minor share of total imports.

Brazil was also the fastest-growing in terms of the glass stoppers, lids and other closures imports, with a CAGR of +12.8% from 2012 to 2022. At the same time, Mexico (+10.7%), Ecuador (+7.5%) and Colombia (+7.0%) displayed positive paces of growth. From 2012 to 2022, the share of Brazil increased by +11 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported glass stoppers, lids and other closures in Latin America and the Caribbean, comprising 67% of total imports. The second position in the ranking was held by Colombia ($X), with a 14% share of total imports. It was followed by Mexico, with a 9.4% share.

From 2012 to 2022, the average annual growth rate of value in Brazil amounted to +10.9%. In the other countries, the average annual rates were as follows: Colombia (+5.8% per year) and Mexico (+5.3% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, picking up by 5.1% against the previous year. Overall, the import price, however, continues to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2021 when the import price increased by 29%. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 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 Mexico ($X per ton), while Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (-1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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