Latin America and the Caribbean: Market for Grapefruit Juice (Single Strength) 2024

Market Size for Grapefruit Juice (Single Strength) in Latin America and the Caribbean

For the fourth consecutive year, the Latin American grapefruit juice (single strength) market recorded growth in sales value, which increased by 13% to $X in 2021. The total consumption indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +107.5% against 2017 indices. Over the period under review, the market attained the peak level in 2021 and is likely to continue growth in the immediate term.

Production of Grapefruit Juice (Single Strength) in Latin America and the Caribbean

In value terms, grapefruit juice (single strength) production declined to $X in 2021 estimated in export price. The total production indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +72.6% against 2015 indices. The growth pace was the most rapid in 2018 when the production volume increased by 24%. Over the period under review, production attained the maximum level at $X in 2020, and then declined modestly in the following year.

Exports of Grapefruit Juice (Single Strength)

Exports in Latin America and the Caribbean

In 2021, overseas shipments of grapefruit juice (single strength) decreased by -39% to X tons, falling for the fourth year in a row after two years of growth. In general, exports recorded a pronounced slump. The most prominent rate of growth was recorded in 2017 with an increase of 92% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, grapefruit juice (single strength) exports declined significantly to $X in 2021. Overall, exports showed a abrupt slump. The most prominent rate of growth was recorded in 2016 when exports increased by 156%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Mexico dominates exports structure, resulting at X tons, which was near 84% of total exports in 2021. Cuba (X tons), Costa Rica (X tons), Trinidad and Tobago (X tons) and Argentina (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to grapefruit juice (single strength) exports from Mexico stood at -3.5%. At the same time, Argentina (+14.0%) and Costa Rica (+2.9%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +14.0% from 2012-2021. Trinidad and Tobago experienced a relatively flat trend pattern. By contrast, Cuba (-20.7%) illustrated a downward trend over the same period. Mexico (+9.8 p.p.), Argentina (+2 p.p.) and Costa Rica (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while Cuba saw its share reduced by -16.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest grapefruit juice (single strength) supplier in Latin America and the Caribbean, comprising 78% of total exports. The second position in the ranking was held by Trinidad and Tobago ($X), with a 6.4% share of total exports. It was followed by Cuba, with a 3.9% share.

From 2012 to 2021, the average annual growth rate of value in Mexico totaled -5.7%. In the other countries, the average annual rates were as follows: Trinidad and Tobago (+4.6% per year) and Cuba (-24.3% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, dropping by -28.9% against the previous year. Over the period under review, the export price saw a perceptible downturn. The most prominent rate of growth was recorded in 2016 when the export price increased by 38% 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 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Trinidad and Tobago ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago (+4.5%), while the other leaders experienced a decline in the export price figures.

Imports of Grapefruit Juice (Single Strength)

Imports in Latin America and the Caribbean

In 2021, the amount of grapefruit juice (single strength) imported in Latin America and the Caribbean soared to X tons, rising by 31% compared with the previous year's figure. In general, imports, however, saw a noticeable reduction. The volume of import peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, grapefruit juice (single strength) imports surged to $X in 2021. Over the period under review, imports saw a relatively flat trend pattern. The level of import peaked at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

Trinidad and Tobago (X tons) and Mexico (X tons) were the major importers of grapefruit juice (single strength) in 2021, reaching near 30% and 21% of total imports, respectively. Barbados (X tons) ranks next in terms of the total imports with a 9.7% share, followed by Chile (6.6%), the Dominican Republic (5.2%) and Panama (5%). Saint Lucia (X tons), Bahamas (X tons), Grenada (X tons) and Jamaica (X tons) held a little share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Panama (with a CAGR of +100.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest grapefruit juice (single strength) importing markets in Latin America and the Caribbean were Trinidad and Tobago ($X), Mexico ($X) and Barbados ($X), together accounting for 60% of total imports. Chile, the Dominican Republic, Panama, Grenada, Bahamas, Saint Lucia and Jamaica lagged somewhat behind, together accounting for a further 27%.

Panama, with a CAGR of +84.0%, recorded the highest growth rate of the value of imports, among 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 2021, rising by 3.4% against the previous year. Over the last nine years, it increased at an average annual rate of +3.5%. The growth pace was the most rapid in 2018 an increase of 16%. Over the period under review, import prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Jamaica (+5.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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