Latin America and the Caribbean: Hemp Tow Market 2024

Hemp Tow Market Size in Latin America and the Caribbean

The Latin American hemp tow market was estimated at $X in 2022, rising by 5.7% against the previous year. In general, consumption, however, recorded a mild descent. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Hemp Tow Production in Latin America and the Caribbean

In value terms, hemp tow production totaled $X in 2022 estimated in export price. Over the period under review, production, however, saw a slight descent. The growth pace was the most rapid in 2020 with an increase of 70%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Chile (X tons) constituted the country with the largest volume of hemp tow production, comprising approx. 99% of total volume.

From 2012 to 2022, the average annual rate of growth in terms of volume in Chile was relatively modest.

The average hemp tow yield stood at X kg per ha in 2022, remaining constant against the previous year. In general, the yield, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 1.8%. Over the period under review, the hemp tow yield reached the peak level at X kg per ha in 2016; however, from 2017 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of hemp tow production in Latin America and the Caribbean was estimated at X ha, remaining stable against the year before. Over the period under review, the harvested area, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 0.9% against the previous year. Over the period under review, the harvested area dedicated to hemp tow production reached the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

Hemp Tow Exports

Exports in Latin America and the Caribbean

Hemp tow exports shrank sharply to X kg in 2022, with a decrease of -81.9% on the previous year. Over the period under review, exports, however, recorded a significant increase. The growth pace was the most rapid in 2018 with an increase of 3,500% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then declined significantly in the following year.

In value terms, hemp tow exports declined to $X in 2022. Overall, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2019 with an increase of 1,905% against the previous year. The level of export peaked at $X in 2021, and then fell in the following year.

Exports by Country

In 2022, the Dominican Republic (X kg) was the main exporter of hemp tow, making up 45% of total exports. Colombia (X kg) held the second position in the ranking, followed by Jamaica (X kg). All these countries together held near 54% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the Dominican Republic (with a CAGR of -3.6%), while the other leaders experienced a decline in the exports figures.

In value terms, Jamaica ($X) remains the largest hemp tow supplier in Latin America and the Caribbean, comprising 90% of total exports. The second position in the ranking was held by Colombia ($X), with a 6.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Jamaica amounted to -5.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Colombia (-50.0% per year) and the Dominican Republic (-14.8% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, jumping by 404% against the previous year. Overall, the export price recorded a significant expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 Jamaica ($X per ton), while the Dominican Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jamaica (+1,574.6%), while the other leaders experienced a decline in the export price figures.

Hemp Tow Imports

Imports in Latin America and the Caribbean

Hemp tow imports rose sharply to X tons in 2022, surging by 5.7% on the year before. Over the period under review, imports continue to indicate a pronounced expansion. The growth pace was the most rapid in 2019 with an increase of 110%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, hemp tow imports expanded slightly to $X in 2022. In general, imports continue to indicate a strong expansion. The growth pace was the most rapid in 2019 with an increase of 156% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Paraguay represented the key importer of hemp tow in Latin America and the Caribbean, with the volume of imports finishing at X tons, which was approx. 32% of total imports in 2022. It was distantly followed by Ecuador (X tons), the Dominican Republic (X tons), Peru (X tons), Jamaica (X tons), Costa Rica (X tons) and Panama (X tons), together constituting a 56% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Ecuador (with a CAGR of +114.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hemp tow importing markets in Latin America and the Caribbean were Paraguay ($X), Peru ($X) and Panama ($X), together accounting for 60% of total imports. Ecuador, Costa Rica, Jamaica and the Dominican Republic lagged somewhat behind, together comprising a further 28%.

Ecuador, with a CAGR of +92.2%, saw the highest rates of growth with regard to 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 2022, with a decrease of -1.9% against the previous year. In general, the import price, however, saw a noticeable expansion. The most prominent rate of growth was recorded in 2018 when the import price increased by 50%. The level of import peaked at $X per ton in 2020; however, from 2021 to 2022, 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 Panama ($X per ton), while the Dominican Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+15.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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