Latin America and the Caribbean: Industrial Oleic Acid Market 2024

Industrial Oleic Acid Market Size in Latin America and the Caribbean

The Latin American industrial oleic acid market expanded rapidly to $X in 2021, surging by 10% against the previous year. Overall, consumption showed mild growth. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Industrial Oleic Acid Production in Latin America and the Caribbean

In value terms, industrial oleic acid production rose modestly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 21%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Industrial Oleic Acid Exports

Exports in Latin America and the Caribbean

In 2021, the amount of industrial oleic acid exported in Latin America and the Caribbean reduced markedly to X tons, waning by -42.8% compared with the previous year. Over the period under review, exports, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2020 with an increase of 192%. As a result, the exports attained the peak of X tons, and then contracted significantly in the following year.

In value terms, industrial oleic acid exports dropped markedly to $X in 2021. In general, exports, however, saw a slight increase. The pace of growth was the most pronounced in 2020 when exports increased by 122%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Argentina prevails in exports structure, resulting at X tons, which was approx. 90% of total exports in 2021. The following exporters - Uruguay (X tons), Brazil (X tons) and Mexico (X tons) - together made up 10% of total exports.

Exports from Argentina increased at an average annual rate of +21.8% from 2012 to 2021. At the same time, Mexico (+45.3%) and Uruguay (+30.0%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +45.3% from 2012-2021. By contrast, Brazil (-15.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Argentina, Uruguay and Mexico increased by +45, +2.9 and +2 percentage points, respectively.

In value terms, Argentina ($X) remains the largest industrial oleic acid supplier in Latin America and the Caribbean, comprising 84% of total exports. The second position in the ranking was held by Brazil ($X), with a 6.8% share of total exports. It was followed by Mexico, with a 4.4% share.

From 2012 to 2021, the average annual growth rate of value in Argentina amounted to +17.8%. In the other countries, the average annual rates were as follows: Brazil (-22.2% per year) and Mexico (+38.3% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, increasing by 18% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt slump. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uruguay (+2.1%), while the other leaders experienced a decline in the export price figures.

Industrial Oleic Acid Imports

Imports in Latin America and the Caribbean

In 2021, the amount of industrial oleic acid imported in Latin America and the Caribbean surged to X tons, picking up by 46% against the previous year's figure. Overall, imports saw a prominent expansion. The pace of growth appeared the most rapid in 2019 when imports increased by 630%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, industrial oleic acid imports skyrocketed to $X in 2021. In general, imports posted a prominent expansion. The growth pace was the most rapid in 2019 with an increase of 482%. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Chile (X tons) was the major importer of industrial oleic acid, comprising 75% of total imports. It was distantly followed by Mexico (X tons) and Brazil (X tons), together comprising a 23% share of total imports.

Chile was also the fastest-growing in terms of the industrial oleic acid imports, with a CAGR of +21.6% from 2012 to 2021. At the same time, Brazil (+5.5%) and Mexico (+1.6%) displayed positive paces of growth. Chile (+35 p.p.) significantly strengthened its position in terms of the total imports, while Brazil and Mexico saw its share reduced by -9.6% and -19.4% from 2012 to 2021, respectively.

In value terms, Chile ($X) constitutes the largest market for imported industrial oleic acid in Latin America and the Caribbean, comprising 60% of total imports. The second position in the ranking was held by Brazil ($X), with a 20% share of total imports.

In Chile, industrial oleic acid imports expanded at an average annual rate of +12.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Brazil (+6.5% per year) and Mexico (-2.6% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, surging by 35% against the previous year. Overall, the import price, however, showed a abrupt decline. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Brazil ($X per ton), while Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+0.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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