Latin America and the Caribbean: Metal Crown Cork Market 2024

Metal Crown Cork Market Size in Latin America and the Caribbean

The Latin American metal crown cork market shrank slightly to $X in 2022, remaining stable against the previous year. In general, consumption continues to indicate a perceptible decrease. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Metal Crown Cork Production in Latin America and the Caribbean

In value terms, metal crown cork production declined slightly to $X in 2022 estimated in export price. Overall, production saw a noticeable contraction. The most prominent rate of growth was recorded in 2021 with an increase of 8.2% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Metal Crown Cork Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of iron or steel crown corks decreased by -7.5% to X units, falling for the seventh year in a row after two years of growth. Over the period under review, exports recorded a noticeable downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 9.6%. As a result, the exports attained the peak of X units. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, metal crown cork exports surged to $X in 2022. Overall, exports continue to indicate a perceptible shrinkage. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Mexico prevails in exports structure, amounting to X units, which was near 77% of total exports in 2022. Peru (X units) held a 7.6% share (based on physical terms) of total exports, which put it in second place, followed by Honduras (7.2%). The following exporters - Costa Rica (X units) and Brazil (X units) - each reached a 6.8% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to metal crown cork exports from Mexico stood at -4.8%. At the same time, Peru (+2.2%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +2.2% from 2012-2022. By contrast, Honduras (-3.2%), Costa Rica (-4.3%) and Brazil (-11.3%) illustrated a downward trend over the same period. Peru (+3.8 p.p.) significantly strengthened its position in terms of the total exports, while Brazil saw its share reduced by -3.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest metal crown cork supplier in Latin America and the Caribbean, comprising 82% of total exports. The second position in the ranking was held by Honduras ($X), with a 5.1% share of total exports. It was followed by Peru, with a 5% share.

In Mexico, metal crown cork exports declined by an average annual rate of -2.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Honduras (-3.6% per year) and Peru (-0.3% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per thousand units, picking up by 26% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. 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 Mexico ($X per thousand units), while Peru ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.8%), while the other leaders experienced more modest paces of growth.

Metal Crown Cork Imports

Imports in Latin America and the Caribbean

In 2022, imports of iron or steel crown corks in Latin America and the Caribbean shrank to X units, which is down by -9.3% on the previous year's figure. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 28%. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, metal crown cork imports soared to $X in 2022. Total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +71.7% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 46%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, Chile (X units), Argentina (X units), Guatemala (X units), Nicaragua (X units), Colombia (X units), Panama (X units), Brazil (X units), Paraguay (X units), Peru (X units), the Dominican Republic (X units), El Salvador (X units) and Trinidad and Tobago (X units) was the key importer of iron or steel crown corks in Latin America and the Caribbean, mixing up 85% of total import.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Panama (with a CAGR of +26.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X), Argentina ($X) and Brazil ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 36% share of total imports. These countries were followed by Panama, Guatemala, Nicaragua, the Dominican Republic, Paraguay, El Salvador, Colombia, Peru and Trinidad and Tobago, which together accounted for a further 51%.

Panama, with a CAGR of +31.8%, saw the highest growth rate of 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

The import price in Latin America and the Caribbean stood at $X per thousand units in 2022, surging by 29% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.1%. As a result, import 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 importing countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per thousand units), while Colombia ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+8.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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