Latin America and the Caribbean: Market for Mixed Condiments, Sauses and Seasonings 2022

Market Size for Mixed Condiments, Sauses and Seasonings in Latin America and the Caribbean

The Latin American market for mixed condiments, sauses and seasonings dropped modestly to $X in 2021, reducing by -2.6% against the previous year. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Production of Mixed Condiments, Sauses and Seasonings in Latin America and the Caribbean

In value terms, mixed condiment, sause and seasoning production reduced to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.7% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the production volume increased by 16%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Exports of Mixed Condiments, Sauses and Seasonings

Exports in Latin America and the Caribbean

In 2021, the amount of mixed condiments, sauses and seasonings exported in Latin America and the Caribbean surged to X tons, growing by 15% compared with the previous year. Total exports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +58.0% against 2015 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, mixed condiment, sause and seasoning exports rose significantly to $X in 2021. The total export value increased at an average annual rate of +6.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico represented the key exporting country with an export of about X tons, which accounted for 52% of total exports. Guatemala (X tons) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by Costa Rica (8.2%). The Dominican Republic (X tons), Peru (X tons), Argentina (X tons), Brazil (X tons), Trinidad and Tobago (X tons), El Salvador (X tons) and Jamaica (X tons) took a relatively small share of total exports.

From 2012 to 2021, average annual rates of growth with regard to mixed condiment, sause and seasoning exports from Mexico stood at +6.9%. At the same time, Trinidad and Tobago (+15.9%), Guatemala (+15.8%), Brazil (+10.8%), El Salvador (+10.4%), Jamaica (+7.3%) and Peru (+2.5%) displayed positive paces of growth. Moreover, Trinidad and Tobago emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +15.9% from 2012-2021. Costa Rica experienced a relatively flat trend pattern. By contrast, the Dominican Republic (-2.6%) and Argentina (-4.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Guatemala and Mexico increased by +7.3 and +5.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest mixed condiment, sause and seasoning supplier in Latin America and the Caribbean, comprising 47% of total exports. The second position in the ranking was held by Guatemala ($X), with an 11% share of total exports. It was followed by Costa Rica, with an 8.8% share.

In Mexico, mixed condiment, sause and seasoning exports increased at an average annual rate of +6.5% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Guatemala (+16.4% per year) and Costa Rica (+1.4% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, approximately equating the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the export price increased by 7% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago (+7.5%), while the other leaders experienced more modest paces of growth.

Imports of Mixed Condiments, Sauses and Seasonings

Imports in Latin America and the Caribbean

Mixed condiment, sause and seasoning imports stood at X tons in 2021, remaining stable against 2020 figures. The total import volume increased at an average annual rate of +3.6% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 11% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, mixed condiment, sause and seasoning imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +6.2% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico represented the main importing country with an import of around X tons, which finished at 26% of total imports. Chile (X tons) held a 9.2% share (based on physical terms) of total imports, which put it in second place, followed by El Salvador (7.1%), Honduras (6.8%) and Guatemala (6.5%). Panama (X tons), Colombia (X tons), Costa Rica (X tons), Nicaragua (X tons), the Dominican Republic (X tons), Paraguay (X tons), Peru (X tons) and Brazil (X tons) followed a long way behind the leaders.

Imports into Mexico increased at an average annual rate of +3.7% from 2012 to 2021. At the same time, Colombia (+9.6%), Peru (+8.3%), Chile (+7.7%), Honduras (+7.5%), Nicaragua (+6.1%), Panama (+5.5%), El Salvador (+4.8%), the Dominican Republic (+4.5%), Paraguay (+3.5%), Brazil (+2.9%), Costa Rica (+2.0%) and Guatemala (+1.9%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +9.6% from 2012-2021. Chile (+2.7 p.p.), Honduras (+1.9 p.p.) and Colombia (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported mixed condiments, sauses and seasonings in Latin America and the Caribbean, comprising 29% of total imports. The second position in the ranking was taken by Chile ($X), with a 9.4% share of total imports. It was followed by Guatemala, with an 8.3% share.

In Mexico, mixed condiment, sause and seasoning imports expanded at an average annual rate of +7.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Chile (+12.4% per year) and Guatemala (+7.7% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, rising by 20% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Brazil ($X per ton), while Paraguay ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guatemala (+5.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :