Latin America and the Caribbean: Molasse Market 2024

Molasse Market Size in Latin America and the Caribbean

The Latin American molasse market was estimated at $X in 2022, picking up by 6.3% against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Molasse Production in Latin America and the Caribbean

In value terms, molasse production surged to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 173%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Molasse Exports

Exports in Latin America and the Caribbean

After two years of decline, shipments abroad of molasses increased by 3.8% to X tons in 2022. Total exports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -18.8% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 95% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, molasse exports totaled $X in 2022. The total export value increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 63%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Guatemala (X tons) and El Salvador (X tons) represented roughly 46% of total exports in 2022. Nicaragua (X tons) held the next position in the ranking, followed by the Dominican Republic (X tons) and Honduras (X tons). All these countries together held near 38% share of total exports. Belize (X tons) and Colombia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Colombia (with a CAGR of +9.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Guatemala ($X), El Salvador ($X) and the Dominican Republic ($X) constituted the countries with the highest levels of exports in 2022, together comprising 62% of total exports. Nicaragua, Honduras, Belize and Colombia lagged somewhat behind, together accounting for a further 27%.

Colombia, with a CAGR of +7.8%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, approximately mirroring the previous year. In general, the export price, however, recorded a mild descent. The most prominent rate of growth was recorded in 2021 an increase of 9.7%. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 Guatemala ($X per ton), while Honduras ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by El Salvador (+0.6%), while the other leaders experienced a decline in the export price figures.

Molasse Imports

Imports in Latin America and the Caribbean

After six years of growth, purchases abroad of molasses decreased by -11.6% to X tons in 2022. Overall, imports, however, posted prominent growth. The pace of growth was the most pronounced in 2021 when imports increased by 43% against the previous year. As a result, imports attained the peak of X tons, and then dropped in the following year.

In value terms, molasse imports fell to $X in 2022. In general, imports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2020 when imports increased by 49%. Over the period under review, imports reached the peak figure at $X in 2021, and then reduced in the following year.

Imports by Country

Jamaica was the key importing country with an import of about X tons, which reached 38% of total imports. Guyana (X tons) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by Ecuador (12%), Trinidad and Tobago (7.8%), Costa Rica (7.4%), Guatemala (6%), Chile (5.3%) and Curacao (4.7%).

From 2012 to 2022, average annual rates of growth with regard to molasse imports into Jamaica stood at +6.1%. At the same time, Guyana (+343.1%), Guatemala (+34.5%), Chile (+32.7%), Ecuador (+11.8%) and Curacao (+5.1%) displayed positive paces of growth. Moreover, Guyana emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +343.1% from 2012-2022. Costa Rica experienced a relatively flat trend pattern. By contrast, Trinidad and Tobago (-6.2%) illustrated a downward trend over the same period. Guyana (+12 p.p.), Guatemala (+5.5 p.p.), Ecuador (+5.3 p.p.), Chile (+4.8 p.p.) and Jamaica (+3.4 p.p.) significantly strengthened its position in terms of the total imports, while Costa Rica and Trinidad and Tobago saw its share reduced by -4.9% and -16.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Jamaica ($X) constitutes the largest market for imported molasses in Latin America and the Caribbean, comprising 38% of total imports. The second position in the ranking was taken by Guyana ($X), with a 14% share of total imports. It was followed by Ecuador, with an 8.3% share.

In Jamaica, molasse imports expanded at an average annual rate of +8.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Guyana (+264.7% per year) and Ecuador (+9.3% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, rising by 3.5% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 29% against the previous year. As a result, import price reached the peak level of $X per ton. From 2021 to 2022, the import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Curacao (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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