Latin America and the Caribbean: Nitrites Market 2024

Nitrites Market Size in Latin America and the Caribbean

In 2021, the Latin American nitrites market decreased by -2.4% to $X, falling for the third year in a row after three years of growth. In general, consumption continues to indicate a deep reduction. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Nitrites Production in Latin America and the Caribbean

In value terms, nitrites production skyrocketed to $X in 2021 estimated in export price. In general, production, however, saw a sharp setback. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Nitrites Exports

Exports in Latin America and the Caribbean

In 2021, approx. X tons of nitrites were exported in Latin America and the Caribbean; surging by 6.2% compared with the year before. In general, exports saw strong growth. The most prominent rate of growth was recorded in 2017 with an increase of 111%. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in years to come.

In value terms, nitrites exports shrank to $X in 2021. Overall, exports saw a perceptible expansion. The most prominent rate of growth was recorded in 2017 with an increase of 137%. The level of export peaked at $X in 2020, and then declined in the following year.

Exports by Country

Brazil was the largest exporter of nitrites in Latin America and the Caribbean, with the volume of exports reaching X tons, which was approx. 47% of total exports in 2021. It was distantly followed by Mexico (X tons), Chile (X tons), Costa Rica (X tons) and Argentina (X tons), together comprising a 46% share of total exports. Colombia (X tons) and Guatemala (X tons) followed a long way behind the leaders.

Exports from Brazil increased at an average annual rate of +20.1% from 2012 to 2021. At the same time, Guatemala (+93.3%), Chile (+60.4%), Colombia (+31.8%), Argentina (+20.5%) and Mexico (+2.3%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +93.3% from 2012-2021. By contrast, Costa Rica (-11.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Brazil, Chile, Argentina, Colombia and Guatemala increased by +30, +16, +3.4, +2.9 and +1.7 percentage points, respectively.

In value terms, the largest nitrites supplying countries in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Chile ($X), together comprising 68% of total exports.

Chile, with a CAGR of +66.4%, recorded the highest growth rate of 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

The export price in Latin America and the Caribbean stood at $X per ton in 2021, with a decrease of -10.8% against the previous year. Over the period under review, the export price continues to indicate a noticeable contraction. The pace of growth appeared the most rapid in 2020 an increase of 17%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 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, amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+6.7%), while the other leaders experienced more modest paces of growth.

Nitrites Imports

Imports in Latin America and the Caribbean

In 2021, purchases abroad of nitrites decreased by -5.6% to X tons, falling for the third year in a row after three years of growth. Over the period under review, imports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2018 when imports increased by 12% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, nitrites imports declined slightly to $X in 2021. Overall, imports showed a noticeable descent. The pace of growth appeared the most rapid in 2018 with an increase of 41% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Brazil dominates imports structure, resulting at X tons, which was approx. 68% of total imports in 2021. Argentina (X tons) took a 7.4% share (based on physical terms) of total imports, which put it in second place, followed by Mexico (6.9%) and Chile (4.9%). The following importers - Colombia (X tons), the Dominican Republic (X tons) and Costa Rica (X tons) - each amounted to a 6% share of total imports.

Imports into Brazil decreased at an average annual rate of -2.8% from 2012 to 2021. At the same time, Costa Rica (+22.0%) and Chile (+1.4%) displayed positive paces of growth. Moreover, Costa Rica emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +22.0% from 2012-2021. By contrast, the Dominican Republic (-4.0%), Argentina (-5.3%), Colombia (-14.6%) and Mexico (-20.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Brazil and Chile increased by +19 and +2.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported nitrites in Latin America and the Caribbean, comprising 58% of total imports. The second position in the ranking was taken by Mexico ($X), with an 8.5% share of total imports. It was followed by Argentina, with a 6.8% share.

From 2012 to 2021, the average annual growth rate of value in Brazil totaled -2.2%. In the other countries, the average annual rates were as follows: Mexico (-17.8% per year) and Argentina (-3.5% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by 5% against the previous year. Over the last nine years, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2018 an increase of 26%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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