Latin America and the Caribbean: Soft Drink Market 2024

Soft Drink Market Size in Latin America and the Caribbean

The Latin American soft drink market contracted slightly to $X in 2021, therefore, remained relatively stable against the previous year. The market value increased at an average annual rate of +1.3% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the market value increased by 6.8% against the previous year. Over the period under review, the market attained the maximum level at $X in 2020, and then shrank in the following year.

Soft Drink Production in Latin America and the Caribbean

In value terms, soft drink production amounted to $X in 2021 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 5.2% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Soft Drink Exports

Exports in Latin America and the Caribbean

Soft drink exports surged to X litres in 2021, growing by 34% against the previous year. Total exports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +88.3% against 2012 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, soft drink exports surged to $X in 2021. Total exports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +7.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +71.5% against 2016 indices. The growth pace was the most rapid in 2017 with an increase of 25% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Mexico was the largest exporter of soft drinks in Latin America and the Caribbean, with the volume of exports accounting for X litres, which was near 46% of total exports in 2021. Guatemala (X litres) took a 17% share (based on physical terms) of total exports, which put it in second place, followed by El Salvador (12%), Trinidad and Tobago (5.3%) and Costa Rica (5.3%). Nicaragua (X litres) and Brazil (X litres) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to soft drink exports from Mexico stood at +10.3%. At the same time, El Salvador (+16.0%), Nicaragua (+14.1%), Brazil (+9.0%), Costa Rica (+5.4%), Trinidad and Tobago (+3.9%) and Guatemala (+2.8%) displayed positive paces of growth. Moreover, El Salvador emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +16.0% from 2012-2021. From 2012 to 2021, the share of Mexico, El Salvador and Nicaragua increased by +10, +5.9 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest soft drink supplier in Latin America and the Caribbean, comprising 48% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 13% share of total exports. It was followed by El Salvador, with a 10% share.

In Mexico, soft drink exports increased at an average annual rate of +9.8% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Guatemala (+5.4% per year) and El Salvador (+20.2% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per litre, reducing by -12.2% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 6.4%. The level of export peaked at $X per litre in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by El Salvador (+3.6%), while the other leaders experienced more modest paces of growth.

Soft Drink Imports

Imports in Latin America and the Caribbean

After two years of decline, supplies from abroad of soft drinks increased by 22% to X litres in 2021. The total import volume increased at an average annual rate of +4.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, soft drink imports surged to $X in 2021. Total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Honduras (X litres), Guatemala (X litres), Chile (X litres), El Salvador (X litres), Panama (X litres), Mexico (X litres), Nicaragua (X litres), Brazil (X litres) and the Dominican Republic (X litres) represented the main importer of soft drinks in Latin America and the Caribbean, mixing up 73% of total import. Guyana (X litres), Suriname (X litres), Colombia (X litres) and Jamaica (X litres) took a relatively small share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Panama (with a CAGR of +40.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X), Guatemala ($X) and Mexico ($X) constituted the countries with the highest levels of imports in 2021, with a combined 32% share of total imports. Brazil, Panama, Honduras, the Dominican Republic, El Salvador, Nicaragua, Colombia, Jamaica, Guyana and Suriname lagged somewhat behind, together comprising a further 48%.

Panama, with a CAGR of +27.0%, recorded the highest growth rate of the value of imports, among 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 litre in 2021, rising by 5.5% against the previous year. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the import price increased by 12% against the previous year. As a result, import price reached the peak level of $X per litre. From 2014 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Colombia ($X per litre), while Honduras ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by El Salvador (+7.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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