Latin America and the Caribbean: Percussion Musical Instrument Market 2024

Percussion Musical Instrument Market Size in Latin America and the Caribbean

In 2022, after nine years of decline, there was significant growth in the Latin American percussion musical instrument market, when its value increased by 13% to $X. Overall, consumption, however, continues to indicate a abrupt downturn. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Percussion Musical Instrument Production in Latin America and the Caribbean

In value terms, percussion musical instrument production rose rapidly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2020 when the production volume increased by 37%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Percussion Musical Instrument Exports

Exports in Latin America and the Caribbean

In 2022, the amount of percussion musical instruments exported in Latin America and the Caribbean skyrocketed to X units, jumping by 64% against the year before. Overall, exports, however, saw a slight curtailment. The volume of export peaked at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, percussion musical instrument exports soared to $X in 2022. In general, exports, however, saw a abrupt slump. The growth pace was the most rapid in 2014 with an increase of 43%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Mexico was the main exporting country with an export of about X units, which accounted for 39% of total exports. Colombia (X units) took the second position in the ranking, followed by Brazil (X units) and the Dominican Republic (X units). All these countries together held near 51% share of total exports. Chile (X units), Trinidad and Tobago (X units) and Panama (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Colombia (with a CAGR of +31.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Colombia ($X), Brazil ($X) and Chile ($X) constituted the countries with the highest levels of exports in 2022, together comprising 60% of total exports.

Colombia, with a CAGR of +24.3%, recorded the highest rates of growth with regard to the value of exports, among 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 unit in 2022, shrinking by -24.2% against the previous year. Overall, the export price continues to indicate a noticeable decrease. The growth pace was the most rapid in 2016 when the export price increased by 70% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2017 to 2022, the export prices remained 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 Panama ($X per unit), while Mexico ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+3.8%), while the other leaders experienced a decline in the export price figures.

Percussion Musical Instrument Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of percussion musical instruments increased by 40% to X units, rising for the second year in a row after two years of decline. In general, imports, however, showed a pronounced downturn. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, percussion musical instrument imports expanded remarkably to $X in 2022. Over the period under review, imports, however, continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by 26%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Chile (X units), Brazil (X units), Mexico (X units) and Argentina (X units) represented the main importer of percussion musical instruments in Latin America and the Caribbean, constituting 74% of total import. It was distantly followed by Bolivia (X units), constituting a 4.8% share of total imports. The following importers - Peru (X units), Guatemala (X units), the Dominican Republic (X units), Colombia (X units) and Ecuador (X units) - together made up 15% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Dominican Republic (with a CAGR of +17.9%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest percussion musical instrument importing markets in Latin America and the Caribbean were Chile ($X), Brazil ($X) and Mexico ($X), together comprising 55% of total imports. Guatemala, Peru, Argentina, Colombia, the Dominican Republic, Ecuador and Bolivia lagged somewhat behind, together accounting for a further 31%.

The Dominican Republic, with a CAGR of +3.3%, saw 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 a decline in the imports figures.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2022, with a decrease of -19.4% against the previous year. Overall, the import price recorded a pronounced descent. The pace of growth was the most pronounced in 2017 an increase of 12%. Over the period under review, import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+1.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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