Latin America and the Caribbean: Piano Market 2024

Piano Market Size in Latin America and the Caribbean

The Latin American piano market soared to $X in 2021, picking up by 22% against the previous year. Overall, consumption, however, saw a abrupt curtailment. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Piano Production in Latin America and the Caribbean

In value terms, piano production reached $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the production volume increased by 43%. As a result, production attained the peak level of $X. From 2016 to 2021, production growth failed to regain momentum.

Piano Exports

Exports in Latin America and the Caribbean

Piano exports reduced sharply to X tons in 2021, with a decrease of -37.1% on the previous year's figure. Over the period under review, exports saw a perceptible decline. The most prominent rate of growth was recorded in 2015 with an increase of 944%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, piano exports surged to $X in 2021. In general, exports, however, showed a strong expansion. The pace of growth was the most pronounced in 2018 with an increase of 704%. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Panama represented the major exporter of pianos and other keyboard stringed musical instruments in Latin America and the Caribbean, with the volume of exports accounting for X tons, which was near 32% of total exports in 2021. The Dominican Republic (X tons) held a 12% share (based on physical terms) of total exports, which put it in second place, followed by Venezuela (10%), Argentina (8.8%) and Guatemala (6.1%). Uruguay (X kg), Mexico (X kg), Jamaica (X kg), Bahamas (X kg), Chile (X kg), Colombia (X kg), Brazil (X kg) and Suriname (X kg) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to piano exports from Panama stood at -6.2%. At the same time, Venezuela (+31.6%), Jamaica (+23.8%), Chile (+9.5%), Suriname (+4.6%) and Guatemala (+3.7%) displayed positive paces of growth. Moreover, Venezuela emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +31.6% from 2012-2021. Argentina experienced a relatively flat trend pattern. By contrast, the Dominican Republic (-1.1%), Uruguay (-2.0%), Colombia (-3.2%), Bahamas (-8.4%), Mexico (-16.9%) and Brazil (-17.7%) illustrated a downward trend over the same period. While the share of Venezuela (+9.8 p.p.), the Dominican Republic (+3.3 p.p.), Jamaica (+3.3 p.p.), Guatemala (+3.2 p.p.), Argentina (+3 p.p.) and Chile (+2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Panama (-4.9 p.p.), Brazil (-5.5 p.p.) and Mexico (-10.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Panama ($X) remains the largest piano supplier in Latin America and the Caribbean, comprising 78% of total exports. The second position in the ranking was held by Bahamas ($X), with a 5.1% share of total exports. It was followed by Argentina, with a 3.3% share.

In Panama, piano exports increased at an average annual rate of +19.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Bahamas (+7.1% per year) and Argentina (-3.7% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, picking up by 188% against the previous year. Over the period under review, the export price posted a resilient increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Panama ($X per ton), while Suriname ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+27.1%), while the other leaders experienced more modest paces of growth.

Piano Imports

Imports in Latin America and the Caribbean

After four years of decline, overseas purchases of pianos and other keyboard stringed musical instruments increased by 2.4% to X tons in 2021. In general, imports, however, saw a abrupt decrease. The pace of growth appeared the most rapid in 2016 when imports increased by 120%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, piano imports expanded modestly to $X in 2021. Overall, imports, however, continue to indicate a drastic downturn. The growth pace was the most rapid in 2013 when imports increased by 43%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Brazil (X tons), distantly followed by the Dominican Republic (X tons), Chile (X tons), Guatemala (X tons), Argentina (X tons) and Panama (X tons) represented the main importers of pianos and other keyboard stringed musical instruments, together making up 62% of total imports. Colombia (X tons), El Salvador (X tons), Mexico (X tons), Ecuador (X tons), Honduras (X tons), Peru (X tons) and Uruguay (X tons) took a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Uruguay (with a CAGR of +14.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Chile ($X) and Argentina ($X) were the countries with the highest levels of imports in 2021, with a combined 49% share of total imports. Panama, Mexico, Colombia, the Dominican Republic, El Salvador, Uruguay, Peru, Ecuador, Guatemala and Honduras lagged somewhat behind, together comprising a further 35%.

Among the main importing countries, El Salvador, with a CAGR of +13.9%, saw the highest growth rate of the value of imports, 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 ton in 2021, remaining constant against the previous year. Over the period under review, the import price, however, continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2017 an increase of 156%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Chile ($X per ton), while Honduras ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+13.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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