Latin America and the Caribbean: Plant-Growth Regulators Market 2024

Plant-Growth Regulators Market Size in Latin America and the Caribbean

For the third year in a row, the Latin American plant-growth regulators market recorded growth in sales value, which increased by 94% to $X in 2022. In general, consumption continues to indicate strong growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Plant-Growth Regulators Production in Latin America and the Caribbean

In value terms, plant-growth regulators production expanded rapidly to $X in 2022 estimated in export price. Overall, production, however, recorded a abrupt setback. The growth pace was the most rapid in 2020 when the production volume increased by 27%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Plant-Growth Regulators Exports

Exports in Latin America and the Caribbean

For the third consecutive year, LatAmerica and the Caribbean recorded growth in overseas shipments of plant-growth regulators, which increased by 2.9% to X tons in 2022. In general, exports, however, saw a noticeable curtailment. The growth pace was the most rapid in 2013 when exports increased by 30% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, plant-growth regulators exports skyrocketed to $X in 2022. Total exports indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +57.6% against 2020 indices. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Argentina (X tons), distantly followed by Guatemala (X tons), Colombia (X tons), Paraguay (X tons), Brazil (X tons) and Costa Rica (X tons) represented the main exporters of plant-growth regulators, together comprising 92% of total exports. Mexico (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Paraguay (with a CAGR of +19.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Paraguay ($X) and Brazil ($X) constituted the countries with the highest levels of exports in 2022, with a combined 51% share of total exports.

In terms of the main exporting countries, Paraguay, with a CAGR of +31.4%, saw the highest growth rate of the value of exports, 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, picking up by 25% against the previous year. Export price indicated a tangible expansion from 2012 to 2022: its price 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, plant-growth regulators export price increased by +63.3% against 2016 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 Brazil ($X per ton), while Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Paraguay (+10.1%), while the other leaders experienced more modest paces of growth.

Plant-Growth Regulators Imports

Imports in Latin America and the Caribbean

In 2022, overseas purchases of plant-growth regulators increased by 52% to X tons, rising for the seventh year in a row after two years of decline. Overall, imports recorded a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, plant-growth regulators imports soared to $X in 2022. Over the period under review, imports posted a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Brazil prevails in imports structure, accounting for X tons, which was near 53% of total imports in 2022. Argentina (X tons) took the second position in the ranking, followed by Bolivia (X tons) and Colombia (X tons). All these countries together took near 18% share of total imports. The following importers - Uruguay (X tons), Paraguay (X tons), Chile (X tons), Peru (X tons), Ecuador (X tons), Mexico (X tons) and Honduras (X tons) - together made up 20% of total imports.

Brazil was also the fastest-growing in terms of the plant-growth regulators imports, with a CAGR of +18.7% from 2012 to 2022. At the same time, Colombia (+8.6%), Peru (+6.9%), Bolivia (+6.8%), Chile (+6.0%), Ecuador (+5.9%), Paraguay (+4.6%), Honduras (+4.0%) and Argentina (+2.1%) displayed positive paces of growth. Mexico and Uruguay experienced a relatively flat trend pattern. Brazil (+30 p.p.) significantly strengthened its position in terms of the total imports, while Paraguay, Mexico, Uruguay and Argentina saw its share reduced by -1.9%, -2.8%, -4.7% and -7.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported plant-growth regulators in Latin America and the Caribbean, comprising 62% of total imports. The second position in the ranking was taken by Argentina ($X), with a 7.3% share of total imports. It was followed by Uruguay, with a 3.9% share.

In Brazil, plant-growth regulators imports expanded at an average annual rate of +21.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Argentina (+2.6% per year) and Uruguay (+7.0% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, with an increase of 26% against the previous year. Over the last decade, it increased at an average annual rate of +2.5%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (+6.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform