Latin America and the Caribbean: Plastic Closure Market 2024

Plastic Closure Market Size in Latin America and the Caribbean

The Latin American plastic closure market reached $X in 2022, leveling off at the previous year. The market value increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Plastic Closure Production in Latin America and the Caribbean

In value terms, plastic closure production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 with an increase of 15%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Plastic Closure Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of plastic stoppers, caps and closures increased by 9.3% to X tons, rising for the fifth consecutive year after three years of decline. Overall, exports saw strong growth. The pace of growth was the most pronounced in 2021 with an increase of 53% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the near future.

In value terms, plastic closure exports rose markedly to $X in 2022. Total exports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.2% 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 +87.2% against 2016 indices. The pace of growth appeared the most rapid in 2018 when exports increased by 21% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Mexico prevails in exports structure, accounting for X tons, which was approx. 73% of total exports in 2022. It was distantly followed by Brazil (X tons) and Guatemala (X tons), together committing an 11% share of total exports. Colombia (X tons), Costa Rica (X tons), the Dominican Republic (X tons), Argentina (X tons) and El Salvador (X tons) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to plastic closure exports from Mexico stood at +6.8%. At the same time, the Dominican Republic (+16.3%), El Salvador (+8.2%), Guatemala (+6.3%) and Brazil (+6.2%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +16.3% from 2012-2022. Argentina and Costa Rica experienced a relatively flat trend pattern. By contrast, Colombia (-1.0%) illustrated a downward trend over the same period. Mexico (+10 p.p.) significantly strengthened its position in terms of the total exports, while Costa Rica and Colombia saw its share reduced by -2.4% and -3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest plastic closure supplier in Latin America and the Caribbean, comprising 65% of total exports. The second position in the ranking was held by Brazil ($X), with an 8% share of total exports. It was followed by Colombia, with a 5.9% share.

In Mexico, plastic closure exports expanded at an average annual rate of +9.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brazil (+4.4% per year) and Colombia (+1.5% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, remaining stable against the previous year. In general, the export price continues to indicate a slight expansion. The growth pace was the most rapid in 2016 an increase of 28% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Argentina ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+2.6%), while the other leaders experienced more modest paces of growth.

Plastic Closure Imports

Imports in Latin America and the Caribbean

In 2022, overseas purchases of plastic stoppers, caps and closures increased by 8.5% to X tons, rising for the sixth year in a row after two years of decline. Over the period under review, imports showed a temperate expansion. The pace of growth appeared the most rapid in 2019 with an increase of 35% against the previous year. The volume of import peaked in 2022 and is likely to see steady growth in years to come.

In value terms, plastic closure imports expanded significantly to $X in 2022. The total import value increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 19%. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

Imports by Country

Mexico dominates imports structure, finishing at X tons, which was near 52% of total imports in 2022. It was distantly followed by Chile (X tons), committing a 6.2% share of total imports. The following importers - Brazil (X tons), Costa Rica (X tons), Guatemala (X tons), Colombia (X tons), Argentina (X tons), the Dominican Republic (X tons), El Salvador (X tons), Peru (X tons), Honduras (X tons), Jamaica (X tons) and Panama (X tons) - together made up 31% of total imports.

From 2012 to 2022, average annual rates of growth with regard to plastic closure imports into Mexico stood at +3.1%. At the same time, Panama (+42.5%), Costa Rica (+11.0%), Chile (+10.6%), Jamaica (+9.1%), Guatemala (+7.1%), the Dominican Republic (+3.5%), Peru (+3.3%) and Honduras (+1.6%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +42.5% from 2012-2022. El Salvador experienced a relatively flat trend pattern. By contrast, Brazil (-1.0%), Colombia (-1.4%) and Argentina (-1.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Chile, Costa Rica and Panama increased by +3.2, +2.2 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported plastic stoppers, caps and closures in Latin America and the Caribbean, comprising 45% of total imports. The second position in the ranking was held by Brazil ($X), with an 8.1% share of total imports. It was followed by Chile, with a 6.6% share.

In Mexico, plastic closure imports expanded at an average annual rate of +4.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+0.0% per year) and Chile (+10.3% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, remaining constant against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of 70% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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 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 Colombia (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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