Latin America and the Caribbean: Sauce And Seasoning Market 2024

Sauce And Seasoning Market Size in Latin America and the Caribbean

The Latin American sauce and seasoning market reached $X in 2021, growing by 5.1% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the market value increased by 6.1%. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Sauce And Seasoning Production in Latin America and the Caribbean

In value terms, sauce and seasoning production amounted to $X in 2021 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 15% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Sauce And Seasoning Exports

Exports in Latin America and the Caribbean

For the sixth year in a row, LatAmerica and the Caribbean recorded growth in shipments abroad of sauces and seasonings, which increased by 18% to X tons in 2021. The total export volume increased at an average annual rate of +5.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, sauce and seasoning exports rose remarkably to $X in 2021. Total exports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.7% 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 +64.5% against 2012 indices. The pace of growth was the most pronounced in 2013 when exports increased by 11%. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

In 2021, Mexico (X tons) represented the major exporter of sauces and seasonings, mixing up 43% of total exports. Guatemala (X tons) took a 15% share (based on physical terms) of total exports, which put it in second place, followed by Costa Rica (14%). The following exporters - the Dominican Republic (X tons), Brazil (X tons), Peru (X tons), Argentina (X tons), Trinidad and Tobago (X tons), El Salvador (X tons) and Jamaica (X tons) - together made up 22% of total exports.

From 2012 to 2021, average annual rates of growth with regard to sauce and seasoning exports from Mexico stood at +6.0%. At the same time, Guatemala (+12.8%), Brazil (+10.9%), El Salvador (+10.4%), Jamaica (+8.4%), Trinidad and Tobago (+4.8%), Costa Rica (+4.0%) and Peru (+3.6%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +12.8% from 2012-2021. By contrast, the Dominican Republic (-1.7%) and Argentina (-4.9%) illustrated a downward trend over the same period. Guatemala (+6.8 p.p.), Mexico (+2.3 p.p.) and Brazil (+1.5 p.p.) significantly strengthened its position in terms of the total exports, while Costa Rica, the Dominican Republic and Argentina saw its share reduced by -1.7%, -3.7% and -5.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest sauce and seasoning supplier in Latin America and the Caribbean, comprising 42% of total exports. The second position in the ranking was held by Costa Rica ($X), with a 13% share of total exports. It was followed by Guatemala, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico totaled +6.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Costa Rica (+4.1% per year) and Guatemala (+14.1% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, declining by -10.9% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 5.7%. Over the period under review, the export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Jamaica ($X per ton), while Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago (+4.6%), while the other leaders experienced more modest paces of growth.

Sauce And Seasoning Imports

Imports in Latin America and the Caribbean

Sauce and seasoning imports soared to X tons in 2021, growing by 15% on the previous year's figure. The total import volume increased at an average annual rate of +5.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, sauce and seasoning imports surged to $X in 2021. Total imports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico represented the key importer of sauces and seasonings in Latin America and the Caribbean, with the volume of imports finishing at X tons, which was near 25% of total imports in 2021. It was distantly followed by Chile (X tons), Guatemala (X tons), El Salvador (X tons) and Honduras (X tons), together achieving a 29% share of total imports. Nicaragua (X tons), Panama (X tons), Colombia (X tons), Costa Rica (X tons), the Dominican Republic (X tons), Haiti (X tons), Paraguay (X tons) and Brazil (X tons) held a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to sauce and seasoning imports into Mexico stood at +4.0%. At the same time, Panama (+70.4%), Chile (+11.0%), Colombia (+10.9%), the Dominican Republic (+8.1%), Guatemala (+7.8%), Honduras (+5.1%), Costa Rica (+5.0%), El Salvador (+4.9%), Nicaragua (+4.7%) and Paraguay (+4.6%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +70.4% from 2012-2021. Brazil experienced a relatively flat trend pattern. By contrast, Haiti (-3.2%) illustrated a downward trend over the same period. Panama (+4.4 p.p.), Chile (+3.5 p.p.) and Guatemala (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while Brazil, Mexico and Haiti saw its share reduced by -1.7%, -2.9% and -3.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported sauces and seasonings in Latin America and the Caribbean, comprising 27% of total imports. The second position in the ranking was taken by Chile ($X), with a 9.6% share of total imports. It was followed by Guatemala, with an 8.9% share.

In Mexico, sauce and seasoning imports expanded at an average annual rate of +6.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Chile (+13.3% per year) and Guatemala (+10.2% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, growing by 5.2% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2015 when the import price increased by 6.4%. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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