Latin America and the Caribbean: Prepared Mustard Market 2024

Prepared Mustard Market Size in Latin America and the Caribbean

The Latin American prepared mustard market stood at $X in 2021, surging by 2.3% against the previous year. The market value increased at an average annual rate of +4.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Prepared Mustard Production in Latin America and the Caribbean

In value terms, prepared mustard production expanded modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 12% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Prepared Mustard Exports

Exports in Latin America and the Caribbean

In 2021, the amount of prepared mustard exported in Latin America and the Caribbean totaled X tons, picking up by 9.3% compared with 2020. Total exports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +59.2% against 2012 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 15% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in the near future.

In value terms, prepared mustard exports expanded sharply to $X in 2021. The total export value increased at an average annual rate of +5.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 with an increase of 12% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

In 2021, Guatemala (X tons) represented the key exporter of prepared mustard, comprising 42% of total exports. Argentina (X tons) held a 14% share (based on physical terms) of total exports, which put it in second place, followed by Brazil (13%), Costa Rica (9.6%), Trinidad and Tobago (8.2%) and El Salvador (7.4%).

From 2012 to 2021, average annual rates of growth with regard to prepared mustard exports from Guatemala stood at +4.0%. At the same time, Trinidad and Tobago (+13.9%), El Salvador (+8.7%), Costa Rica (+5.8%), Brazil (+4.9%) and Argentina (+2.8%) displayed positive paces of growth. Moreover, Trinidad and Tobago emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +13.9% from 2012-2021. While the share of Trinidad and Tobago (+4.2 p.p.) and El Salvador (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Argentina (-3.4 p.p.) and Guatemala (-5.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Guatemala ($X) remains the largest prepared mustard supplier in Latin America and the Caribbean, comprising 31% of total exports. The second position in the ranking was held by Argentina ($X), with a 14% share of total exports. It was followed by Costa Rica, with a 13% share.

From 2012 to 2021, the average annual growth rate of value in Guatemala totaled +3.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Argentina (+0.6% per year) and Costa Rica (+7.2% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the export price increased by 7% against the previous year. The level of export peaked at $X per ton in 2013; afterwards, it flattened through to 2021.

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 El Salvador ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by El Salvador (+3.0%), while the other leaders experienced more modest paces of growth.

Prepared Mustard Imports

Imports in Latin America and the Caribbean

In 2021, imports of prepared mustard in Latin America and the Caribbean was estimated at X tons, increasing by 13% against the previous year. The total import volume increased at an average annual rate of +2.3% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, prepared mustard imports soared to $X in 2021. The total import value increased at an average annual rate of +3.6% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico was the major importing country with an import of about X tons, which resulted at 26% of total imports. El Salvador (X tons) ranks second in terms of the total imports with an 8.4% share, followed by Colombia (7.2%), Brazil (6.5%), Paraguay (6.2%), Nicaragua (5.7%), Panama (4.9%) and Chile (4.9%). The following importers - Honduras (X tons), Haiti (X tons), Uruguay (X tons), Guatemala (X tons) and Argentina (X tons) - together made up 14% of total imports.

From 2012 to 2021, average annual rates of growth with regard to prepared mustard imports into Mexico stood at -2.0%. At the same time, Panama (+121.8%), Argentina (+18.8%), Chile (+14.6%), Haiti (+13.5%), Guatemala (+11.6%), Colombia (+9.3%), Paraguay (+6.2%), Nicaragua (+1.6%) and El Salvador (+1.4%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +121.8% from 2012-2021. Uruguay experienced a relatively flat trend pattern. By contrast, Brazil (-1.8%) and Honduras (-5.9%) illustrated a downward trend over the same period. While the share of Panama (+4.9 p.p.), Colombia (+3.2 p.p.), Chile (+3.1 p.p.), Haiti (+1.8 p.p.), Paraguay (+1.8 p.p.) and Argentina (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Brazil (-2.9 p.p.), Honduras (-3.6 p.p.) and Mexico (-12.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported prepared mustard in Latin America and the Caribbean, comprising 23% of total imports. The second position in the ranking was taken by Chile ($X), with a 9.4% share of total imports. It was followed by Colombia, with a 9.4% share.

In Mexico, prepared mustard imports declined by an average annual rate of -1.9% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Chile (+15.1% per year) and Colombia (+10.5% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, rising by 6% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Chile ($X per ton), while El Salvador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Honduras (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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