Latin America and the Caribbean: Saccharin Market 2024

Saccharin Market Size in Latin America and the Caribbean

In 2021, the Latin American saccharin market decreased by -7.9% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Saccharin Production in Latin America and the Caribbean

In value terms, saccharin production declined slightly to $X in 2021 estimated in export price. In general, production, however, recorded a tangible expansion. The most prominent rate of growth was recorded in 2014 with an increase of 521% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Saccharin Exports

Exports in Latin America and the Caribbean

In 2021, overseas shipments of saccharin and its salts decreased by -22.1% to X tons, falling for the second year in a row after two years of growth. In general, exports saw a pronounced decrease. The most prominent rate of growth was recorded in 2016 when exports increased by 38%. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, saccharin exports dropped significantly to $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 26% against the previous year. The level of export peaked at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Guatemala was the main exporter of saccharin and its salts in Latin America and the Caribbean, with the volume of exports finishing at X tons, which was approx. 50% of total exports in 2021. El Salvador (X tons) took a 12% share (based on physical terms) of total exports, which put it in second place, followed by Costa Rica (11%), Panama (9.2%) and Colombia (5.3%). Chile (X tons) and Uruguay (X tons) took a relatively small share of total exports.

Guatemala experienced a relatively flat trend pattern with regard to volume of exports of saccharin and its salts. At the same time, El Salvador (+39.4%) and Panama (+4.3%) displayed positive paces of growth. Moreover, El Salvador emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +39.4% from 2012-2021. By contrast, Colombia (-1.2%), Costa Rica (-1.6%), Chile (-15.4%) and Uruguay (-30.7%) illustrated a downward trend over the same period. Guatemala (+19 p.p.), El Salvador (+12 p.p.), Panama (+5.2 p.p.), Costa Rica (+2.9 p.p.), Uruguay (+2.7 p.p.) and Colombia (+1.5 p.p.) significantly strengthened its position in terms of the total exports, while Chile saw its share reduced by -6.9% from 2012 to 2021, respectively.

In value terms, Guatemala ($X) remains the largest saccharin supplier in Latin America and the Caribbean, comprising 42% of total exports. The second position in the ranking was held by El Salvador ($X), with a 15% share of total exports. It was followed by Panama, with a 14% share.

In Guatemala, saccharin exports increased at an average annual rate of +1.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: El Salvador (+50.5% per year) and Panama (+10.0% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, shrinking by -3.3% against the previous year. Export price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, saccharin export price increased by +41.0% against 2019 indices. The growth pace was the most rapid in 2020 an increase of 46%. As a result, the export price reached the peak level of $X per ton, and then reduced modestly in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+19.4%), while the other leaders experienced more modest paces of growth.

Saccharin Imports

Imports in Latin America and the Caribbean

In 2021, supplies from abroad of saccharin and its salts decreased by -12.1% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 19%. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, saccharin imports contracted slightly to $X in 2021. The total import value increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when imports increased by 42%. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Brazil represented the major importing country with an import of about X tons, which finished at 47% of total imports. Mexico (X tons) held the second position in the ranking, followed by Argentina (X tons), Cuba (X tons) and Colombia (X tons). All these countries together took near 39% share of total imports. The following importers - Peru (X tons), Chile (X tons) and Guatemala (X tons) - each finished at a 6.5% share of total imports.

Brazil experienced a relatively flat trend pattern with regard to volume of imports of saccharin and its salts. At the same time, Cuba (+23.3%), Peru (+4.9%) and Colombia (+4.7%) displayed positive paces of growth. Moreover, Cuba emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +23.3% from 2012-2021. By contrast, Guatemala (-2.4%), Mexico (-4.0%), Chile (-4.2%) and Argentina (-7.7%) illustrated a downward trend over the same period. While the share of Cuba (+8.2 p.p.), Brazil (+3.7 p.p.) and Colombia (+3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Mexico (-3.9 p.p.) and Argentina (-9.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported saccharin and its salts in Latin America and the Caribbean, comprising 43% of total imports. The second position in the ranking was taken by Argentina ($X), with a 19% share of total imports. It was followed by Mexico, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Brazil amounted to +2.2%. In the other countries, the average annual rates were as follows: Argentina (+1.5% per year) and Mexico (-3.2% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, surging by 12% against the previous year. Over the last nine years, it increased at an average annual rate of +2.2%. The growth pace was the most rapid in 2016 when the import price increased by 19% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+10.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :