Latin America and the Caribbean: Baking Soda Market 2024

Baking Soda Market Size in Latin America and the Caribbean

After two years of growth, the Latin American baking soda market decreased by -0.5% to $X in 2021. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2020, and then declined modestly in the following year.

Baking Soda Production in Latin America and the Caribbean

In value terms, baking soda production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.2% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2017 when the production volume increased by 11% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Baking Soda Exports

Exports in Latin America and the Caribbean

In 2021, approx. X tons of baking soda were exported in Latin America and the Caribbean; reducing by -41.7% compared with the previous year's figure. Over the period under review, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2016 when exports increased by 119%. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, baking soda exports contracted dramatically to $X in 2021. In general, exports saw a abrupt decrease. The most prominent rate of growth was recorded in 2016 with an increase of 99%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Brazil represented the largest exporter of baking soda in Latin America and the Caribbean, with the volume of exports accounting for X tons, which was approx. 38% of total exports in 2021. It was distantly followed by Mexico (X tons), Peru (X tons), Argentina (X tons) and Guatemala (X tons), together comprising a 53% share of total exports. Panama (X tons) and Colombia (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Panama (with a CAGR of +22.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest baking soda supplying countries in Latin America and the Caribbean were Brazil ($X), Peru ($X) and Argentina ($X), with a combined 69% share of total exports. Mexico, Guatemala, Colombia and Panama lagged somewhat behind, together accounting for a further 26%.

Colombia, with a CAGR of +15.7%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, increasing by 13% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.5%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+9.4%), while the other leaders experienced a decline in the export price figures.

Baking Soda Imports

Imports in Latin America and the Caribbean

In 2021, baking soda imports in Latin America and the Caribbean reduced to X tons, which is down by -5.2% against the previous year. Total imports indicated perceptible growth from 2012 to 2021: its volume increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +55.0% against 2014 indices. The pace of growth appeared the most rapid in 2018 with an increase of 28%. Over the period under review, imports reached the peak figure at X tons in 2020, and then dropped in the following year.

In value terms, baking soda imports expanded rapidly to $X in 2021. Total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +74.1% against 2016 indices. The growth pace was the most rapid in 2018 with an increase of 32% against the previous year. The level of import peaked in 2021 and is likely to continue growth in the immediate term.

Imports by Country

Mexico (X tons), Chile (X tons), Brazil (X tons), Peru (X tons) and Argentina (X tons) represented roughly 66% of total imports in 2021. It was distantly followed by Colombia (X tons), comprising a 6.2% share of total imports. The following importers - Guatemala (X tons), the Dominican Republic (X tons), Uruguay (X tons), Ecuador (X tons), Costa Rica (X tons), Bolivia (X tons) and El Salvador (X tons) - together made up 19% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Brazil (with a CAGR of +13.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X), Mexico ($X) and Brazil ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 49% share of total imports.

Chile, with a CAGR of +17.2%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, growing by 11% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. As a result, import price attained 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 Bolivia ($X per ton), while Peru ($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 (+5.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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