Latin America and the Caribbean: Soups Market 2024

Soups Market Size in Latin America and the Caribbean

The Latin American soups market reached $X in 2021, picking up by 3% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the market value increased by 9.2%. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Soups Production in Latin America and the Caribbean

In value terms, soups production declined modestly to $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 10% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Soups Exports

Exports in Latin America and the Caribbean

In 2021, shipments abroad of soups and broths increased by 20% to X tons, rising for the second year in a row after two years of decline. In general, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when exports increased by 23%. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, soups exports expanded rapidly to $X in 2021. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 27% against the previous year. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Guatemala was the largest exporter of soups and broths in Latin America and the Caribbean, with the volume of exports recording X tons, which was approx. 49% of total exports in 2021. It was distantly followed by Mexico (X tons), Peru (X tons), El Salvador (X tons) and Brazil (X tons), together making up a 44% share of total exports. The following exporters - the Dominican Republic (X tons) and Honduras (X tons) - each accounted for a 4% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Peru (with a CAGR of +9.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest soups supplying countries in Latin America and the Caribbean were Guatemala ($X), Mexico ($X) and Peru ($X), together accounting for 79% of total exports.

In terms of the main exporting countries, Peru, with a CAGR of +9.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, reducing by -11.4% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 5.2% against the previous year. The level of export peaked at $X per ton in 2020, and then contracted in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guatemala (+1.5%), while the other leaders experienced more modest paces of growth.

Soups Imports

Imports in Latin America and the Caribbean

For the third consecutive year, LatAmerica and the Caribbean recorded growth in purchases abroad of soups and broths, which increased by 67% to X tons in 2021. Overall, imports saw a relatively flat trend pattern. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, soups imports surged to $X in 2021. Over the period under review, imports continue to indicate a relatively flat trend pattern. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

Mexico was the main importing country with an import of around X tons, which recorded 34% of total imports. El Salvador (X tons) took an 8.6% share (based on physical terms) of total imports, which put it in second place, followed by Guatemala (7.3%), Belize (6.2%), Honduras (6.1%), Nicaragua (5.8%) and Panama (5.1%). Jamaica (X tons), Costa Rica (X tons), Chile (X tons), the Dominican Republic (X tons), Argentina (X tons) and Bolivia (X tons) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to soups imports into Mexico stood at -3.3%. At the same time, Panama (+86.1%), Chile (+9.6%), Belize (+8.8%), Argentina (+8.5%), Jamaica (+5.8%), Guatemala (+5.5%), the Dominican Republic (+4.7%), Bolivia (+3.0%), Costa Rica (+2.6%), El Salvador (+2.1%) and Nicaragua (+1.8%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +86.1% from 2012-2021. By contrast, Honduras (-2.4%) illustrated a downward trend over the same period. While the share of Panama (+5.1 p.p.), Belize (+3.2 p.p.), Guatemala (+2.6 p.p.) and Chile (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Honduras (-1.8 p.p.) and Mexico (-14 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported soups and broths in Latin America and the Caribbean, comprising 46% of total imports. The second position in the ranking was taken by El Salvador ($X), with a 7.2% share of total imports. It was followed by Guatemala, with a 6.5% share.

In Mexico, soups imports decreased by an average annual rate of -1.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: El Salvador (+4.1% per year) and Guatemala (+7.2% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, jumping by 26% against the previous year. In general, the import price recorded a relatively flat trend pattern. 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 Mexico ($X per ton), while Belize ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belize (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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