Latin America and the Caribbean: Market for Candies, Sweets, and Nonchocolate Confectionery 2024

Market Size for Candies, Sweets, and Nonchocolate Confectionery in Latin America and the Caribbean

In 2022, the Latin American market for candies, sweets, and nonchocolate confectionery decreased by -3.7% to $X, falling for the fourth year in a row after four years of growth. Over the period under review, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Candies, Sweets, and Nonchocolate Confectionery in Latin America and the Caribbean

In value terms, candy, sweets, and nonchocolate confectionery production dropped to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the production volume increased by 20%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Candies, Sweets, and Nonchocolate Confectionery

Exports in Latin America and the Caribbean

In 2022, approx. X tons of candies, sweets, and nonchocolate confectionery were exported in Latin America and the Caribbean; picking up by 2.8% on 2021. Total exports indicated mild growth from 2012 to 2022: its volume increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +58.0% against 2016 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 44%. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, candy, sweets, and nonchocolate confectionery exports skyrocketed to $X in 2022. The total export value increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 20% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

In 2022, Mexico (X tons) was the largest exporter of candies, sweets, and nonchocolate confectionery, committing 56% of total exports. Brazil (X tons) ranks second in terms of the total exports with a 17% share, followed by Guatemala (8.1%) and Colombia (6.8%). Argentina (X tons), El Salvador (X tons) and Costa Rica (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to candy, sweets, and nonchocolate confectionery exports from Mexico stood at +3.9%. At the same time, Costa Rica (+10.9%), Guatemala (+4.4%), Brazil (+3.1%) and El Salvador (+2.5%) displayed positive paces of growth. Moreover, Costa Rica emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +10.9% from 2012-2022. By contrast, Argentina (-6.2%) and Colombia (-8.5%) illustrated a downward trend over the same period. While the share of Mexico (+12 p.p.), Brazil (+2.6 p.p.), Guatemala (+2.1 p.p.) and Costa Rica (+1.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Argentina (-4.4 p.p.) and Colombia (-12 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest candy, sweets, and nonchocolate confectionery supplier in Latin America and the Caribbean, comprising 63% of total exports. The second position in the ranking was taken by Brazil ($X), with a 13% share of total exports. It was followed by Colombia, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico stood at +7.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (+2.0% per year) and Colombia (-8.7% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, increasing by 13% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2015 an increase of 24% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+3.0%), while the other leaders experienced more modest paces of growth.

Imports of Candies, Sweets, and Nonchocolate Confectionery

Imports in Latin America and the Caribbean

In 2022, approx. X tons of candies, sweets, and nonchocolate confectionery were imported in Latin America and the Caribbean; dropping by -7.4% on 2021 figures. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 31% against the previous year. As a result, imports reached the peak of X tons, and then dropped in the following year.

In value terms, candy, sweets, and nonchocolate confectionery imports rose notably to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 34% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Mexico (X tons), Guatemala (X tons), Chile (X tons) and the Dominican Republic (X tons) represented roughly 43% of total imports in 2022. Nicaragua (X tons) took a 4.9% share (based on physical terms) of total imports, which put it in second place, followed by Honduras (4.9%) and Bolivia (4.8%). El Salvador (X tons), Paraguay (X tons), Peru (X tons), Colombia (X tons), Panama (X tons) and Brazil (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Panama (with a CAGR of +19.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest candy, sweets, and nonchocolate confectionery importing markets in Latin America and the Caribbean were Mexico ($X), Chile ($X) and Guatemala ($X), with a combined 35% share of total imports. The Dominican Republic, Brazil, Bolivia, Colombia, Nicaragua, Panama, El Salvador, Paraguay, Peru and Honduras lagged somewhat behind, together comprising a further 44%.

Panama, with a CAGR of +19.7%, recorded the highest rates of growth with regard to 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

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, growing by 14% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 16%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bolivia (+2.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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