Latin America and the Caribbean: Market for Sweet Biscuits, Waffles and Wafers 2024

Market Size for Sweet Biscuits, Waffles and Wafers in Latin America and the Caribbean

The Latin American market for sweet biscuits, waffles and wafers shrank modestly to $X in 2021, stabilizing at the previous year. The market value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Sweet Biscuits, Waffles and Wafers in Latin America and the Caribbean

In value terms, sweet biscuit, waffle and wafer production expanded notably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of 17% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Exports of Sweet Biscuits, Waffles and Wafers

Exports in Latin America and the Caribbean

For the fifth consecutive year, LatAmerica and the Caribbean recorded growth in overseas shipments of sweet biscuits, waffles and wafers, which increased by 44% to X tons in 2021. Total exports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +8.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +112.9% against 2012 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, sweet biscuit, waffle and wafer exports surged to $X in 2021. Total exports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +8.2% 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 +103.4% against 2012 indices. The pace of growth was the most pronounced in 2016 with an increase of 19%. The level of export peaked in 2021 and is expected to retain growth in the near future.

Exports by Country

Mexico dominates exports structure, accounting for X tons, which was near 65% of total exports in 2021. Brazil (X tons) took the second position in the ranking, followed by Peru (X tons) and Guatemala (X tons). All these countries together held near 21% share of total exports. The following exporters - Costa Rica (X tons), Colombia (X tons) and Argentina (X tons) - each finished at a 9.2% share of total exports.

Mexico was also the fastest-growing in terms of the sweet biscuits, waffles and wafers exports, with a CAGR of +12.7% from 2012 to 2021. At the same time, Colombia (+12.4%), Peru (+7.9%), Brazil (+6.7%), Guatemala (+6.6%) and Costa Rica (+3.1%) displayed positive paces of growth. By contrast, Argentina (-2.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mexico increased by +18 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest sweet biscuit, waffle and wafer supplier in Latin America and the Caribbean, comprising 68% of total exports. The second position in the ranking was held by Brazil ($X), with a 7.8% share of total exports. It was followed by Peru, with a 5.1% share.

In Mexico, sweet biscuit, waffle and wafer exports expanded at an average annual rate of +12.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Brazil (+3.2% per year) and Peru (+5.4% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, waning by -18.5% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the export price increased by 27% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Mexico ($X per ton) and Costa Rica ($X per ton), while Guatemala ($X per ton) and Brazil ($X per ton) were 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 a decline in the export price figures.

Imports of Sweet Biscuits, Waffles and Wafers

Imports in Latin America and the Caribbean

In 2021, sweet biscuit, waffle and wafer imports in Latin America and the Caribbean amounted to X tons, growing by 15% against 2020 figures. The total import volume increased at an average annual rate of +4.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, sweet biscuit, waffle and wafer imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.9% over the period from 2012 to 2021; however, the trend pattern indicated some 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

The countries with the highest levels of sweet biscuit, waffle and wafer imports in 2021 were Chile (X tons), Mexico (X tons), Venezuela (X tons), Guatemala (X tons), Colombia (X tons), the Dominican Republic (X tons), Paraguay (X tons), Honduras (X tons), El Salvador (X tons), Haiti (X tons), Uruguay (X tons) and Nicaragua (X tons), together finishing at 73% of total import. Ecuador (X tons) held a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Venezuela (with a CAGR of +16.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest sweet biscuit, waffle and wafer importing markets in Latin America and the Caribbean were Mexico ($X), Chile ($X) and Guatemala ($X), with a combined 34% share of total imports.

Chile, with a CAGR of +10.7%, recorded the highest growth rate of the value of imports, among 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, rising by 4.6% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 7.7%. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Mexico ($X per ton), while Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+4.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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