Latin America and the Caribbean: Sugary Soft Drink Market 2024

Sugary Soft Drink Market Size in Latin America and the Caribbean

The Latin American sugary soft drink market amounted to $X in 2022, picking up by 1.9% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 5.8% against the previous year. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Sugary Soft Drink Production in Latin America and the Caribbean

In value terms, sugary soft drink production amounted to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 5.5%. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Sugary Soft Drink Exports

Exports in Latin America and the Caribbean

In 2022, the amount of sugary soft drinks exported in Latin America and the Caribbean shrank notably to X litres, with a decrease of -23.2% against the previous year. The total export volume increased at an average annual rate of +1.5% 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 55% against the previous year. As a result, the exports reached the peak of X litres, and then dropped dramatically in the following year.

In value terms, sugary soft drink exports stood at $X in 2022. The total export value increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 16%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

Mexico represented the major exporter of sugary soft drinks in Latin America and the Caribbean, with the volume of exports finishing at X litres, which was approx. 43% of total exports in 2022. Guatemala (X litres) ranks second in terms of the total exports with an 18% share, followed by Trinidad and Tobago (8.2%), El Salvador (8%), Costa Rica (6.6%) and Nicaragua (4.6%). Brazil (X litres) took a relatively small share of total exports.

Exports from Mexico increased at an average annual rate of +2.1% from 2012 to 2022. At the same time, Brazil (+9.2%), Nicaragua (+7.1%), Costa Rica (+6.3%), El Salvador (+2.0%) and Trinidad and Tobago (+1.6%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +9.2% from 2012-2022. By contrast, Guatemala (-3.2%) illustrated a downward trend over the same period. While the share of Costa Rica (+2.4 p.p.), Mexico (+2.2 p.p.), Nicaragua (+1.9 p.p.) and Brazil (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Guatemala (-10.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest sugary soft drink supplier in Latin America and the Caribbean, comprising 57% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 12% share of total exports. It was followed by Trinidad and Tobago, with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico stood at +5.7%. In the other countries, the average annual rates were as follows: Guatemala (+1.0% per year) and Trinidad and Tobago (-2.3% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per litre in 2022, growing by 37% against the previous year. Over the last decade, it increased at an average annual rate of +2.4%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 ($X per litre), while Costa Rica ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (+4.3%), while the other leaders experienced more modest paces of growth.

Sugary Soft Drink Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of sugary soft drinks increased by 5.5% to X litres, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2021 when imports increased by 29% against the previous year. The volume of import peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, sugary soft drink imports soared to $X in 2022. Total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +81.7% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Honduras (X litres), followed by Guatemala (X litres), Chile (X litres), Panama (X litres), El Salvador (X litres), Suriname (X litres) and Nicaragua (X litres) were the main importers of sugary soft drinks, together mixing up 68% of total imports. Jamaica (X litres), Paraguay (X litres), Guyana (X litres), Barbados (X litres), Bahamas (X litres) and Mexico (X litres) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of +61.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X) constitutes the largest market for imported sugary soft drinks in Latin America and the Caribbean, comprising 29% of total imports. The second position in the ranking was taken by Panama ($X), with a 7.9% share of total imports. It was followed by Guatemala, with a 7.9% share.

In Chile, sugary soft drink imports increased at an average annual rate of +69.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Panama (+18.8% per year) and Guatemala (+8.1% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per litre in 2022, surging by 32% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.4%. 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 Chile ($X per litre), while Honduras ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nicaragua (+5.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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