Latin America and the Caribbean: Tapioca And Substitutes Market 2024

Tapioca And Substitutes Market Size in Latin America and the Caribbean

In 2021, the Latin American tapioca and substitutes market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. The total consumption indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Tapioca And Substitutes Production in Latin America and the Caribbean

In value terms, tapioca and substitutes production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.5% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 10%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Tapioca And Substitutes Exports

Exports in Latin America and the Caribbean

Tapioca and substitutes exports declined remarkably to X tons in 2021, shrinking by -20.7% on the previous year's figure. Total exports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +6.3% 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 +49.4% against 2015 indices. The pace of growth was the most pronounced in 2016 when exports increased by 38%. Over the period under review, the exports reached the maximum at X tons in 2020, and then shrank markedly in the following year.

In value terms, tapioca and substitutes exports dropped significantly to $X in 2021. Over the period under review, exports, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2016 with an increase of 44%. Over the period under review, the exports hit record highs at $X in 2020, and then contracted remarkably in the following year.

Exports by Country

Brazil prevails in exports structure, resulting at X tons, which was approx. 92% of total exports in 2021. The Dominican Republic (X tons) followed a long way behind the leaders.

Brazil was also the fastest-growing in terms of the tapioca and substitutes exports, with a CAGR of +12.3% from 2012 to 2021. The Dominican Republic (-17.9%) illustrated a downward trend over the same period. Brazil (+36 p.p.) significantly strengthened its position in terms of the total exports, while the Dominican Republic saw its share reduced by -35% from 2012 to 2021, respectively.

In value terms, Brazil ($X) remains the largest tapioca and substitutes supplier in Latin America and the Caribbean, comprising 88% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with a 5.3% share of total exports.

In Brazil, tapioca and substitutes exports increased at an average annual rate of +15.0% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, dropping by -8.3% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the export price increased by 14% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the Dominican Republic ($X per ton), while Brazil amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+2.4%).

Tapioca And Substitutes Imports

Imports in Latin America and the Caribbean

In 2021, approx. X tons of tapioca and substitutes were imported in Latin America and the Caribbean; rising by 31% against the year before. Total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +7.3% 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 +60.1% against 2017 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, tapioca and substitutes imports soared to $X in 2021. Total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +9.2% 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 +21.0% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 71%. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

Mexico dominates imports structure, finishing at X tons, which was near 57% of total imports in 2021. Paraguay (X tons) took the second position in the ranking, followed by Trinidad and Tobago (X tons), Ecuador (X tons) and Suriname (X tons). All these countries together held approx. 22% share of total imports. Guyana (X tons), Guatemala (X tons), Chile (X tons), Argentina (X tons), Colombia (X tons) and Bahamas (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to tapioca and substitutes imports into Mexico stood at +13.8%. At the same time, Guatemala (+59.8%), Paraguay (+34.1%), Colombia (+33.9%), Chile (+23.8%), Trinidad and Tobago (+10.9%), Argentina (+10.3%) and Bahamas (+7.8%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +59.8% from 2012-2021. By contrast, Ecuador (-2.1%), Guyana (-8.1%) and Suriname (-10.2%) illustrated a downward trend over the same period. While the share of Mexico (+23 p.p.), Paraguay (+5.2 p.p.) and Guatemala (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ecuador (-6.8 p.p.), Guyana (-11.1 p.p.) and Suriname (-18.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported tapioca and substitutes in Latin America and the Caribbean, comprising 59% of total imports. The second position in the ranking was held by Paraguay ($X), with a 5.5% share of total imports. It was followed by Ecuador, with a 5.5% share.

In Mexico, tapioca and substitutes imports expanded at an average annual rate of +14.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Paraguay (+39.5% per year) and Ecuador (-0.1% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, growing by 3.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. The most prominent rate of growth was recorded in 2013 when the import price increased by 33% against the previous year. The level of import peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Paraguay (+4.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :