Latin America and the Caribbean: Vanilla Market 2025

Vanilla Market Size in Latin America and the Caribbean

After two years of growth, the Latin American vanilla market decreased by -3.5% to $X in 2022. The total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +97.9% against 2012 indices. Over the period under review, the market hit record highs at $X in 2021, and then fell modestly in the following year.

Vanilla Production in Latin America and the Caribbean

In value terms, vanilla production reduced modestly to $X in 2022 estimated in export price. The total production indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +30.5% against 2014 indices. The pace of growth was the most pronounced in 2013 with an increase of 24%. Over the period under review, production reached the maximum level at $X in 2021, and then reduced slightly in the following year.

The country with the largest volume of vanilla production was Mexico (X tons), accounting for 67% of total volume. Moreover, vanilla production in Mexico exceeded the figures recorded by the second-largest producer, the Dominican Republic (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume in Mexico amounted to +4.1%. The remaining producing countries recorded the following average annual rates of production growth: the Dominican Republic (+0.9% per year) and Jamaica (+1.9% per year).

Vanilla Exports

Exports in Latin America and the Caribbean

In 2022, vanilla exports in Latin America and the Caribbean contracted to X tons, dropping by -5.7% against 2021. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when exports increased by 51% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, vanilla exports fell sharply to $X in 2022. In general, exports, however, posted a noticeable increase. The pace of growth was the most pronounced in 2016 when exports increased by 96% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Jamaica dominates exports structure, reaching X tons, which was near 86% of total exports in 2022. It was distantly followed by Mexico (X tons), making up an 8% share of total exports. The following exporters - Costa Rica (X tons), the Dominican Republic (X tons) and Ecuador (X tons) - each recorded a 6% share of total exports.

Exports from Jamaica increased at an average annual rate of +1.9% from 2012 to 2022. At the same time, Costa Rica (+97.9%) 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 +97.9% from 2012-2022. Ecuador experienced a relatively flat trend pattern. By contrast, the Dominican Republic (-5.0%) and Mexico (-8.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Jamaica, Costa Rica and Ecuador increased by +9.2, +2.2 and +1.5 percentage points, respectively.

In value terms, the largest vanilla supplying countries in Latin America and the Caribbean were Ecuador ($X), Jamaica ($X) and Mexico ($X), with a combined 68% share of total exports. The Dominican Republic and Costa Rica lagged somewhat behind, together accounting for a further 0.8%.

Costa Rica, with a CAGR of +68.1%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, waning by -20% against the previous year. Export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vanilla export price increased by +6.8% against 2020 indices. The growth pace was the most rapid in 2016 when the export price increased by 50%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jamaica (+0.3%), while the other leaders experienced a decline in the export price figures.

Vanilla Imports

Imports in Latin America and the Caribbean

Vanilla imports fell rapidly to X tons in 2022, waning by -27.6% against the year before. Overall, imports, however, recorded strong growth. The growth pace was the most rapid in 2016 with an increase of 275% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, vanilla imports reduced to $X in 2022. Over the period under review, imports, however, continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2018 with an increase of 381% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Jamaica (X tons) and Haiti (X tons) represented the major importers of vanilla in 2022, accounting for approx. 28% and 28% of total imports, respectively. The Dominican Republic (X tons) took a 5.4% share (based on physical terms) of total imports, which put it in second place, followed by Guyana (5%). Costa Rica (X tons), Aruba (X tons), Turks and Caicos Islands (X tons), Barbados (X tons), Bahamas (X tons), Colombia (X tons), Argentina (X tons), Suriname (X tons) and Brazil (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Costa Rica (with a CAGR of +61.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Argentina ($X) and the Dominican Republic ($X) constituted the countries with the highest levels of imports in 2022, together comprising 39% of total imports. Jamaica, Costa Rica, Suriname, Colombia, Barbados, Aruba, Haiti, Turks and Caicos Islands, Guyana and Bahamas lagged somewhat behind, together comprising a further 18%.

Among the main importing countries, Costa Rica, with a CAGR of +74.2%, saw the highest rates of growth with regard to the value of imports, 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, rising by 27% against the previous year. Overall, the import price enjoyed a strong increase. The most prominent rate of growth was recorded in 2018 when the import price increased by 339%. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+31.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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