Latin America and the Caribbean: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in Latin America and the Caribbean

The Latin American waffle and wafer market rose modestly to $X in 2021, with an increase of 2.9% against 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. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in years to come.

Waffle And Wafer Production in Latin America and the Caribbean

In value terms, waffle and wafer production stood at $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when the production volume increased by 22%. The level of production peaked at $X in 2019; afterwards, it flattened through to 2021.

Waffle And Wafer Exports

Exports in Latin America and the Caribbean

In 2021, approx. X tons of waffles and wafers were exported in Latin America and the Caribbean; with an increase of 7.7% on the year before. The total export volume increased at an average annual rate of +4.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 38%. The volume of export peaked in 2021 and is likely to see steady growth in years to come.

In value terms, waffle and wafer exports expanded sharply to $X in 2021. Total exports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when exports increased by 46% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

In 2021, Brazil (X tons) was the main exporter of waffles and wafers, committing 40% of total exports. Colombia (X tons) held a 14% share (based on physical terms) of total exports, which put it in second place, followed by Guatemala (12%), Mexico (11%) and El Salvador (5.3%). Argentina (X tons) and Bolivia (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to waffle and wafer exports from Brazil stood at +5.3%. At the same time, Colombia (+34.9%), Mexico (+6.6%), Bolivia (+6.4%) and Guatemala (+5.8%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +34.9% from 2012-2021. By contrast, El Salvador (-2.6%) and Argentina (-4.9%) illustrated a downward trend over the same period. Colombia (+13 p.p.), Brazil (+2 p.p.) and Mexico (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while El Salvador and Argentina saw its share reduced by -4.9% and -5.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest waffle and wafer supplier in Latin America and the Caribbean, comprising 36% of total exports. The second position in the ranking was taken by Mexico ($X), with an 18% share of total exports. It was followed by Colombia, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in Brazil stood at +5.2%. In the other countries, the average annual rates were as follows: Mexico (+9.9% per year) and Colombia (+28.3% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, rising by 3.9% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the export price increased by 5.5%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Mexico ($X per ton), while Bolivia ($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 (+3.0%), while the other leaders experienced more modest paces of growth.

Waffle And Wafer Imports

Imports in Latin America and the Caribbean

In 2021, approx. X tons of waffles and wafers were imported in Latin America and the Caribbean; increasing by 33% compared with the previous year. Total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +7.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +68.5% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, waffle and wafer imports soared to $X in 2021. Total imports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +8.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +60.6% against 2016 indices. The pace of growth was the most pronounced in 2013 with an increase of 41% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in years to come.

Imports by Country

Venezuela (X tons) and Mexico (X tons) were the main importers of waffles and wafers in 2021, recording near 21% and 16% of total imports, respectively. Chile (X tons) held a 7% share (based on physical terms) of total imports, which put it in second place, followed by Paraguay (6.5%), Brazil (6.4%), Honduras (4.6%) and Peru (4.6%). The following importers - Uruguay (X tons), Argentina (X tons), Ecuador (X tons), Bolivia (X tons), Colombia (X tons) and Nicaragua (X tons) - together made up 18% of total imports.

From 2012 to 2021, the biggest increases were recorded for Venezuela (with a CAGR of +33.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported waffles and wafers in Latin America and the Caribbean, comprising 33% of total imports. The second position in the ranking was taken by Brazil ($X), with an 11% share of total imports. It was followed by Venezuela, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico stood at +15.1%. In the other countries, the average annual rates were as follows: Brazil (+0.8% per year) and Venezuela (+23.1% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, declining by -3.5% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2013 when the import price increased by 19% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Mexico ($X per ton), while Bolivia ($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 (+8.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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