Portugal: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in Portugal

The Portuguese waffle and wafer market soared to $X in 2021, growing by 33% against the previous year. The market value increased at an average annual rate of +3.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Waffle And Wafer Production in Portugal

In value terms, waffle and wafer production rose slightly to $X in 2021 estimated in export price. In general, production, however, showed a abrupt decrease. The pace of growth appeared the most rapid in 2017 when the production volume increased by 12%. Waffle and wafer production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Waffle And Wafer Exports

Exports from Portugal

In 2021, shipments abroad of waffles and wafers decreased by -32.6% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, showed mild growth. The pace of growth appeared the most rapid in 2016 when exports increased by 81%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, waffle and wafer exports reduced dramatically to $X in 2021. In general, exports, however, recorded a mild increase. The growth pace was the most rapid in 2016 with an increase of 44% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Brazil (X tons) was the main destination for waffle and wafer exports from Portugal, accounting for a 51% share of total exports. Moreover, waffle and wafer exports to Brazil exceeded the volume sent to the second major destination, Spain (X tons), threefold. Cabo Verde (X tons) ranked third in terms of total exports with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Brazil totaled +6.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (-3.1% per year) and Cabo Verde (+0.5% per year).

In value terms, Brazil ($X) remains the key foreign market for waffles and wafers exports from Portugal, comprising 45% of total exports. The second position in the ranking was taken by Spain ($X), with an 18% share of total exports. It was followed by Italy, with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Brazil amounted to +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (-4.4% per year) and Italy (+19.7% per year).

Export Prices by Country

The average waffle and wafer export price stood at $X per ton in 2021, surging by 8.3% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average export price increased by 15% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Italy ($X per ton), while the average price for exports to France ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+11.2%), while the prices for the other major destinations experienced more modest paces of growth.

Waffle And Wafer Imports

Imports into Portugal

In 2021, after two years of decline, there was significant growth in purchases abroad of waffles and wafers, when their volume increased by 15% to X tons. In general, total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 36% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, waffle and wafer imports surged to $X in 2021. The total import value increased at an average annual rate of +4.7% 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 2018 when imports increased by 22% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the near future.

Imports by Country

Italy (X tons), Spain (X tons) and Poland (X tons) were the main suppliers of waffle and wafer imports to Portugal, together accounting for 64% of total imports.

From 2012 to 2021, the biggest increases were recorded for Poland (with a CAGR of +24.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Poland ($X) and Spain ($X) were the largest waffle and wafer suppliers to Portugal, with a combined 64% share of total imports.

Poland, with a CAGR of +19.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average waffle and wafer import price stood at $X per ton in 2021, picking up by 1.8% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 11% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Poland ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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