Uruguay: Plastic Closure Market 2024

Plastic Closure Market Size in Uruguay

For the third consecutive year, the Uruguayan plastic closure market recorded growth in sales value, which increased by 24% to $X in 2022. In general, consumption showed a relatively flat trend pattern. Plastic closure consumption peaked in 2022 and is expected to retain growth in years to come.

Plastic Closure Exports

Exports from Uruguay

For the third year in a row, Uruguay recorded decline in shipments abroad of plastic stoppers, caps and closures, which decreased by -50.7% to X tons in 2022. In general, exports recorded a perceptible downturn. The pace of growth was the most pronounced in 2019 when exports increased by 422% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, plastic closure exports shrank rapidly to $X in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 when exports increased by 248% against the previous year. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Argentina (X tons) was the main destination for plastic closure exports from Uruguay, with a 53% share of total exports. Moreover, plastic closure exports to Argentina exceeded the volume sent to the second major destination, Chile (X tons), twofold. The third position in this ranking was held by Mexico (X tons), with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Argentina was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+51.5% per year) and Mexico (+5.6% per year).

In value terms, Argentina ($X) remains the key foreign market for plastic stoppers, caps and closures exports from Uruguay, comprising 56% of total exports. The second position in the ranking was taken by Mexico ($X), with a 20% share of total exports. It was followed by Chile, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to Argentina amounted to +5.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+7.8% per year) and Chile (+46.9% per year).

Export Prices by Country

In 2022, the average plastic closure export price amounted to $X per ton, growing by 70% against the previous year. In general, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plastic closure export price increased by +148.3% against 2019 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to Chile ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Argentina (+5.3%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Closure Imports

Imports into Uruguay

In 2022, supplies from abroad of plastic stoppers, caps and closures decreased by -1.5% to X tons, falling for the third year in a row after three years of growth. Over the period under review, imports saw a slight shrinkage. The pace of growth appeared the most rapid in 2013 when imports increased by 14%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, plastic closure imports stood at $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by 14% against the previous year. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Argentina (X tons), Brazil (X tons) and China (X tons) were the main suppliers of plastic closure imports to Uruguay, with a combined 80% share of total imports. Colombia, Chile, France and Spain lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Colombia (with a CAGR of +34.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest plastic closure suppliers to Uruguay were Argentina ($X), Brazil ($X) and China ($X), with a combined 79% share of total imports. Spain, Chile, France and Colombia lagged somewhat behind, together accounting for a further 14%.

Among the main suppliers, Colombia, with a CAGR of +38.2%, saw the highest growth rate of 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 average plastic closure import price amounted to $X per ton, growing by 7.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2014 an increase of 13%. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+6.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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