Venezuela: Margarine And Shortening Market 2024

Margarine And Shortening Market Size in Venezuela

The Venezuelan margarine and shortening market rose remarkably to $X in 2022, growing by 8.7% against the previous year. In general, consumption, however, showed a noticeable decline. Margarine and shortening consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Margarine And Shortening Production in Venezuela

In value terms, margarine and shortening production totaled $X in 2022 estimated in export price. Overall, production showed a deep setback. The most prominent rate of growth was recorded in 2016 when the production volume increased by 35%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Margarine And Shortening Exports

Exports from Venezuela

After four years of growth, overseas shipments of margarine and shortening decreased by -23.1% to X tons in 2022. Over the period under review, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 1,441% against the previous year. The exports peaked at X tons in 2021, and then declined dramatically in the following year.

In value terms, margarine and shortening exports fell significantly to $X in 2022. Overall, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 1,360% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then fell sharply in the following year.

Exports by Country

The United States (X tons), South Korea (X tons) and Chile (X tons) were the main destinations of margarine and shortening exports from Venezuela, with a combined 99% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +65,115.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for margarine and shortening exported from Venezuela were the United States ($X), South Korea ($X) and Chile ($X), together accounting for 99% of total exports.

In terms of the main countries of destination, South Korea, with a CAGR of +26,879.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average margarine and shortening export price stood at $X per ton in 2022, falling by -2.4% 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 57% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Chile ($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 Peru (+4.2%), while the prices for the other major destinations experienced a decline.

Margarine And Shortening Imports

Imports into Venezuela

In 2022, the amount of margarine and shortening imported into Venezuela skyrocketed to X tons, growing by 54% compared with 2021 figures. Overall, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2019 with an increase of 379% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, margarine and shortening imports surged to $X in 2022. Over the period under review, imports enjoyed a pronounced increase. The most prominent rate of growth was recorded in 2019 when imports increased by 345%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Argentina (X tons), Colombia (X tons) and Mexico (X tons) were the main suppliers of margarine and shortening imports to Venezuela, together accounting for 81% of total imports.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of +47.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Colombia ($X) and Chile ($X) were the largest margarine and shortening suppliers to Venezuela, with a combined 78% share of total imports. Brazil, Ecuador, Turkey and Mexico lagged somewhat behind, together accounting for a further 18%.

Turkey, with a CAGR of +36.7%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers 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 margarine and shortening import price amounted to $X per ton, with a decrease of -17% against the previous year. In general, the import price saw a abrupt curtailment. The pace of growth was the most pronounced in 2021 an increase of 38%. Over the period under review, average import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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 Chile ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+10.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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