Venezuela: Soap Market 2024

Soap Market Size in Venezuela

For the fourth consecutive year, the Venezuelan soap market recorded growth in sales value, which increased by 6.7% to $X in 2021. Overall, the total consumption indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +54.4% against 2017 indices. Soap consumption peaked in 2021 and is likely to see gradual growth in the immediate term.

Soap Production in Venezuela

In value terms, soap production reduced to $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 80% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then fell in the following year.

Soap Exports

Exports from Venezuela

Soap exports from Venezuela dropped to X tons in 2021, with a decrease of -10% compared with 2020. Over the period under review, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2013 when exports increased by 152% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, soap exports dropped to $X in 2021. Overall, exports showed a deep setback. The growth pace was the most rapid in 2013 when exports increased by 104% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for soap exports from Venezuela, accounting for a 57% share of total exports. Moreover, soap exports to the United States exceeded the volume sent to the second major destination, Spain (X tons), twofold. Colombia (X tons) ranked third in terms of total exports with a 21% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +16.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (-11.4% per year) and Colombia (+1.4% per year).

In value terms, the United States ($X), Spain ($X) and Guyana ($X) constituted the largest markets for soap exported from Venezuela worldwide, together accounting for 85% of total exports. These countries were followed by Trinidad and Tobago, Colombia, Panama and Aruba, which together accounted for a further 18%.

Trinidad and Tobago, with a CAGR of +249.4%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average soap export price stood at $X per ton in 2021, surging by 4.5% against the previous year. Overall, the export price, however, saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2019 an increase of 20%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Guyana ($X per ton), while the average price for exports to Colombia ($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 Trinidad and Tobago (+9.9%), while the prices for the other major destinations experienced more modest paces of growth.

Soap Imports

Imports into Venezuela

In 2021, overseas purchases of soap increased by 42% to X tons, rising for the third consecutive year after four years of decline. In general, imports showed a tangible expansion. The growth pace was the most rapid in 2019 when imports increased by 167% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

In value terms, soap imports soared to $X in 2021. Over the period under review, imports, however, recorded a noticeable slump. The most prominent rate of growth was recorded in 2019 when imports increased by 141% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Colombia (X tons), Brazil (X tons) and Turkey (X tons) were the main suppliers of soap imports to Venezuela, with a combined 26% share of total imports. These countries were followed by Mexico, China, Panama, Indonesia and Ecuador, which together accounted for a further 12%.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +18.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constituted the largest supplier of soap to Venezuela, comprising 15% of total imports. The second position in the ranking was held by Colombia ($X), with a 7% share of total imports. It was followed by Brazil, with a 5.1% share.

From 2012 to 2021, the average annual growth rate of value from Mexico amounted to -7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-15.0% per year) and Brazil (-17.6% per year).

Import Prices by Country

The average soap import price stood at $X per ton in 2021, surging by 25% against the previous year. Over the period under review, the import price, however, continues to indicate a deep slump. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (-2.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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