Venezuela: Market for Sweet Biscuits, Waffles and Wafers 2024

Market Size for Sweet Biscuits, Waffles and Wafers in Venezuela

In 2021, the Venezuelan market for sweet biscuits, waffles and wafers increased by 133% to $X, rising for the third year in a row after four years of decline. Overall, consumption enjoyed strong growth. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the immediate term.

Exports of Sweet Biscuits, Waffles and Wafers

Exports from Venezuela

In 2021, shipments abroad of sweet biscuits, waffles and wafers increased by 47% to X tons, rising for the seventh consecutive year after two years of decline. In general, exports posted significant growth. The pace of growth was the most pronounced in 2018 when exports increased by 140%. The exports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, sweet biscuit, waffle and wafer exports soared to $X in 2021. Over the period under review, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 230%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for sweet biscuit, waffle and wafer exports from Venezuela, with a 61% share of total exports. Moreover, sweet biscuit, waffle and wafer exports to the United States exceeded the volume sent to the second major destination, Chile (X tons), fourfold. The third position in this ranking was taken by the Dominican Republic (X tons), with a 7.5% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +121.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+301.2% per year) and the Dominican Republic (+31.3% per year).

In value terms, the United States ($X) remains the key foreign market for sweet biscuits, waffles and wafers exports from Venezuela, comprising 63% of total exports. The second position in the ranking was taken by Chile ($X), with an 18% share of total exports. It was followed by Ecuador, with a 5.6% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +122.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+213.6% per year) and Ecuador (0.0% per year).

Export Prices by Country

In 2021, the average export price for sweet biscuits, waffles and wafers amounted to $X per ton, approximately mirroring the previous year. In general, export price indicated moderate growth from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sweet biscuit, waffle and wafer export price increased by +54.0% against 2017 indices. The most prominent rate of growth was recorded in 2016 when the average export price increased by 50%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Peru ($X per ton), while the average price for exports to the Dominican Republic ($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 the United States (+0.6%), while the prices for the other major destinations experienced a decline.

Imports of Sweet Biscuits, Waffles and Wafers

Imports into Venezuela

In 2021, purchases abroad of sweet biscuits, waffles and wafers increased by 125% to X tons, rising for the third year in a row after four years of decline. Overall, imports posted a remarkable increase. The pace of growth appeared the most rapid in 2020 with an increase of 459% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, sweet biscuit, waffle and wafer imports surged to $X in 2021. Over the period under review, imports showed a prominent increase. The most prominent rate of growth was recorded in 2020 with an increase of 379% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Brazil (X tons), Turkey (X tons) and India (X tons) were the main suppliers of sweet biscuit, waffle and wafer imports to Venezuela, together comprising 94% of total imports. These countries were followed by Colombia, Lebanon, Italy, Chile and Peru, which together accounted for a further 3.5%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Lebanon (with a CAGR of +47.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Turkey ($X) and Colombia ($X) were the largest sweet biscuit, waffle and wafer suppliers to Venezuela, together comprising 91% of total imports. Lebanon, India, Italy, Chile and Peru lagged somewhat behind, together accounting for a further 4.1%.

Lebanon, with a CAGR of +47.3%, saw 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 2021, the average import price for sweet biscuits, waffles and wafers amounted to $X per ton, picking up by 3.9% against the previous year. In general, the import price, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2017 when the average import price increased by 14%. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Peru ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Peru (+21.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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