Venezuela: Tomato Ketchup Market 2024

Tomato Ketchup Market Size in Venezuela

The Venezuelan tomato ketchup market rose to $X in 2022, growing by 3.9% against the previous year. Overall, consumption continues to indicate a perceptible reduction. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Tomato Ketchup Production in Venezuela

In value terms, tomato ketchup production expanded notably to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a deep reduction. The growth pace was the most rapid in 2020 with an increase of 25% against the previous year. Tomato ketchup production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Tomato Ketchup Exports

Exports from Venezuela

In 2022, tomato ketchup exports from Venezuela expanded notably to X tons, increasing by 15% compared with 2021 figures. Over the period under review, exports saw a significant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 1,331%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, tomato ketchup exports surged to $X in 2022. In general, exports continue to indicate significant growth. The pace of growth appeared the most rapid in 2020 with an increase of 2,211%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Peru (X tons), Aruba (X tons) and Chile (X tons) were the main destinations of tomato ketchup exports from Venezuela, together comprising 100% 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 Aruba (with a CAGR of +45.5%), while the other leaders experienced more modest paces of growth.

In value terms, Peru ($X) remains the key foreign market for tomato ketchup and tomato sauces exports from Venezuela, comprising 75% of total exports. The second position in the ranking was held by Chile ($X), with a 21% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Peru amounted to +25.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+40.1% per year) and Aruba (+18.5% per year).

Export Prices by Country

The average tomato ketchup export price stood at $X per ton in 2022, picking up by 4.7% against the previous year. In general, the export price, however, showed a pronounced curtailment. The most prominent rate of growth was recorded in 2020 when the average export price increased by 61% 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.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to Aruba ($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 Panama (+84.9%), while the prices for the other major destinations experienced mixed trend patterns.

Tomato Ketchup Imports

Imports into Venezuela

After two years of growth, overseas purchases of tomato ketchup and tomato sauces decreased by -3.8% to X tons in 2022. Overall, imports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 867%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, tomato ketchup imports shrank to $X in 2022. In general, imports, however, showed a resilient expansion. The pace of growth was the most pronounced in 2017 when imports increased by 870%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Brazil (X tons) constituted the largest tomato ketchup supplier to Venezuela, accounting for a 31% share of total imports. Moreover, tomato ketchup imports from Brazil exceeded the figures recorded by the second-largest supplier, Panama (X tons), twofold. Mexico (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from Brazil stood at +58.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (+28.3% per year) and Mexico (+47.6% per year).

In value terms, Brazil ($X), Panama ($X) and Mexico ($X) appeared to be the largest tomato ketchup suppliers to Venezuela, together comprising 54% of total imports. The United States, Lebanon, Chile, the United Arab Emirates, Italy, Senegal, Colombia, Egypt, Trinidad and Tobago and China lagged somewhat behind, together accounting for a further 38%.

Among the main suppliers, Lebanon, with a CAGR of +73.3%, 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

The average tomato ketchup import price stood at $X per ton in 2022, shrinking by -2.2% against the previous year. Over the period under review, the import price showed a deep contraction. The pace of growth appeared the most rapid in 2016 an increase of 36%. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 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 Lebanon ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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