Latin America and the Caribbean: Vanilla Market 2024

Vanilla Market Size in Latin America and the Caribbean

In 2022, the Latin American vanilla market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. The total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2018 indices. Over the period under review, the market attained the maximum level at $X in 2021, and then fell in the following year.

Vanilla Production in Latin America and the Caribbean

In value terms, vanilla production declined modestly to $X in 2022 estimated in export price. The total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by X% against 2014 indices. The growth pace was the most rapid in 2013 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2021, and then contracted in the following year.

The country with the largest volume of vanilla production was Mexico (X tons), comprising approx. X% of total volume. Moreover, vanilla production in Mexico exceeded the figures recorded by the second-largest producer, the Dominican Republic (X tons), threefold.

In Mexico, vanilla production increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Dominican Republic (X% per year) and Jamaica (X% per year).

Vanilla Exports

Exports in Latin America and the Caribbean

In 2022, exports of vanilla in Latin America and the Caribbean contracted to X tons, dropping by X% against the previous year's figure. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of X%. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, vanilla exports declined notably to $X in 2022. Over the period under review, exports, however, saw notable growth. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Jamaica prevails in exports structure, recording X tons, which was approx. X% of total exports in 2022. It was distantly followed by Mexico (X tons), making up an X% share of total exports. The following exporters - Costa Rica (X tons), the Dominican Republic (X tons) and Ecuador (X tons) - each reached a X% share of total exports.

Exports from Jamaica increased at an average annual rate of X% from 2012 to 2022. At the same time, Costa Rica (X%) displayed positive paces of growth. Moreover, Costa Rica emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. Ecuador experienced a relatively flat trend pattern. By contrast, the Dominican Republic (X%) and Mexico (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Jamaica, Costa Rica and Ecuador increased by X, X and X percentage points, respectively.

In value terms, Ecuador ($X), Jamaica ($X) and Mexico ($X) were the countries with the highest levels of exports in 2022, together accounting for X% of total exports. The Dominican Republic and Costa Rica lagged somewhat behind, together accounting for a further X%.

Among the main exporting countries, Costa Rica, with a CAGR of X%, saw the highest rates of growth with regard to 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 export price in Latin America and the Caribbean stood at $X per ton in 2022, falling by X% against the previous year. Export price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vanilla export price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2016 when the export price increased by X%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jamaica (X%), while the other leaders experienced a decline in the export price figures.

Vanilla Imports

Imports in Latin America and the Caribbean

In 2022, imports of vanilla in Latin America and the Caribbean contracted sharply to X tons, which is down by X% against the previous year. Over the period under review, imports, however, saw strong growth. The growth pace was the most rapid in 2016 with an increase of X%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, vanilla imports declined to $X in 2022. Overall, imports, however, continue to indicate a prominent expansion. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Jamaica (X tons) and Haiti (X tons) were the main importers of vanilla in 2022, accounting for near X% and X% of total imports, respectively. The Dominican Republic (X tons) ranks next in terms of the total imports with a X% share, followed by Guyana (X%). Costa Rica (X tons), Aruba (X tons), Turks and Caicos Islands (X tons), Barbados (X tons), Bahamas (X tons), Colombia (X tons), Argentina (X tons), Suriname (X tons) and Brazil (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Costa Rica (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest vanilla importing markets in Latin America and the Caribbean were Brazil ($X), Argentina ($X) and the Dominican Republic ($X), with a combined X% share of total imports. Jamaica, Costa Rica, Suriname, Colombia, Barbados, Aruba, Haiti, Turks and Caicos Islands, Guyana and Bahamas lagged somewhat behind, together comprising a further X%.

Costa Rica, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the import price posted strong growth. The most prominent rate of growth was recorded in 2018 an increase of X%. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($X per ton), while Haiti ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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