Ecuador: Peanut Butter Market 2024

Peanut Butter Market Size in Ecuador

The Ecuadorian peanut butter market expanded slightly to $X in 2022, picking up by X% against the previous year. Overall, the total consumption indicated temperate growth 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 decreased by X% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Peanut Butter Production in Ecuador

In value terms, peanut butter production rose modestly to $X in 2022 estimated in export price. Overall, the total production indicated tangible growth 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 decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by X% against the previous year. Peanut butter production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

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Peanut Butter Exports

Exports from Ecuador

In 2022, overseas shipments of peanut butter and prepared or preserved groundnuts decreased by X% to X tons, falling for the second consecutive year after four years of growth. In general, exports recorded a mild descent. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, peanut butter exports fell notably to $X in 2022. Over the period under review, exports, however, showed a slight expansion. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for peanut butter exports from Ecuador, with a X% share of total exports. Moreover, peanut butter exports to the United States exceeded the volume sent to the second major destination, Panama (X kg), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (X% per year) and Hong Kong SAR (X% per year).

In value terms, the United States ($X) remains the key foreign market for peanut butter and prepared or preserved groundnuts exports from Ecuador, comprising X% of total exports. The second position in the ranking was held by Panama ($X), with an X% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (X% per year) and Hong Kong SAR (X% per year).

Export Prices by Country

The average peanut butter export price stood at $X per ton in 2022, surging by X% against the previous year. Over the period under review, export price indicated a moderate 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, peanut butter export price increased by X% against 2017 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Hong Kong SAR ($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 Ireland (X%), while the prices for the other major destinations experienced more modest paces of growth.

Peanut Butter Imports

Imports into Ecuador

For the third year in a row, Ecuador recorded decline in supplies from abroad of peanut butter and prepared or preserved groundnuts, which decreased by X% to X tons in 2022. In general, imports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, peanut butter imports amounted to $X in 2022. Over the period under review, imports, however, continue to indicate a prominent expansion. The growth pace was the most rapid in 2017 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Peru (X tons), Colombia (X tons) and Brazil (X tons) were the main suppliers of peanut butter imports to Ecuador, together accounting for X% of total imports.

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

In value terms, Peru ($X), Colombia ($X) and the United States ($X) appeared to be the largest peanut butter suppliers to Ecuador, together accounting for X% of total imports.

In terms of the main suppliers, Peru, with a CAGR of X%, 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

In 2022, the average peanut butter import price amounted to $X per ton, growing by X% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform