Guatemala: Vegetable Oils Market 2024

Vegetable Oils Market Size in Guatemala

The Guatemalan vegetable oils market rose remarkably to $X in 2023, picking up by X% against the previous year. Overall, consumption, however, showed a abrupt shrinkage. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Vegetable Oils Production in Guatemala

In value terms, vegetable oils production amounted to $X in 2023 estimated in export price. In general, production recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Vegetable Oils Exports

Exports from Guatemala

After three years of growth, overseas shipments of vegetable fats and oils decreased by X% to X tons in 2023. Overall, exports continue to indicate a perceptible downturn. The pace of growth was the most pronounced in 2016 when exports increased by X% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, vegetable oils exports contracted rapidly to $X in 2023. In general, exports showed a slight curtailment. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The exports peaked at $X in 2022, and then declined sharply in the following year.

Exports by Country

El Salvador (X tons) was the main destination for vegetable oils exports from Guatemala, accounting for a X% share of total exports. Moreover, vegetable oils exports to El Salvador exceeded the volume sent to the second major destination, Nicaragua (X tons), threefold. The third position in this ranking was held by Honduras (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to El Salvador stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (X% per year) and Honduras (X% per year).

In value terms, El Salvador ($X) remains the key foreign market for vegetable fats and oils exports from Guatemala, comprising X% of total exports. The second position in the ranking was held by Nicaragua ($X), with a X% share of total exports. It was followed by Honduras, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to El Salvador stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (X% per year) and Honduras (X% per year).

Export Prices by Country

The average vegetable oils export price stood at $X per ton in 2023, shrinking by X% against the previous year. In general, export price indicated a modest increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, vegetable oils export price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the average export prices hit record highs at $X per ton in 2022, and then shrank modestly in the following year.

Average prices varied somewhat for the major export markets. In 2023, amid the top suppliers, the countries with the highest prices were Belize ($X per ton) and Costa Rica ($X per ton), while the average price for exports to Nicaragua ($X per ton) and El Salvador ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Panama (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Oils Imports

Imports into Guatemala

In 2023, overseas purchases of vegetable fats and oils decreased by X% to X tons, falling for the second consecutive year after seven years of growth. Over the period under review, total imports indicated a prominent increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Imports peaked at X tons in 2021; however, from 2022 to 2023, imports remained at a lower figure.

In value terms, vegetable oils imports fell significantly to $X in 2023. In general, imports, however, recorded prominent growth. The pace of growth was the most pronounced in 2021 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2022, and then shrank remarkably in the following year.

Imports by Country

In 2023, Honduras (X tons) constituted the largest vegetable oils supplier to Guatemala, accounting for a X% share of total imports. Moreover, vegetable oils imports from Honduras exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), twofold. Mexico (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from Honduras totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Mexico (X% per year).

In value terms, the largest vegetable oils suppliers to Guatemala were Honduras ($X), Malaysia ($X) and Mexico ($X), together comprising X% of total imports. El Salvador, the United States and Colombia lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, Colombia, with a CAGR of X%, recorded the highest rates of growth with regard to 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 vegetable oils import price stood at $X per ton in 2023, which is down by X% against the previous year. In general, import price indicated a slight expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, vegetable oils import price increased by X% against 2019 indices. The growth pace was the most rapid in 2021 when the average import price increased by X%. The import price peaked at $X per ton in 2022, and then fell in the following year.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Honduras (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform