Latin America and the Caribbean: Benzoic Acid Market 2024

Benzoic Acid Market Size in Latin America and the Caribbean

In 2022, the Latin American benzoic acid market increased by X% to $X, rising for the second consecutive year after three years of decline. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Benzoic Acid Production in Latin America and the Caribbean

In value terms, benzoic acid production fell slightly to $X in 2022 estimated in export price. In general, production, however, showed a abrupt slump. The pace of growth appeared the most rapid in 2017 with an increase of X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

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Benzoic Acid Exports

Exports in Latin America and the Caribbean

In 2022, benzoic acid exports in Latin America and the Caribbean contracted to X tons, with a decrease of X% on 2021 figures. In general, exports saw a deep slump. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, benzoic acid exports reduced slightly to $X in 2022. Over the period under review, exports faced a abrupt downturn. The growth pace was the most rapid in 2020 with an increase of X%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Argentina (X tons) and Peru (X tons) represented roughly X% of total exports in 2022. Guatemala (X tons) took the next position in the ranking, followed by Brazil (X tons) and Mexico (X tons). All these countries together held near X% share of total exports. The following exporters - Colombia (X tons) and Costa Rica (X tons) - each recorded a X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Brazil (with a CAGR of X%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Peru ($X), Brazil ($X) and Argentina ($X) were the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Guatemala, Mexico, Colombia and Costa Rica lagged somewhat behind, together comprising a further X%.

Guatemala, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, picking up by X% against the previous year. Export price indicated mild growth 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, benzoic acid export price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2013 an increase of X%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Argentina ($X per ton) was amongst the lowest.

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

Benzoic Acid Imports

Imports in Latin America and the Caribbean

In 2022, approx. X tons of benzoic acid, its salts and esters were imported in Latin America and the Caribbean; with an increase of X% against 2021. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of X%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, benzoic acid imports soared to $X in 2022. Total imports indicated a measured 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, imports increased by X% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Brazil was the major importing country with an import of around X tons, which finished at X% of total imports. Mexico (X tons) held the second position in the ranking, distantly followed by Colombia (X tons). All these countries together held approx. X% share of total imports. Argentina (X tons), Chile (X tons), Guatemala (X tons), Peru (X tons), Costa Rica (X tons) and the Dominican Republic (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the Dominican Republic (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest benzoic acid importing markets in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Colombia ($X), together comprising X% of total imports. Argentina, Guatemala, Chile, Peru, Costa Rica and the Dominican Republic lagged somewhat behind, together comprising a further X%.

Guatemala, with a CAGR of X%, recorded the highest growth rate of the value of imports, among 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

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Colombia ($X per ton) and Guatemala ($X per ton), while the Dominican Republic ($X per ton) and Argentina ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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