MERCOSUR: Vanilla Market 2023

Vanilla Exports

Exports in MERCOSUR

For the third consecutive year, MERCOSUR recorded growth in shipments abroad of vanilla, which increased by 289% to X tons in 2022. In general, exports continue to indicate significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, vanilla exports surged to $X in 2022. Over the period under review, exports recorded significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 16,873%. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in the near future.

Exports by Country

In 2022, Ecuador (X tons) was the largest exporter of vanilla, constituting 73% of total exports. It was distantly followed by Brazil (X kg), generating a 24% share of total exports. Uruguay (X kg) took a relatively small share of total exports.

Ecuador experienced a relatively flat trend pattern with regard to volume of exports of vanilla. At the same time, Brazil (+55.5%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in MERCOSUR, with a CAGR of +55.5% from 2013-2022. By contrast, Uruguay (-2.2%) illustrated a downward trend over the same period. Ecuador (+72 p.p.) and Brazil (+23 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest vanilla supplying countries in MERCOSUR were Brazil ($X), Ecuador ($X) and Uruguay ($X), with a combined 99.9% share of total exports.

Among the main exporting countries, Brazil, with a CAGR of +141.3%, recorded 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

In 2022, the export price in MERCOSUR amounted to $X per ton, waning by -52.6% against the previous year. In general, the export price, however, continues to indicate a significant increase. The pace of growth was the most pronounced in 2020 when the export price increased by 6,844% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the export prices remained at a somewhat lower figure.

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

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+55.2%).

Vanilla Imports

Imports in MERCOSUR

Vanilla imports dropped notably to X tons in 2022, waning by -33.4% on 2021 figures. In general, imports, however, saw a buoyant increase. The growth pace was the most rapid in 2017 with an increase of 249%. The volume of import peaked at X tons in 2021, and then contracted sharply in the following year.

In value terms, vanilla imports skyrocketed to $X in 2022. Over the period under review, imports, however, enjoyed buoyant growth. The pace of growth was the most pronounced in 2017 with an increase of 104% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Guyana (X tons) was the largest importer of vanilla, creating 39% of total imports. It was distantly followed by Colombia (X tons), Argentina (X tons), Suriname (X tons) and Brazil (X tons), together achieving a 57% share of total imports. Chile (X kg) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to vanilla imports into Guyana stood at +11.6%. At the same time, Colombia (+21.2%), Argentina (+13.2%) and Brazil (+4.4%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing importer imported in MERCOSUR, with a CAGR of +21.2% from 2012-2022. By contrast, Chile (-9.3%) and Suriname (-19.0%) illustrated a downward trend over the same period. While the share of Suriname (+13 p.p.), Colombia (+10 p.p.), Argentina (+2.9 p.p.) and Guyana (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Brazil (-10.3 p.p.) and Chile (-15.5 p.p.) displayed negative dynamics.

In value terms, the largest vanilla importing markets in MERCOSUR were Brazil ($X), Argentina ($X) and Chile ($X), together accounting for 85% of total imports. Suriname, Colombia and Guyana lagged somewhat behind, together comprising a further 10%.

Among the main importing countries, Colombia, with a CAGR of +58.9%, 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

In 2022, the import price in MERCOSUR amounted to $X per ton, increasing by 97% against the previous year. Over the period under review, the import price posted prominent growth. The most prominent rate of growth was recorded in 2016 an increase of 111%. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Chile ($X per ton), while Guyana ($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 (+31.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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