Latin America and the Caribbean: Baking Soda Market 2024

Baking Soda Market Size in Latin America and the Caribbean

In 2023, the Latin American baking soda market increased by X% to $X, rising for the sixth year in a row after three years of decline. The market value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2023 and is expected to retain growth in the near future.

Baking Soda Production in Latin America and the Caribbean

In value terms, baking soda production expanded to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2014 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2015 to 2023, production growth remained at a somewhat lower figure.

Baking Soda Exports

Exports in Latin America and the Caribbean

In 2023, exports of baking soda in Latin America and the Caribbean declined to X tons, dropping by X% on the previous year's figure. In general, exports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2016 with an increase of X%. As a result, the exports attained the peak of X tons. From 2017 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, baking soda exports declined modestly to $X in 2023. Over the period under review, exports saw a pronounced contraction. The growth pace was the most rapid in 2016 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

In 2023, Brazil (X tons) and Mexico (X tons) were the key exporters of baking soda in Latin America and the Caribbean, together committing X% of total exports. Peru (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Argentina (X%), Guatemala (X%) and Colombia (X%).

From 2012 to 2023, the biggest increases were recorded for Guatemala (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest baking soda supplying countries in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Guatemala ($X), with a combined X% share of total exports. Peru, Argentina and Colombia lagged somewhat behind, together comprising a further X%.

Among the main exporting countries, Colombia, with a CAGR of X%, saw the highest growth rate of 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 2023, the export price in Latin America and the Caribbean amounted to $X per ton, surging by X% against the previous year. Export price indicated a tangible 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, baking soda export price increased by X% against 2018 indices. The growth pace was the most rapid in 2022 an increase of X%. The level of export peaked in 2023 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while Peru ($X per ton) was amongst the lowest.

From 2012 to 2023, 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.

Baking Soda Imports

Imports in Latin America and the Caribbean

In 2023, overseas purchases of baking soda were finally on the rise to reach X tons after two years of decline. Total imports indicated a moderate expansion 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. The pace of growth was the most pronounced in 2018 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2023, imports remained at a lower figure.

In value terms, baking soda imports fell modestly to $X in 2023. Overall, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2022, and then fell modestly in the following year.

Imports by Country

In 2023, Brazil (X tons) and Mexico (X tons) represented the key importers of baking soda in Latin America and the Caribbean, together resulting at near X% of total imports. Chile (X tons) held the next position in the ranking, followed by Peru (X tons), Argentina (X tons) and Colombia (X tons). All these countries together held near X% share of total imports. The following importers - Guatemala (X tons), the Dominican Republic (X tons), Bolivia (X tons), Uruguay (X tons), Ecuador (X tons) and Paraguay (X tons) - together made up X% of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Brazil (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Mexico ($X) and Chile ($X) constituted the countries with the highest levels of imports in 2023, together accounting for X% of total imports.

Brazil, with a CAGR of X%, recorded the highest rates of growth with regard to 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

The import price in Latin America and the Caribbean stood at $X per ton in 2023, dropping by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2022 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton, and then dropped in the following year.

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

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

Source: IndexBox Platform