Latin America and the Caribbean: Clove Market 2024

Clove Market Size in Latin America and the Caribbean

In 2022, the Latin American clove market increased by X% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, showed a slight setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Clove Production in Latin America and the Caribbean

In value terms, clove production fell modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2018 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Brazil (X tons) constituted the country with the largest volume of clove production, comprising approx. X% of total volume.

From 2012 to 2022, the average annual rate of growth in terms of volume in Brazil was relatively modest.

In 2022, the average clove yield in Latin America and the Caribbean stood at X tons per ha, approximately reflecting the previous year's figure. In general, the yield showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of X%. Over the period under review, the clove yield reached the maximum level at X tons per ha in 2014; however, from 2015 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of cloves were harvested in Latin America and the Caribbean; remaining constant against 2021 figures. Overall, the harvested area continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of X%. The level of harvested area peaked in 2022 and is likely to see steady growth in years to come.

Clove Exports

Exports in Latin America and the Caribbean

In 2022, clove exports in Latin America and the Caribbean fell rapidly to X tons, shrinking by X% against the previous year. In general, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, clove exports contracted modestly to $X in 2022. Overall, exports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2013 with an increase of X%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Brazil prevails in exports structure, finishing at X tons, which was near X% of total exports in 2022. It was distantly followed by the Dominican Republic (X tons), making up a X% share of total exports. Guatemala (X tons) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to clove exports from Brazil stood at X%. At the same time, Guatemala (X%) and the Dominican Republic (X%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. Brazil (X p.p.) significantly strengthened its position in terms of the total exports, while the Dominican Republic saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest clove supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Brazil totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: the Dominican Republic (X% per year) and Guatemala (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, jumping by X% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a 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 ($X per ton), while Guatemala ($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 mixed trends in the export price figures.

Clove Imports

Imports in Latin America and the Caribbean

In 2022, imports of cloves in Latin America and the Caribbean surged to X tons, with an increase of X% compared with the previous year. Total imports indicated a moderate increase from 2012 to 2022: its volume 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 decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, clove imports skyrocketed to $X in 2022. Total imports indicated a strong expansion 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. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the Dominican Republic (X tons), Haiti (X tons), Colombia (X tons) and Peru (X tons) represented the largest importer of cloves in Latin America and the Caribbean, committing X% of total import. Ecuador (X tons) held the next position in the ranking, followed by Brazil (X tons). All these countries together held approx. X% share of total imports. Mexico (X tons), Chile (X tons), Argentina (X tons), Nicaragua (X tons), Bolivia (X tons) and Panama (X tons) followed a long way behind the leaders.

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

In value terms, the Dominican Republic ($X), Mexico ($X) and Colombia ($X) constituted the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Peru, Haiti, Ecuador, Brazil, Chile, Argentina, Nicaragua, Panama and Bolivia lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Nicaragua, with a CAGR of X%, recorded 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 import price in Latin America and the Caribbean amounted to $X per ton, growing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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