Updated Jan 16, 2023 17:05

Ginger Market in Guatemala

Market Overview
After four years of growth, the Guatemalan ginger market decreased by -% to $ in . Overall, consumption, however, saw significant growth. Ginger consumption peaked at $ in , and then declined notably in the following year.

In value terms, ginger production skyrocketed to $ in estimated in export price. In general, production posted prominent growth. The most prominent rate of growth was recorded in when the production volume increased by %. As a result, production reached the peak level of $. From to , production growth remained at a somewhat lower figure.

In , after four years of growth, there was significant decline in consumption of ginger, when its volume decreased by -% to tons. Overall, consumption, however, enjoyed significant growth. Over the period under review, consumption hit record highs at tons in , and then fell rapidly in the following year.

The size of the ginger market in Guatemala contracted remarkably to $ in , reducing by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a significant expansion. Ginger consumption peaked at $ in , and then declined significantly in the following year.

Market Forecast
Driven by increasing demand for ginger in Guatemala, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .

In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .

Market Structure
Affected by an intensive growth in domestic production, which will gradually displace imported products from the market, the share of imports decreased from % in 2007 to % in . Guatemala domestic supply is expected to continue its growth. Ginger market in Guatemala consists almost entirely of imported products. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.

Trade Balance
Guatemala remains a net exporter of ginger; in physical and value terms, exports consistently exceeded imports from 2007 to . In , there was a trade surplus of tons, which was equal to $. Those figures reflect the fact that neither imports nor exports don’t dominate the trade balance, and the country may export not only the product manufactured domestically, but also re-export some previously imported goods.