Latin America and the Caribbean: Vegetable Product Market 2024

Vegetable Product Market Size in Latin America and the Caribbean

The Latin American vegetable product market reached $X in 2022, surging by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. Over the period under review, the market reached the peak level at $X.3B in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Vegetable Product Production in Latin America and the Caribbean

In value terms, vegetable product production rose to $X.9B in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the production volume increased by X% against the previous year. The level of production peaked at $X.9B in 2016; however, from 2017 to 2022, production remained at a lower figure.

Brazil (X tons) constituted the country with the largest volume of vegetable product production, accounting for X% of total volume. Moreover, vegetable product production in Brazil exceeded the figures recorded by the second-largest producer, Mexico (X tons), more than tenfold. Colombia (X tons) ranked third in terms of total production with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Brazil was relatively modest. In the other countries, the average annual rates were as follows: Mexico (X% per year) and Colombia (X% per year).

In 2022, the average vegetable product yield in Latin America and the Caribbean expanded slightly to X tons per ha, increasing by X% against the previous year's figure. Overall, the yield, however, recorded a relatively flat trend pattern. The level of yield peaked at X tons per ha in 2013; however, from 2014 to 2022, the yield stood at a somewhat 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 vegetable products were harvested in Latin America and the Caribbean; declining by X% on the year before. In general, the harvested area, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. The level of harvested area peaked at X ha in 2014; however, from 2015 to 2022, the harvested area stood at a somewhat lower figure.

Vegetable Product Exports

Exports in Latin America and the Caribbean

After three years of growth, overseas shipments of vegetable products decreased by X% to X tons in 2022. Overall, exports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then reduced sharply in the following year.

In value terms, vegetable product exports declined sharply to $X in 2022. In general, exports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Costa Rica was the major exporting country with an export of about X tons, which amounted to X% of total exports. Mexico (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Brazil (X%), Argentina (X%) and Paraguay (X%). Guatemala (X tons) and Jamaica (X tons) held a little share of total exports.

Exports from Costa Rica increased at an average annual rate of X% from 2012 to 2022. At the same time, Brazil (X%), Argentina (X%) and Guatemala (X%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. Jamaica experienced a relatively flat trend pattern. By contrast, Mexico (X%) and Paraguay (X%) illustrated a downward trend over the same period. While the share of Costa Rica (X p.p.), Brazil (X p.p.), Argentina (X p.p.) and Guatemala (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Paraguay (X p.p.) and Mexico (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest vegetable product supplying countries in Latin America and the Caribbean were Costa Rica ($X), Mexico ($X) and Brazil ($X), with a combined X% share of total exports.

Costa Rica, with a CAGR of X%, saw 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 more modest paces of growth.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, which is down by X% against the previous year. Overall, the export price showed a pronounced shrinkage. The pace of growth was the most pronounced in 2019 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

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

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

Vegetable Product Imports

Imports in Latin America and the Caribbean

In 2022, after three years of growth, there was significant decline in supplies from abroad of vegetable products, when their volume decreased by X% to X tons. Overall, imports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2015 with an increase of X%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, vegetable product imports reduced to $X in 2022. Total imports indicated a pronounced 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 2018 indices. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. The level of import peaked at $X in 2021, and then shrank in the following year.

Imports by Country

Chile (X tons) and Paraguay (X tons) were the main importers of vegetable products in 2022, resulting at near X% and X% of total imports, respectively. Argentina (X tons) held the next position in the ranking, followed by Brazil (X tons), Colombia (X tons), Trinidad and Tobago (X tons) and Jamaica (X tons). All these countries together held approx. X% share of total imports.

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

In value terms, Chile ($X), Paraguay ($X) and Brazil ($X) constituted the countries with the highest levels of imports in 2022, with a combined X% share of total imports.

Among the main importing countries, Paraguay, 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

The import price in Latin America and the Caribbean stood at $X per ton in 2022, increasing by X% against the previous year. Overall, the import price saw a strong expansion. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in years to come.

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 Trinidad and Tobago ($X per ton), while Jamaica ($X per ton) was amongst the lowest.

From 2012 to 2022, 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

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