Puerto Rico: Market for Sheep And Goat Meat 2024

Market Size for Sheep And Goat Meat in Puerto Rico

In 2021, the Puerto Rican sheep and goat meat market decreased by -0.6% to $X for the first time since 2016, thus ending a four-year rising trend. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020, and then shrank slightly in the following year.

Production of Sheep And Goat Meat in Puerto Rico

In value terms, sheep and goat meat production reduced to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 18% against the previous year. Puerto Rico production peaked at $X in 2020, and then dropped slightly in the following year.

In 2021, the average yield of sheep and goat meat in Puerto Rico was estimated at X kg per head, approximately equating 2020 figures. Over the period under review, the yield saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the yield increased by 4.5%. As a result, the yield reached the peak level of X kg per head. From 2020 to 2021, the growth of the sheep and goat meat yield remained at a lower figure.

In 2021, approx. X heads of animals slaughtered for sheep and goat meat production in Puerto Rico; flattening at 2020. In general, the number of producing animals continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the number of producing animals increased by 7.2% against the previous year. As a result, the number of producing animals attained the peak level of X heads. From 2015 to 2021, the growth of this number failed to regain momentum.

Exports of Sheep And Goat Meat

Exports from Puerto Rico

In value terms, sheep and goat meat exports amounted to less than $X in 2021. In general, exports recorded a relatively flat trend pattern.

Exports by Country

In 2021, Australia (X tons) and New Zealand (X tons) were the major exporters of sheep and goat meataround the world, together making up 70% of total exports. It was distantly followed by the UK (X tons), generating a 5.7% share of total exports. Spain (X tons), Ireland (X tons), France (X tons) and the Netherlands (X tons) took a relatively small share of total exports.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +16.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest sheep and goat meat supplying countries from Puerto Rico were Australia ($X), New Zealand ($X) and the UK ($X), with a combined 74% share of total exports. These countries were followed by Ireland, France, Spain and the Netherlands, which together accounted for a further 16%.

In terms of the main exporting countries, France, with a CAGR of +18.8%, recorded 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 2021, the export price in Puerto Rico amounted to less than $X per ton, approximately equating the previous year. Overall, the export price continues to indicate a relatively flat trend pattern.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+4.6%), while the other leaders experienced more modest paces of growth.

Imports of Sheep And Goat Meat

Imports into Puerto Rico

In value terms, sheep and goat meat imports amounted to less than $X in 2021. Overall, imports saw a relatively flat trend pattern.

Imports by Country

In 2021, China (X tons) represented the largest importer of sheep and goat meat, making up 33% of total imports. The United States (X tons) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by France (8.6%). The United Arab Emirates (X tons), the UK (X tons), Germany (X tons), Malaysia (X tons), the Netherlands (X tons), Canada (X tons), Italy (X tons), Saudi Arabia (X tons), South Korea (X tons) and Qatar (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to sheep and goat meat imports into China stood at +14.2%. At the same time, South Korea (+15.3%), the United States (+8.7%), Malaysia (+5.0%), Canada (+4.0%), the Netherlands (+3.9%) and the United Arab Emirates (+1.5%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in the world, with a CAGR of +15.3% from 2012-2021. Germany, France and Italy experienced a relatively flat trend pattern. By contrast, Qatar (-2.9%), the UK (-6.2%) and Saudi Arabia (-9.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and the United States increased by +21 and +5.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), the United States ($X) and France ($X) appeared to be the countries with the highest levels of imports in 2021, together comprising 53% of total imports. These countries were followed by the UK, Germany, the United Arab Emirates, the Netherlands, Canada, South Korea, Malaysia, Italy, Saudi Arabia and Qatar, which together accounted for a further 26%.

South Korea, with a CAGR of +22.8%, recorded the highest growth rate of 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 Puerto Rico stood at less than $X per ton in 2021, standing approx. at the previous year. Over the period under review, the import price recorded a relatively flat trend pattern.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+6.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :