Latin America and the Caribbean's Mixes and Doughs Market to Reach 2 Million Tons and $3.3 Billion by 2035

IndexBox has just published a new report: Latin America and the Caribbean - Mixes And Doughs - Market Analysis, Forecast, Size, Trends And Insights.

The Latin America and Caribbean mixes and doughs market reached 1.9 million tons ($2.9B) in 2024, with Brazil, Mexico, and Argentina as top consumers. Driven by regional demand, the market is forecast to grow to 2 million tons ($3.3B) by 2035. Mexico is the largest importer by value, while Brazil, Argentina, and Mexico lead exports. Production is concentrated in Brazil, Mexico, and Argentina. Notable growth is seen in countries like Guatemala for consumption and Paraguay for exports.

Key Findings

• Market forecast to grow to 2M tons ($3.3B) by 2035 from 1.9M tons ($2.9B) in 2024
• Brazil, Mexico, and Argentina are the largest consuming countries by volume, accounting for 57% of the total
• Mexico is the dominant importer, constituting 49% of the region's import value
• Brazil, Argentina, and Mexico are the leading exporters, together representing 64% of export volume
• Guatemala and Paraguay show the highest growth rates in consumption and export value, respectively

Market Forecast

Driven by increasing demand for mixes and doughs in Latin America and the Caribbean, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.5% for the period from 2024 to 2035, which is projected to bring the market volume to 2M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.0% for the period from 2024 to 2035, which is projected to bring the market value to $3.3B (in nominal wholesale prices) by the end of 2035.

Consumption

Latin America and the Caribbean's Consumption of Mixes And Doughs

In 2024, consumption of mixes and doughs increased by 5.1% to 1.9M tons, rising for the second consecutive year after two years of decline. In general, consumption continues to indicate mild growth. The most prominent rate of growth was recorded in 2023 with an increase of 9.4%. The volume of consumption peaked in 2024 and is likely to see steady growth in years to come.

The revenue of the mixes and doughs market in Latin America and the Caribbean expanded notably to $2.9B in 2024, with an increase of 6.2% 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). Overall, consumption showed a relatively flat trend pattern. The level of consumption peaked in 2024 and is likely to continue growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2024 were Brazil (516K tons), Mexico (377K tons) and Argentina (168K tons), with a combined 57% share of total consumption. Colombia, Venezuela, Peru, Chile, Ecuador, Guatemala and Bolivia lagged somewhat behind, together accounting for a further 28%.

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Guatemala (with a CAGR of +4.5%), while consumption for the other leaders experienced more modest paces of growth.

In value terms, the largest mixes and doughs markets in Latin America and the Caribbean were Brazil ($817M), Mexico ($710M) and Colombia ($226M), together accounting for 60% of the total market. Peru, Chile, Argentina, Venezuela, Guatemala, Ecuador and Bolivia lagged somewhat behind, together comprising a further 25%.

Among the main consuming countries, Guatemala, with a CAGR of +6.3%, recorded the highest growth rate of market size over the period under review, while market for the other leaders experienced more modest paces of growth.

The countries with the highest levels of mixes and doughs per capita consumption in 2024 were Chile (4.1 kg per person), Argentina (3.6 kg per person) and Venezuela (3.1 kg per person).

From 2013 to 2024, the biggest increases were recorded for Guatemala (with a CAGR of +2.8%), while consumption for the other leaders experienced more modest paces of growth.

Production

Latin America and the Caribbean's Production of Mixes And Doughs

In 2024, production of mixes and doughs increased by 2.7% to 1.7M tons, rising for the second consecutive year after two years of decline. In general, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2023 with an increase of 9.3% against the previous year. The volume of production peaked in 2024 and is expected to retain growth in the near future.

In value terms, mixes and doughs production rose modestly to $2.8B in 2024 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2023 with an increase of 16% against the previous year. Over the period under review, production hit record highs at $3B in 2015; however, from 2016 to 2024, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2024 were Brazil (533K tons), Mexico (307K tons) and Argentina (184K tons), with a combined 59% share of total production. Colombia, Peru, Chile, Ecuador, Guatemala, Venezuela and Paraguay lagged somewhat behind, together comprising a further 27%.

From 2013 to 2024, the biggest increases were recorded for Paraguay (with a CAGR of +6.4%), while production for the other leaders experienced more modest paces of growth.

Imports

Latin America and the Caribbean's Imports of Mixes And Doughs

After two years of decline, purchases abroad of mixes and doughs increased by 8.2% to 214K tons in 2024. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when imports increased by 23%. Over the period under review, imports attained the maximum at 248K tons in 2021; however, from 2022 to 2024, imports remained at a lower figure.

In value terms, mixes and doughs imports rose notably to $443M in 2024. Total imports indicated a temperate expansion from 2013 to 2024: its value increased at an average annual rate of +4.4% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports increased by +83.4% against 2016 indices. The growth pace was the most rapid in 2021 with an increase of 14% against the previous year. The level of import peaked in 2024 and is likely to see steady growth in years to come.

Imports By Country

Mexico represented the main importer of mixes and doughs in Latin America and the Caribbean, with the volume of imports accounting for 85K tons, which was approx. 39% of total imports in 2024. Venezuela (51K tons) took the second position in the ranking, distantly followed by Guatemala (9.8K tons). All these countries together took near 28% share of total imports. The following importers - Honduras (9K tons), Colombia (7.2K tons), Panama (6.2K tons), El Salvador (6K tons), the Dominican Republic (4.6K tons), Nicaragua (4.6K tons) and Costa Rica (4K tons) - together made up 19% of total imports.

From 2013 to 2024, the biggest increases were recorded for Venezuela (with a CAGR of +47.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($217M) constitutes the largest market for imported mixes and doughs in Latin America and the Caribbean, comprising 49% of total imports. The second position in the ranking was held by Venezuela ($43M), with a 9.7% share of total imports. It was followed by Guatemala, with a 5.3% share.

From 2013 to 2024, the average annual rate of growth in terms of value in Mexico stood at +7.4%. The remaining importing countries recorded the following average annual rates of imports growth: Venezuela (+39.9% per year) and Guatemala (+10.1% per year).

Import Prices By Country

The import price in Latin America and the Caribbean stood at $2,068 per ton in 2024, increasing by 5% against the previous year. Import price indicated a buoyant expansion from 2013 to 2024: its price increased at an average annual rate of +5.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, mixes and doughs import price increased by +51.1% against 2021 indices. The pace of growth appeared the most rapid in 2022 an increase of 31%. The level of import peaked in 2024 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Panama ($2,893 per ton), while Venezuela ($842 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Mexico (+3.4%), while the other leaders experienced more modest paces of growth.

Exports

Latin America and the Caribbean's Exports of Mixes And Doughs

In 2024, overseas shipments of mixes and doughs decreased by -26.4% to 82K tons, falling for the third consecutive year after three years of growth. Over the period under review, exports recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 43%. Over the period under review, the exports attained the maximum at 156K tons in 2013; however, from 2014 to 2024, the exports stood at a somewhat lower figure.

In value terms, mixes and doughs exports declined markedly to $115M in 2024. In general, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 29% against the previous year. The level of export peaked at $150M in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.

Exports By Country

Brazil (21K tons), Argentina (17K tons) and Mexico (15K tons) represented roughly 64% of total exports in 2024. Paraguay (9.2K tons) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by Guatemala (9.2%), Uruguay (5%) and Costa Rica (4.9%).

From 2013 to 2024, the biggest increases were recorded for Paraguay (with a CAGR of +32.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($30M), Brazil ($27M) and Argentina ($14M) were the countries with the highest levels of exports in 2024, with a combined 61% share of total exports. Guatemala, Uruguay, Costa Rica and Paraguay lagged somewhat behind, together accounting for a further 30%.

Paraguay, with a CAGR of +20.8%, 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

The export price in Latin America and the Caribbean stood at $1,409 per ton in 2024, surging by 9.4% against the previous year. Export price indicated strong growth from 2013 to 2024: its price increased at an average annual rate of +6.5% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, mixes and doughs export price increased by +56.4% against 2021 indices. The pace of growth was the most pronounced in 2016 when the export price increased by 29%. Over the period under review, the export prices reached the peak figure in 2024 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Uruguay ($2,524 per ton), while Paraguay ($427 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Guatemala (+3.8%), while the other leaders experienced more modest paces of growth.