Colombia: Frozen Chicken Cut Market 2024

Frozen Chicken Cut Market Size in Colombia

After four years of growth, the Colombian frozen chicken cut market decreased by -6.7% to $X in 2022. The market value increased at an average annual rate of +4.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2021, and then reduced in the following year.

Frozen Chicken Cut Production in Colombia

In value terms, frozen chicken cut production expanded notably to $X in 2022 estimated in export price. In general, the total production indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -10.2% against 2020 indices. The growth pace was the most rapid in 2020 with an increase of 68% against the previous year. Over the period under review, production reached the peak level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Frozen Chicken Cut Exports

Exports from Colombia

In 2022, shipments abroad of frozen cuts of chicken increased by 37% to X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, exports, however, showed a dramatic descent. The pace of growth appeared the most rapid in 2014 with an increase of 174%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, frozen chicken cut exports soared to $X in 2022. Overall, exports, however, continue to indicate a dramatic slump. The pace of growth appeared the most rapid in 2014 when exports increased by 269% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for frozen chicken cut exports from Colombia, accounting for a 79% share of total exports. Moreover, frozen chicken cut exports to Vietnam exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), fivefold. The third position in this ranking was taken by the United States (X tons), with a 3.5% share.

From 2012 to 2022, the average annual growth rate of volume to Vietnam amounted to -18.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-32.3% per year) and the United States (-27.8% per year).

In value terms, Vietnam ($X) remains the key foreign market for frozen cuts of chicken exports from Colombia, comprising 77% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with an 11% share of total exports. It was followed by the United States, with a 7.8% share.

From 2012 to 2022, the average annual growth rate of value to Vietnam stood at -15.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-28.7% per year) and the United States (-24.4% per year).

Export Prices by Country

The average frozen chicken cut export price stood at $X per ton in 2022, with an increase of 5.1% against the previous year. Overall, export price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen chicken cut export price decreased by -2.8% against 2020 indices. The pace of growth was the most pronounced in 2014 an increase of 35%. Over the period under review, the average export prices reached the maximum at $X per ton in 2020; afterwards, it flattened through to 2022.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+7.1%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Chicken Cut Imports

Imports into Colombia

Frozen chicken cut imports into Colombia fell slightly to X tons in 2022, with a decrease of -2.2% compared with the previous year. Over the period under review, imports, however, enjoyed a resilient increase. The pace of growth was the most pronounced in 2016 when imports increased by 86% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, frozen chicken cut imports shrank to $X in 2022. Overall, imports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of 71% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, the United States (X tons) was the main supplier of frozen chicken cut to Colombia, accounting for a approx. 100% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +11.7%.

In value terms, the United States ($X) constituted the largest supplier of frozen cuts of chicken to Colombia.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled +14.7%.

Import Prices by Country

In 2022, the average frozen chicken cut import price amounted to $X per ton, waning by -11.8% against the previous year. Over the last decade, it increased at an average annual rate of +2.9%. The pace of growth was the most pronounced in 2013 an increase of 33% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2021, and then declined in the following year.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to +2.7% per year.

Source: IndexBox Platform

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