Latin America and the Caribbean: Beef Market 2024

Beef Market Size in Latin America and the Caribbean

The Latin American beef market fell modestly to $X in 2022, reducing by X% against the previous year. In general, consumption continues to indicate a mild slump. The pace of growth appeared the most rapid in 2017 when the market value increased by X% against the previous year. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Beef Production in Latin America and the Caribbean

In value terms, beef production declined to $X in 2022 estimated in export price. In general, production, however, recorded a slight curtailment. The growth pace was the most rapid in 2017 when the production volume increased by X%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Brazil (X tons) remains the largest beef producing country in Latin America and the Caribbean, accounting for X% of total volume. Moreover, beef production in Brazil exceeded the figures recorded by the second-largest producer, Argentina (X tons), threefold. Mexico (X tons) ranked third in terms of total production with an X% share.

In Brazil, beef production remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Argentina (X% per year) and Mexico (X% per year).

The average beef yield fell to X kg per head in 2022, remaining stable against 2021 figures. The yield figure increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the beef yield hit record highs at X kg per head in 2021, and then fell modestly in the following year.

The global number of animals slaughtered for beef production reached X heads in 2022, almost unchanged from the previous year's figure. In general, the number of producing animals, however, saw a mild reduction. The most prominent rate of growth was recorded in 2013 when the number of producing animals increased by X% against the previous year. As a result, the number of producing animals reached the peak level of X heads. From 2014 to 2022, the growth of this number remained at a lower figure.

Beef Exports

Exports in Latin America and the Caribbean

In 2022, beef exports in Latin America and the Caribbean rose notably to X tons, with an increase of X% on the year before. In general, exports posted a prominent increase. The most prominent rate of growth was recorded in 2019 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, beef exports surged to $X in 2022. Over the period under review, exports saw a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Brazil was the key exporter of beef (cattle meat) in Latin America and the Caribbean, with the volume of exports amounting to X tons, which was approx. X% of total exports in 2022. Argentina (X tons) held the second position in the ranking, followed by Uruguay (X tons), Paraguay (X tons) and Mexico (X tons). All these countries together took approx. X% share of total exports. Nicaragua (X tons) held a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to beef exports from Brazil stood at X%. At the same time, Argentina (X%), Mexico (X%), Paraguay (X%), Uruguay (X%) and Nicaragua (X%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Argentina increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest beef supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Argentina ($X), with a X% share of total exports. It was followed by Uruguay, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Brazil totaled X%. In the other countries, the average annual rates were as follows: Argentina (X% per year) and Uruguay (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, picking up by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the export prices attained the peak figure in 2022 and is likely to see steady growth in years to come.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Mexico ($X per ton) and Uruguay ($X per ton), while Paraguay ($X per ton) and Argentina ($X per ton) were amongst the lowest.

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

Beef Imports

Imports in Latin America and the Caribbean

In 2022, beef imports in Latin America and the Caribbean contracted to X tons, shrinking by X% compared with the previous year. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, beef imports dropped slightly to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by X%. As a result, imports attained the peak of $X, and then reduced in the following year.

Imports by Country

In 2022, Chile (X tons) was the largest importer of beef (cattle meat), comprising X% of total imports. It was distantly followed by Mexico (X tons), Brazil (X tons), Uruguay (X tons) and El Salvador (X tons), together comprising a X% share of total imports. Guatemala (X tons) took a relatively small share of total imports.

Imports into Chile increased at an average annual rate of X% from 2012 to 2022. At the same time, Uruguay (X%), Guatemala (X%), El Salvador (X%) and Brazil (X%) displayed positive paces of growth. Moreover, Uruguay emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Mexico (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Chile, Uruguay, El Salvador and Guatemala increased by X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X), Mexico ($X) and Brazil ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for X% of total imports. El Salvador, Uruguay and Guatemala lagged somewhat behind, together accounting for a further X%.

Uruguay, with a CAGR of X%, saw 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

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, import prices hit record highs in 2022 and is likely to see steady growth in the near future.

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 Mexico ($X per ton), while Uruguay ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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