Latin America and the Caribbean: Cheese Market 2024

Cheese Market Size in Latin America and the Caribbean

In 2022, the Latin American cheese market increased by X% to $X, rising for the sixth consecutive year after two years of decline. In general, consumption showed a mild expansion. The level of consumption peaked in 2022 and is expected to retain growth in the near future.

Cheese Production in Latin America and the Caribbean

In value terms, cheese production expanded modestly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 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.

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Cheese Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of cheese were exported in Latin America and the Caribbean; surging by X% compared with the previous year's figure. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, cheese exports skyrocketed to $X in 2022. Overall, exports recorded a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Argentina (X tons) and Nicaragua (X tons) represented the key exporters of cheese in 2022, finishing at approx. X% and X% of total exports, respectively. It was distantly followed by Uruguay (X tons), mixing up a X% share of total exports. The following exporters - El Salvador (X tons), Chile (X tons), Mexico (X tons), Honduras (X tons) and Brazil (X tons) - together made up X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Honduras (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Nicaragua ($X) and Uruguay ($X) constituted the countries with the highest levels of exports in 2022, with a combined X% share of total exports. El Salvador, Chile, Mexico, Brazil and Honduras lagged somewhat behind, together accounting for a further X%.

El Salvador, with a CAGR of X%, saw the highest growth rate of 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 $X per ton in 2022, increasing by X% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Honduras ($X per ton) was amongst the lowest.

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

Cheese Imports

Imports in Latin America and the Caribbean

In 2022, imports of cheese in Latin America and the Caribbean rose to X tons, picking up by X% against 2021. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in years to come.

In value terms, cheese imports surged to $X in 2022. Total imports indicated a remarkable 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 2015 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico represented the key importer of cheese in Latin America and the Caribbean, with the volume of imports amounting to X tons, which was near X% of total imports in 2022. Chile (X tons) held the second position in the ranking, followed by El Salvador (X tons), Brazil (X tons), the Dominican Republic (X tons) and Guatemala (X tons). All these countries together took approx. X% share of total imports. Panama (X tons), Peru (X tons), Trinidad and Tobago (X tons), Cuba (X tons), Colombia (X tons) and Jamaica (X tons) took a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to cheese imports into Mexico stood at X%. At the same time, Panama (X%), the Dominican Republic (X%), Colombia (X%), Cuba (X%), Chile (X%), Peru (X%), Guatemala (X%), El Salvador (X%), Jamaica (X%) and Brazil (X%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. Trinidad and Tobago experienced a relatively flat trend pattern. While the share of Chile (X p.p.), the Dominican Republic (X p.p.), Panama (X p.p.) and Guatemala (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Brazil (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, Mexico ($X) constitutes the largest market for imported cheese in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was held by Chile ($X), with a X% share of total imports. It was followed by El Salvador, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico amounted to X%. In the other countries, the average annual rates were as follows: Chile (X% per year) and El Salvador (X% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by X% against the previous year. In general, the import price saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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 ($X per ton), while El Salvador ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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