Latin America and the Caribbean: Chicory Market 2024

Chicory Market Size in Latin America and the Caribbean

In 2022, after three years of growth, there was significant decline in the Latin American chicory market, when its value decreased by X% to $X. Over the period under review, consumption recorded a pronounced decrease. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Chicory Production in Latin America and the Caribbean

In value terms, chicory production stood at $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a abrupt downturn. The pace of growth was the most pronounced in 2020 with an increase of X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Puerto Rico (X tons) remains the largest chicory producing country in Latin America and the Caribbean, accounting for X% of total volume. Moreover, chicory production in Puerto Rico exceeded the figures recorded by the second-largest producer, Haiti (X tons), tenfold.

In Puerto Rico, chicory production contracted by an average annual rate of X% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Haiti (X% per year) and Mexico (X% per year).

The average chicory yield reached X tons per ha in 2022, flattening at the year before. Over the period under review, the yield continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of X%. As a result, the yield reached the peak level of X tons per ha. From 2016 to 2022, the growth of the chicory yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The chicory harvested area reached X ha in 2022, standing approx. at 2021 figures. Overall, the harvested area, however, showed a perceptible decrease. The pace of growth was the most pronounced in 2016 when the harvested area increased by X% against the previous year. The level of harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

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Chicory Exports

Exports in Latin America and the Caribbean

In 2022, chicory exports in Latin America and the Caribbean soared to X tons, picking up by X% against 2021 figures. Overall, exports saw significant growth. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, chicory exports surged to $X in 2022. In general, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The biggest shipments were from Mexico (X tons), together finishing at X% of total export.

Mexico was also the fastest-growing in terms of the chicory exports, with a CAGR of X% from 2012 to 2022. While the share of Mexico (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) also remains the largest chicory supplier in Latin America and the Caribbean.

From 2012 to 2022, the average annual growth rate of value in Mexico amounted to X%.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, with a decrease of X% against the previous year. In general, the export price, however, recorded a resilient increase. The pace of growth appeared the most rapid in 2020 an increase of X%. Over the period under review, the export prices hit record highs at $X per ton in 2021, and then dropped rapidly in the following year.

As there is only one major export destination, the average price level is determined by prices for Mexico.

From 2012 to 2022, the rate of growth in terms of prices for Mexico amounted to X% per year.

Chicory Imports

Imports in Latin America and the Caribbean

In 2022, the amount of chicory imported in Latin America and the Caribbean plummeted to X tons, falling by X% on the previous year. Over the period under review, imports, however, saw significant growth. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of X tons, and then shrank markedly in the following year.

In value terms, chicory imports declined significantly to $X in 2022. In general, imports, however, enjoyed significant growth. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then reduced markedly in the following year.

Imports by Country

Mexico was the major importer of chicory in Latin America and the Caribbean, with the volume of imports finishing at X tons, which was near X% of total imports in 2022. It was distantly followed by Argentina (X tons), mixing up a X% share of total imports. Costa Rica (X tons) held a little share of total imports.

Imports into Mexico increased at an average annual rate of X% from 2012 to 2022. At the same time, Argentina (X%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Costa Rica (X%) illustrated a downward trend over the same period. Argentina (X p.p.) and Costa Rica (X p.p.) significantly strengthened its position in terms of the total imports, while Mexico saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Mexico ($X) constitutes the largest market for imported chicory in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was taken by Argentina ($X), with a X% share of total imports.

In Mexico, chicory imports increased at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Argentina (X% per year) and Costa Rica (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. Overall, the import price, however, continues to indicate a deep reduction. The growth pace was the most rapid in 2020 when the import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the import prices remained at a somewhat 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 Argentina ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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