Latin America and the Caribbean: Fresh Chicken Cut Market 2024

Fresh Chicken Cut Market Size in Latin America and the Caribbean

For the eighth year in a row, the Latin American fresh chicken cut market recorded growth in sales value, which increased by 1% to $X in 2022. The total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +93.4% against 2014 indices. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in years to come.

Fresh Chicken Cut Production in Latin America and the Caribbean

In value terms, fresh chicken cut production reached $X in 2022 estimated in export price. In general, production showed prominent growth. The growth pace was the most rapid in 2017 with an increase of 29% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

The countries with the highest volumes of production in 2022 were Brazil (X tons), Mexico (X tons) and Colombia (X tons), together comprising 53% of total production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Mexico (with a CAGR of +15.4%), while production for the other leaders experienced more modest paces of growth.

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Fresh Chicken Cut Exports

Exports in Latin America and the Caribbean

In 2022, exports of fresh or chilled cuts of chicken in Latin America and the Caribbean dropped markedly to X tons, shrinking by -56.2% compared with the previous year's figure. In general, exports continue to indicate a perceptible reduction. The growth pace was the most rapid in 2015 when exports increased by 250% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, fresh chicken cut exports shrank dramatically to $X in 2022. Overall, exports recorded a slight reduction. The growth pace was the most rapid in 2019 when exports increased by 250% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then dropped markedly in the following year.

Exports by Country

Brazil represented the main exporter of fresh or chilled cuts of chicken in Latin America and the Caribbean, with the volume of exports reaching X tons, which was near 63% of total exports in 2022. El Salvador (X tons) took the second position in the ranking, followed by Argentina (X tons) and Jamaica (X tons). All these countries together took near 32% share of total exports. Paraguay (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to fresh chicken cut exports from Brazil stood at +7.9%. At the same time, El Salvador (+10.0%) and Paraguay (+9.2%) displayed positive paces of growth. Moreover, El Salvador emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +10.0% from 2012-2022. Argentina experienced a relatively flat trend pattern. By contrast, Jamaica (-6.8%) illustrated a downward trend over the same period. While the share of Brazil (+42 p.p.), El Salvador (+9.3 p.p.) and Argentina (+3.4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Jamaica (-3.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest fresh chicken cut supplying countries in Latin America and the Caribbean were Brazil ($X), El Salvador ($X) and Argentina ($X), with a combined 86% share of total exports.

Among the main exporting countries, El Salvador, with a CAGR of +20.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, surging by 60% against the previous year. Export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was El Salvador ($X per ton), while Paraguay ($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 (+9.6%), while the other leaders experienced more modest paces of growth.

Fresh Chicken Cut Imports

Imports in Latin America and the Caribbean

After two years of growth, overseas purchases of fresh or chilled cuts of chicken decreased by -10.7% to X tons in 2022. In general, imports, however, recorded a pronounced increase. The most prominent rate of growth was recorded in 2021 when imports increased by 148% against the previous year. As a result, imports attained the peak of X tons, and then reduced in the following year.

In value terms, fresh chicken cut imports shrank to $X in 2022. Total imports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.3% 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 +51.2% against 2018 indices. The pace of growth appeared the most rapid in 2021 with an increase of 42% against the previous year. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

In 2022, Mexico (X tons) represented the main importer of fresh or chilled cuts of chicken in Latin America and the Caribbean, creating 99% of total import.

Mexico was also the fastest-growing in terms of the fresh or chilled cuts of chicken imports, with a CAGR of +2.9% from 2012 to 2022. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported fresh or chilled cuts of chicken in Latin America and the Caribbean.

From 2012 to 2022, the average annual growth rate of value in Mexico amounted to +2.4%.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, growing by 1.9% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the import price increased by 59% against the previous year. As a result, import price attained the peak level of $X per ton. From 2020 to 2022, the import prices remained at a somewhat lower figure.

As there is only one major supplying country, 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 -0.5% per year.

Source: IndexBox Platform

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