Latin America and the Caribbean: Market for Fresh Or Chilled Cuts Of Turkey 2024

Market Size for Fresh Or Chilled Cuts Of Turkey in Latin America and the Caribbean

After five years of growth, the Latin American market for fresh or chilled cuts of turkey decreased by -10.2% to $X in 2022. In general, consumption, however, recorded a resilient increase. The level of consumption peaked at $X in 2021, and then dropped in the following year.

Production of Fresh Or Chilled Cuts Of Turkey in Latin America and the Caribbean

In value terms, fresh or chilled turkey cut production rose slightly to $X in 2022 estimated in export price. Over the period under review, production, however, posted a strong increase. The growth pace was the most rapid in 2018 when the production volume increased by 64%. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Brazil (X tons) constituted the country with the largest volume of fresh or chilled turkey cut production, accounting for 50% of total volume. Moreover, fresh or chilled turkey cut production in Brazil exceeded the figures recorded by the second-largest producer, Argentina (X tons), threefold. Venezuela (X tons) ranked third in terms of total production with an 11% share.

From 2012 to 2022, the average annual growth rate of volume in Brazil was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: Argentina (+2.0% per year) and Venezuela (+2.2% per year).

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Exports of Fresh Or Chilled Cuts Of Turkey

Exports in Latin America and the Caribbean

In 2022, shipments abroad of fresh or chilled cuts of turkey increased by 192% to X tons, rising for the second year in a row after two years of decline. Overall, exports saw a significant increase. The pace of growth was the most pronounced in 2014 with an increase of 2,835% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, fresh or chilled turkey cut exports shrank to $X in 2022. Over the period under review, exports saw a significant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 1,631%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Chile prevails in exports structure, amounting to X tons, which was approx. 90% of total exports in 2022. It was distantly followed by the Dominican Republic (X tons), comprising an 8.7% share of total exports.

Chile experienced a relatively flat trend pattern with regard to volume of exports of fresh or chilled cuts of turkey. At the same time, the Dominican Republic (+36.6%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +36.6% from 2012-2022. Chile (+90 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) remains the largest fresh or chilled turkey cut supplier in Latin America and the Caribbean, comprising 77% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with an 18% share of total exports.

In Chile, fresh or chilled turkey cut exports plunged by an average annual rate of -2.1% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, with a decrease of -67.8% against the previous year. In general, the export price showed a abrupt decline. The growth pace was the most rapid in 2018 when the export price increased by 57%. The level of export peaked at $X per ton in 2013; however, from 2014 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 the Dominican Republic ($X per ton), while Chile totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (-2.1%).

Imports of Fresh Or Chilled Cuts Of Turkey

Imports in Latin America and the Caribbean

In 2022, after two years of growth, there was significant decline in purchases abroad of fresh or chilled cuts of turkey, when their volume decreased by -6.9% to X tons. Over the period under review, imports recorded a noticeable slump. The pace of growth appeared the most rapid in 2021 when imports increased by 53%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, fresh or chilled turkey cut imports contracted dramatically to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 41% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Mexico (X tons) represented the key importer of fresh or chilled cuts of turkey in Latin America and the Caribbean, making up 99% of total import.

Mexico was also the fastest-growing in terms of the fresh or chilled cuts of turkey imports, with a CAGR of -3.0% 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 turkey in Latin America and the Caribbean.

In Mexico, fresh or chilled turkey cut imports remained relatively stable over the period from 2012-2022.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, shrinking by -8.9% against the previous year. Import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fresh or chilled turkey cut import price decreased by -31.6% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the import price increased by 34%. Over the period under review, import prices reached the maximum at $X per ton in 2019; however, from 2020 to 2022, import prices stood 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 +3.3% per year.

Source: IndexBox Platform

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