Latin America and the Caribbean: Frozen Chicken Cut Market 2024

Frozen Chicken Cut Market Size in Latin America and the Caribbean

In 2022, the Latin American frozen chicken cut market decreased by -3.9% to $X, falling for the third year in a row after two years of growth. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Frozen Chicken Cut Production in Latin America and the Caribbean

In value terms, frozen chicken cut production dropped slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2019 with an increase of 18%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

The country with the largest volume of frozen chicken cut production was Brazil (X tons), accounting for 77% of total volume. Moreover, frozen chicken cut production in Brazil exceeded the figures recorded by the second-largest producer, Mexico (X tons), more than tenfold. Argentina (X tons) ranked third in terms of total production with a 6.5% share.

In Brazil, frozen chicken cut production expanded at an average annual rate of +3.3% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Mexico (+7.7% per year) and Argentina (+2.8% per year).

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Frozen Chicken Cut Exports

Exports in Latin America and the Caribbean

In 2022, exports of frozen cuts of chicken in Latin America and the Caribbean expanded slightly to X tons, increasing by 2.7% compared with the previous year's figure. Total exports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +60.3% against 2013 indices. The growth pace was the most rapid in 2019 when exports increased by 11% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, frozen chicken cut exports surged to $X in 2022. Total exports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +72.7% against 2016 indices. The growth pace was the most rapid in 2021 when exports increased by 25%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Brazil prevails in exports structure, accounting for X tons, which was near 92% of total exports in 2022. The following exporters - Chile (X tons) and Argentina (X tons) - each amounted to a 7.6% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to frozen chicken cut exports from Brazil stood at +4.6%. At the same time, Chile (+6.3%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +6.3% from 2012-2022. By contrast, Argentina (-1.2%) illustrated a downward trend over the same period. Brazil (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while Argentina saw its share reduced by -2.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest frozen chicken cut supplier in Latin America and the Caribbean, comprising 90% of total exports. The second position in the ranking was held by Chile ($X), with a 7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Brazil amounted to +4.7%. In the other countries, the average annual rates were as follows: Chile (+10.5% per year) and Argentina (+1.6% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, rising by 19% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. 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 Chile ($X per ton), while Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+4.0%), while the other leaders experienced more modest paces of growth.

Frozen Chicken Cut Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of frozen cuts of chicken increased by 0.8% to X tons, rising for the second consecutive year after two years of decline. Total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +5.9% 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 +14.8% against 2020 indices. The pace of growth was the most pronounced in 2016 when imports increased by 17% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, frozen chicken cut imports expanded markedly to $X in 2022. Total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.3% 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 +47.8% against 2020 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 31%. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Imports by Country

In 2022, Cuba (X tons), distantly followed by Mexico (X tons), Guatemala (X tons), Chile (X tons), Haiti (X tons), Colombia (X tons), the Dominican Republic (X tons) and Peru (X tons) represented the key importers of frozen cuts of chicken, together creating 85% of total imports.

From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of +21.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Cuba ($X) and Chile ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 53% share of total imports. Guatemala, the Dominican Republic, Haiti, Colombia and Peru lagged somewhat behind, together comprising a further 30%.

Among the main importing countries, Peru, with a CAGR of +22.2%, saw the highest growth rate of the value of imports, 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, surging by 12% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2021 when the import price increased by 15% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Chile ($X per ton), while Haiti ($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 (+5.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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