Latin America and the Caribbean: Frozen Pork Cut Market 2024

Frozen Pork Cut Market Size in Latin America and the Caribbean

In 2022, the Latin American frozen pork cut market increased by 9.8% to $X, rising for the sixth year in a row after two years of decline. The total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 +104.5% against 2016 indices. Over the period under review, the market reached the peak level in 2022 and is likely to see gradual growth in the near future.

Frozen Pork Cut Production in Latin America and the Caribbean

In value terms, frozen pork cut production expanded notably to $X in 2022 estimated in export price. The total production indicated a temperate increase 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, production decreased by -4.9% against 2020 indices. The pace of growth appeared the most rapid in 2017 when the production volume increased by 29%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were Brazil (X tons), Mexico (X tons) and Chile (X tons), with a combined 80% share of total production.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +7.2%), while production for the other leaders experienced more modest paces of growth.

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Frozen Pork Cut Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of frozen hams, shoulders and cuts of pig meat decreased by -25.5% to X tons, falling for the second year in a row after three years of growth. Over the period under review, exports, however, posted a tangible increase. The most prominent rate of growth was recorded in 2020 with an increase of 59%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, frozen pork cut exports contracted sharply to $X in 2022. Overall, exports, however, recorded perceptible growth. The most prominent rate of growth was recorded in 2020 when exports increased by 100%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Chile was the largest exporting country with an export of around X tons, which recorded 59% of total exports. It was distantly followed by Brazil (X tons), comprising a 38% share of total exports. Mexico (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +9.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X) remains the largest frozen pork cut supplier in Latin America and the Caribbean, comprising 65% of total exports. The second position in the ranking was held by Brazil ($X), with a 30% share of total exports.

In Chile, frozen pork cut exports increased at an average annual rate of +4.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brazil (-0.8% per year) and Mexico (+9.2% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, reducing by -12.6% against the previous year. In general, the export price continues to indicate a mild decrease. The most prominent rate of growth was recorded in 2020 an increase of 26%. 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 Mexico ($X per ton), while Brazil ($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 (+0.1%), while the other leaders experienced a decline in the export price figures.

Frozen Pork Cut Imports

Imports in Latin America and the Caribbean

Frozen pork cut imports dropped to X tons in 2022, shrinking by -8.5% against 2021 figures. Overall, imports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of 70% against the previous year. As a result, imports attained the peak of X tons, and then dropped in the following year.

In value terms, frozen pork cut imports declined to $X in 2022. In general, imports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2021 when imports increased by 88%. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

In 2022, the Dominican Republic (X tons) was the largest importer of frozen hams, shoulders and cuts of pig meat, constituting 42% of total imports. It was distantly followed by Colombia (X tons), Guatemala (X tons), Chile (X tons), Trinidad and Tobago (X tons) and Panama (X tons), together generating a 40% share of total imports. Peru (X tons) held a relatively small share of total imports.

Imports into the Dominican Republic increased at an average annual rate of +34.6% from 2012 to 2022. At the same time, Panama (+154.8%), Peru (+32.6%), Colombia (+24.0%), Guatemala (+21.6%), Chile (+5.9%) and Trinidad and Tobago (+5.3%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +154.8% from 2012-2022. From 2012 to 2022, the share of the Dominican Republic, Colombia, Guatemala, Panama and Peru increased by +36, +10, +4.9, +4.7 and +2.8 percentage points, respectively.

In value terms, the Dominican Republic ($X) constitutes the largest market for imported frozen hams, shoulders and cuts of pig meat in Latin America and the Caribbean, comprising 46% of total imports. The second position in the ranking was held by Colombia ($X), with a 12% share of total imports. It was followed by Guatemala, with a 9.1% share.

In the Dominican Republic, frozen pork cut imports increased at an average annual rate of +34.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Colombia (+19.6% per year) and Guatemala (+21.1% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by 4.1% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the import price increased by 16%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in the Dominican Republic ($X per ton) and Guatemala ($X per ton), while Trinidad and Tobago ($X per ton) and Peru ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Dominican Republic (-0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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