Latin America and the Caribbean: Frozen Potato Market 2023

Frozen Potato Market Size in Latin America and the Caribbean

The Latin American frozen potato market surged to $X in 2021, increasing by 23% against the previous year. The market value increased at an average annual rate of +4.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Frozen Potato Production in Latin America and the Caribbean

In value terms, frozen potato production expanded rapidly to $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 19%. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Frozen Potato Exports

Exports in Latin America and the Caribbean

Frozen potato exports rose notably to X tons in 2021, surging by 14% on 2020 figures. Total exports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -1.3% against 2019 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 41% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, frozen potato exports rose remarkably to $X in 2021. The total export value increased at an average annual rate of +3.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 43% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Argentina dominates exports structure, finishing at X tons, which was approx. 97% of total exports in 2021. Brazil (X tons) followed a long way behind the leaders.

Exports from Argentina increased at an average annual rate of +6.0% from 2012 to 2021. At the same time, Brazil (+68.2%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +68.2% from 2012-2021. From 2012 to 2021, the share of Brazil increased by +1.7 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Argentina ($X) remains the largest frozen potato supplier in Latin America and the Caribbean, comprising 95% of total exports. The second position in the ranking was taken by Brazil ($X), with a 1.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Argentina stood at +2.9%.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, stabilizing at the previous year. Over the period under review, the export price, however, showed a noticeable slump. The most prominent rate of growth was recorded in 2013 an increase of 8.4% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Argentina ($X per ton), while Brazil amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (-3.0%).

Frozen Potato Imports

Imports in Latin America and the Caribbean

In 2021, approx. X tons of frozen potatoes were imported in Latin America and the Caribbean; rising by 27% compared with 2020 figures. Total imports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +7.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, frozen potato imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +6.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when imports increased by 30%. The level of import peaked in 2021 and is expected to retain growth in years to come.

Imports by Country

In 2021, Brazil (X tons), distantly followed by Mexico (X tons), Chile (X tons) and Colombia (X tons) represented the main importers of frozen potatoes, together achieving 68% of total imports. Costa Rica (X tons), the Dominican Republic (X tons), Guatemala (X tons), Panama (X tons), Uruguay (X tons), Jamaica (X tons), Honduras (X tons) and Peru (X tons) held a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Panama (with a CAGR of +157.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen potato importing markets in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Chile ($X), together comprising 62% of total imports. These countries were followed by Colombia, Guatemala, Costa Rica, Panama, the Dominican Republic, Uruguay, Honduras, Peru and Jamaica, which together accounted for a further 28%.

Panama, with a CAGR of +144.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, picking up by 1.6% against the previous year. Over the period under review, the import price, however, continues to indicate a slight reduction. The most prominent rate of growth was recorded in 2013 when the import price increased by 15%. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Guatemala ($X per ton), while Jamaica ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guatemala (+0.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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