Latin America and the Caribbean: Groundnuts Market 2024

Groundnuts Market Size in Latin America and the Caribbean

The Latin American groundnuts market declined modestly to $X in 2022, which is down by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2021, and then shrank slightly in the following year.

Groundnuts Production in Latin America and the Caribbean

In value terms, groundnuts production fell modestly to $X in 2022 estimated in export price. The total production indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2019 indices. The pace of growth appeared the most rapid in 2017 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Brazil (with a CAGR of X%), while production for the other leaders experienced mixed trends in the production figures.

In 2022, the average yield of ground-nut (in-shell) in Latin America and the Caribbean stood at X tons per ha, stabilizing at the previous year. The yield figure increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of X%. The level of yield peaked at X tons per ha in 2020; however, from 2021 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of ground-nut (in-shell) production in Latin America and the Caribbean declined slightly to X ha, with a decrease of X% compared with the previous year. The harvested area increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when the harvested area increased by X% against the previous year. The level of harvested area peaked at X ha in 2021, and then declined in the following year.

Groundnuts Exports

Exports in Latin America and the Caribbean

After three years of growth, shipments abroad of ground-nut (in-shell) decreased by X% to X tons in 2022. In general, exports, however, continue to indicate modest growth. The pace of growth was the most pronounced in 2015 with an increase of X% 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 somewhat lower figure.

In value terms, groundnuts exports contracted sharply to $X in 2022. Over the period under review, exports, however, continue to indicate moderate growth. The growth pace was the most rapid in 2015 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Argentina dominates exports structure, accounting for X tons, which was approx. X% of total exports in 2022. Peru (X tons) held the second position in the ranking, followed by Brazil (X tons). All these countries together held approx. X% share of total exports. The following exporters - Nicaragua (X tons) and Paraguay (X tons) - together made up X% of total exports.

Argentina experienced a relatively flat trend pattern with regard to volume of exports of ground-nut (in-shell). At the same time, Peru (X%), Paraguay (X%) and Brazil (X%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Nicaragua (X%) illustrated a downward trend over the same period. Peru (X p.p.), Brazil (X p.p.) and Paraguay (X p.p.) significantly strengthened its position in terms of the total exports, while Argentina and Nicaragua saw its share reduced by X% and X% from 2012 to 2022, respectively.

In value terms, Argentina ($X) remains the largest groundnuts supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Paraguay ($X), with a X% share of total exports. It was followed by Peru, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Argentina amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Paraguay (X% per year) and Peru (X% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, picking up by X% against the previous year. Export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, groundnuts export price increased by X% against 2019 indices. The growth pace was the most rapid in 2017 an increase of X% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is likely to see steady growth in the immediate term.

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 Paraguay ($X per ton), while Nicaragua ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (X%), while the other leaders experienced a decline in the export price figures.

Groundnuts Imports

Imports in Latin America and the Caribbean

In 2022, groundnuts imports in Latin America and the Caribbean shrank rapidly to X tons, dropping by X% against the year before. Overall, imports showed a noticeable reduction. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, groundnuts imports declined notably to $X in 2022. In general, imports saw a pronounced decline. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Mexico prevails in imports structure, finishing at X tons, which was approx. X% of total imports in 2022. Costa Rica (X tons) took the second position in the ranking, followed by Trinidad and Tobago (X tons). All these countries together held near X% share of total imports. Uruguay (X tons), Jamaica (X tons), Peru (X tons), the Dominican Republic (X tons), Barbados (X tons), Guyana (X tons) and Chile (X tons) followed a long way behind the leaders.

Imports into Mexico increased at an average annual rate of X% from 2012 to 2022. At the same time, the Dominican Republic (X%), Uruguay (X%), Jamaica (X%), Guyana (X%), Peru (X%) and Costa Rica (X%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. Chile experienced a relatively flat trend pattern. By contrast, Barbados (X%) and Trinidad and Tobago (X%) illustrated a downward trend over the same period. Mexico (X p.p.), Uruguay (X p.p.), Jamaica (X p.p.), Costa Rica (X p.p.), the Dominican Republic (X p.p.), Guyana (X p.p.) and Peru (X p.p.) significantly strengthened its position in terms of the total imports, while Trinidad and Tobago saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported ground-nut (in-shell) in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was taken by Costa Rica ($X), with a X% share of total imports. It was followed by Trinidad and Tobago, with a X% share.

In Mexico, groundnuts imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Costa Rica (X% per year) and Trinidad and Tobago (X% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, falling by X% against the previous year. Overall, the import price recorded a slight decrease. The pace of growth was the most pronounced in 2018 an increase of X%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Chile ($X per ton), while Trinidad and Tobago ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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