Latin America and the Caribbean: Market for Lamb and Sheep Meat 2024

Market Size for Lamb and Sheep Meat in Latin America and the Caribbean

The Latin American lamb and sheep meat market amounted to $X in 2022, increasing by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Production of Lamb and Sheep Meat in Latin America and the Caribbean

In value terms, lamb and sheep meat production stood at $X in 2022 estimated in export price. In general, production, however, continues to indicate a noticeable increase. The most prominent rate of growth was recorded in 2015 with an increase of X%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

The countries with the highest volumes of production in 2022 were Brazil (X tons), Mexico (X tons) and Argentina (X tons), together comprising X% of total production. Peru, Bolivia, Uruguay and Cuba lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Bolivia (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

The average lamb and sheep meat yield was estimated at X kg per head in 2022, leveling off at the year before. The yield figure increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the yield increased by X% against the previous year. Over the period under review, the lamb and sheep meat yield hit record highs at X kg per head in 2019; however, from 2020 to 2022, the yield failed to regain momentum.

In 2022, the number of animals slaughtered for lamb and sheep meat production in Latin America and the Caribbean declined modestly to X heads, approximately equating 2021 figures. In general, the number of producing animals, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of X%. The level of producing animals peaked at X heads in 2021, and then shrank modestly in the following year.

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Exports of Lamb and Sheep Meat

Exports in Latin America and the Caribbean

In 2022, shipments abroad of lamb and sheep meat decreased by X% to X tons for the first time since 2016, thus ending a five-year rising trend. Total exports indicated a slight expansion from 2012 to 2022: its volume 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, exports increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons, and then reduced in the following year.

In value terms, lamb and sheep meat exports dropped rapidly to $X in 2022. Total exports indicated a tangible expansion 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, exports increased by X% against 2016 indices. The pace of growth was the most pronounced in 2021 when exports increased by X%. As a result, the exports reached the peak of $X, and then contracted sharply in the following year.

Exports by Country

Uruguay represented the key exporting country with an export of around X tons, which amounted to X% of total exports. It was distantly followed by Chile (X tons) and Argentina (X tons), together mixing up a X% share of total exports.

Uruguay was also the fastest-growing in terms of the lamb and sheep meat exports, with a CAGR of X% from 2012 to 2022. At the same time, Chile (X%) displayed positive paces of growth. By contrast, Argentina (X%) illustrated a downward trend over the same period. While the share of Uruguay (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Argentina (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Uruguay ($X) remains the largest lamb and sheep meat supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Chile ($X), with a X% share of total exports.

In Uruguay, lamb and sheep meat exports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Chile (X% per year) and Argentina (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, which is down by X% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

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 (X%), while the other leaders experienced mixed trends in the export price figures.

Imports of Lamb and Sheep Meat

Imports in Latin America and the Caribbean

In 2022, after four years of decline, there was significant growth in overseas purchases of lamb and sheep meat, when their volume increased by X% to X tons. Overall, imports, however, showed a perceptible setback. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, lamb and sheep meat imports soared to $X in 2022. In general, imports, however, recorded a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Brazil (X tons) and Jamaica (X tons) were the major importers of lamb and sheep meat in 2022, reaching near X% and X% of total imports, respectively. Trinidad and Tobago (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Barbados (X%) and Bahamas (X%). The following importers - Cayman Islands (X tons) and the Dominican Republic (X tons) - together made up X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Cayman Islands (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Jamaica ($X) and Trinidad and Tobago ($X) constituted the countries with the highest levels of imports in 2022, together accounting for X% of total imports. Barbados, Bahamas, the Dominican Republic and Cayman Islands lagged somewhat behind, together comprising a further X%.

Cayman Islands, with a CAGR of X%, saw the highest growth rate of 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 2022, the import price in Latin America and the Caribbean amounted to $X per ton, picking up by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2014 an increase of X%. The level of import peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the Dominican Republic ($X per ton), while Cayman Islands ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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