
Latin America and the Caribbean - Maize (Green) - Market Analysis, Forecast, Size, Trends and Insights
Latin America and the Caribbean: Maize Market 2023
Maize Market Size in Latin America and the Caribbean
The Latin American maize market declined to $X in 2021, waning by -13.1% against the previous year. Over the period under review, consumption showed a mild shrinkage. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.
Maize Production in Latin America and the Caribbean
In value terms, maize production fell to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 50%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.
Mexico (X tons) remains the largest maize producing country in Latin America and the Caribbean, accounting for 57% of total volume. Moreover, maize production in Mexico exceeded the figures recorded by the second-largest producer, Peru (X tons), twofold. Chile (X tons) ranked third in terms of total production with an 8.3% share.
From 2012 to 2021, the average annual rate of growth in terms of volume in Mexico stood at +2.9%. The remaining producing countries recorded the following average annual rates of production growth: Peru (+1.5% per year) and Chile (-2.4% per year).
In 2021, the average yield of maize (green) in Latin America and the Caribbean dropped to X tons per ha, approximately reflecting 2020 figures. The yield figure increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2017 when the yield increased by 14%. As a result, the yield attained the peak level of X tons per ha. From 2018 to 2021, the growth of the maize 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 2021, approx. X ha of maize (green) were harvested in Latin America and the Caribbean; leveling off at the previous year. Overall, the harvested area, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 7.3% against the previous year. Over the period under review, the harvested area dedicated to maize production attained the peak figure at X ha in 2016; however, from 2017 to 2021, the harvested area remained at a lower figure.
Maize Exports
Exports in Latin America and the Caribbean
In 2021, overseas shipments of maize (green) increased by 93% to X tons, rising for the fourth year in a row after two years of decline. Overall, exports saw a resilient increase. The pace of growth was the most pronounced in 2013 when exports increased by 98% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in the near future.
In value terms, maize exports surged to $X in 2021. Over the period under review, exports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 107% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are likely to see gradual growth in the near future.
Exports by Country
Mexico dominates exports structure, resulting at X tons, which was near 77% of total exports in 2021. Costa Rica (X tons) took a 7.5% share (based on physical terms) of total exports, which put it in second place, followed by Honduras (7.2%) and Guatemala (4.9%). Nicaragua (X tons) followed a long way behind the leaders.
Exports from Mexico increased at an average annual rate of +15.4% from 2012 to 2021. At the same time, Honduras (+19.7%), Nicaragua (+9.3%) and Costa Rica (+2.7%) displayed positive paces of growth. Moreover, Honduras emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +19.7% from 2012-2021. Guatemala experienced a relatively flat trend pattern. Mexico (+17 p.p.) and Honduras (+3.1 p.p.) significantly strengthened its position in terms of the total exports, while Guatemala and Costa Rica saw its share reduced by -8.4% and -9.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, Mexico ($X) remains the largest maize supplier in Latin America and the Caribbean, comprising 66% of total exports. The second position in the ranking was held by Honduras ($X), with a 14% share of total exports. It was followed by Costa Rica, with a 6.7% share.
From 2012 to 2021, the average annual rate of growth in terms of value in Mexico amounted to +19.1%. In the other countries, the average annual rates were as follows: Honduras (+30.3% per year) and Costa Rica (+6.5% per year).
Export Prices by Country
In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, waning by -40% against the previous year. Over the period under review, the export price, however, saw a moderate expansion. The pace of growth was the most pronounced in 2016 when the export price increased by 88%. The level of export peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Nicaragua ($X per ton), while Guatemala ($X per ton) was amongst the lowest.
From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nicaragua (+9.9%), while the other leaders experienced more modest paces of growth.
Maize Imports
Imports in Latin America and the Caribbean
In 2021, purchases abroad of maize (green) decreased by -11.1% to X tons, falling for the second consecutive year after two years of growth. Total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +8.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -12.1% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 45% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.
In value terms, maize imports rose markedly to $X in 2021. Over the period under review, imports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 67%. The level of import peaked in 2021 and is expected to retain growth in the immediate term.
Imports by Country
El Salvador represented the largest importer of maize (green) in Latin America and the Caribbean, with the volume of imports amounting to X tons, which was near 39% of total imports in 2021. Mexico (X tons) ranks second in terms of the total imports with a 20% share, followed by Paraguay (7%), Cayman Islands (5.2%) and Uruguay (5.2%). Jamaica (X tons), Aruba (X tons), Ecuador (X tons), Bahamas (X tons), Curacao (X tons), Haiti (X tons) and Colombia (X tons) followed a long way behind the leaders.
From 2012 to 2021, the biggest increases were in Paraguay (with a CAGR of +73.2%), while purchases for the other leaders experienced more modest paces of growth.
In value terms, Mexico ($X) constitutes the largest market for imported maize (green) in Latin America and the Caribbean, comprising 35% of total imports. The second position in the ranking was taken by Cayman Islands ($X), with a 15% share of total imports. It was followed by El Salvador, with a 10% share.
In Mexico, maize imports expanded at an average annual rate of +17.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cayman Islands (+15.7% per year) and El Salvador (+15.3% per year).
Import Prices by Country
The import price in Latin America and the Caribbean stood at $X per ton in 2021, rising by 22% against the previous year. Import price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, maize import price increased by +77.3% against 2017 indices. The most prominent rate of growth was recorded in 2018 an increase of 40% against the previous year. Over the period under review, import prices attained the maximum in 2021 and is expected to retain growth in the near future.
Prices varied noticeably country of destination: the country with the highest price was Cayman Islands ($X per ton), while Paraguay ($X per ton) was amongst the lowest.
From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+9.6%), while the other leaders experienced more modest paces of growth.
Base Year | Historical Period | Forecast Period | Units |
---|---|---|---|
2022 | 2012-2022 | 2023-2030 | US$, Tons |
Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the maize market in Latin America and the Caribbean. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Making Data-Driven Decisions to Grow Your Business
A Quick Overview of Market Performance
Understanding the Current State of The Market and Its Prospects
Finding New Products to Diversify Your Business
Choosing the Best Countries to Establish Your Sustainable Supply Chain
Choosing the Best Countries to Boost Your Exports
The Latest Trends and Insights into The Industry
The Largest Importers on The Market and How They Succeed
The Largest Exporters on The Market and How They Succeed
The Largest Producers on The Market and Their Profiles
The Largest Markets And Their Profiles
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