Latin America and the Caribbean: Maize Market 2024

Maize Market Size in Latin America and the Caribbean

In 2022, the Latin American maize market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2021, and then reduced modestly in the following year.

Maize Production in Latin America and the Caribbean

In value terms, maize production contracted modestly to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

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

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

The average maize yield totaled X tons per ha in 2022, increasing by X% compared with the year before. The yield figure increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the maize yield hit record highs at X tons per ha in 2019; however, from 2020 to 2022, the yield stood at a somewhat lower figure. 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 maize production in Latin America and the Caribbean contracted slightly to X ha, falling by X% against the year before. The harvested area increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The level of harvested area peaked at X ha in 2021, and then declined modestly in the following year.

Maize Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of maize was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports posted a prominent expansion. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, maize exports skyrocketed to $X in 2022. In general, exports recorded a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Brazil (X tons) and Argentina (X tons) dominates exports structure, together generating X% of total exports. It was distantly followed by Paraguay (X tons), making up a X% share of total exports.

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

In value terms, the largest maize supplying countries in Latin America and the Caribbean were Brazil ($X), Argentina ($X) and Paraguay ($X), together comprising X% of total exports.

In terms of the main exporting countries, Brazil, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, surging by X% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Paraguay ($X per ton) was amongst the lowest.

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

Maize Imports

Imports in Latin America and the Caribbean

For the fifth year in a row, LatAmerica and the Caribbean recorded growth in purchases abroad of maize, which increased by X% to X tons in 2022. Over the period under review, imports recorded a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, maize imports soared to $X in 2022. Overall, imports saw buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Mexico represented the key importer of maize in Latin America and the Caribbean, with the volume of imports resulting at X tons, which was approx. X% of total imports in 2022. Colombia (X tons) took the second position in the ranking, followed by Peru (X tons), the Dominican Republic (X tons), Brazil (X tons) and Guatemala (X tons). All these countries together held near X% share of total imports. 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%), Guatemala (X%), Brazil (X%), Peru (X%), Chile (X%) and Colombia (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. Mexico (X p.p.), the Dominican Republic (X p.p.), Guatemala (X p.p.) and Brazil (X p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported maize in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was held by Colombia ($X), with a X% share of total imports. It was followed by Peru, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Colombia (X% per year) and Peru (X% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, with an increase of X% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Chile ($X per ton), while the Dominican Republic ($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 more modest paces of growth.

Source: IndexBox Platform

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