Latin America and the Caribbean: Peanut Butter Market 2023

Peanut Butter Market Size in Latin America and the Caribbean

The Latin American peanut butter market surged to $X in 2021, increasing by 17% against the previous year. The total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +78.1% against 2016 indices. The level of consumption peaked in 2021 and is likely to see gradual growth in years to come.

Peanut Butter Production in Latin America and the Caribbean

In value terms, peanut butter production expanded rapidly to $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 18% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Peanut Butter Exports

Exports in Latin America and the Caribbean

In 2021, overseas shipments of peanut butter and prepared or preserved groundnuts decreased by -7.5% to X tons, falling for the fifth year in a row after two years of growth. In general, exports showed a abrupt downturn. The pace of growth was the most pronounced in 2015 with an increase of 27% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, peanut butter exports shrank slightly to $X in 2021. Over the period under review, exports faced a abrupt slump. The growth pace was the most rapid in 2015 with an increase of 17%. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Argentina was the key exporting country with an export of around X tons, which resulted at 47% of total exports. Mexico (X tons) took the second position in the ranking, distantly followed by Brazil (X tons) and El Salvador (X tons). All these countries together took approx. 43% share of total exports. The following exporters - Trinidad and Tobago (X tons), Honduras (X tons) and Nicaragua (X tons) - together made up 6.5% of total exports.

From 2012 to 2021, the biggest increases were recorded for Nicaragua (with a CAGR of +25.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest peanut butter supplying countries in Latin America and the Caribbean were Argentina ($X), Mexico ($X) and Brazil ($X), with a combined 77% share of total exports. These countries were followed by El Salvador, Trinidad and Tobago, Honduras and Nicaragua, which together accounted for a further 17%.

In terms of the main exporting countries, Nicaragua, with a CAGR of +25.6%, recorded the highest rates of growth with regard to 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

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, surging by 7.3% against the previous year. Export price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, peanut butter export price increased by +64.5% against 2016 indices. The growth pace was the most rapid in 2020 when the export price increased by 31%. Over the period under review, the export prices reached the maximum in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Trinidad and Tobago ($X per ton), while Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Honduras (+1.0%), while the other leaders experienced mixed trends in the export price figures.

Peanut Butter Imports

Imports in Latin America and the Caribbean

In 2021, supplies from abroad of peanut butter and prepared or preserved groundnuts increased by 6.6% to X tons, rising for the sixth year in a row after two years of decline. Total imports indicated a prominent increase 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 increased by +57.5% against 2015 indices. The pace of growth appeared the most rapid in 2013 when imports increased by 41%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, peanut butter imports soared to $X in 2021. Total imports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +7.7% 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 increased by +72.8% against 2015 indices. The growth pace was the most rapid in 2013 when imports increased by 25% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the near future.

Imports by Country

In 2021, Mexico (X tons) and Chile (X tons) represented the key importers of peanut butter and prepared or preserved groundnuts in Latin America and the Caribbean, together mixing up 44% of total imports. Guatemala (X tons) held the next position in the ranking, followed by Uruguay (X tons), Panama (X tons) and the Dominican Republic (X tons). All these countries together held near 29% share of total imports. The following importers - Colombia (X tons), Jamaica (X tons), Peru (X tons), Costa Rica (X tons), Honduras (X tons) and Guyana (X tons) - together made up 17% of total imports.

From 2012 to 2021, the biggest increases were recorded for Panama (with a CAGR of +77.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Chile ($X) and Guatemala ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 53% share of total imports. These countries were followed by the Dominican Republic, Panama, Jamaica, Uruguay, Costa Rica, Colombia, Peru, Honduras and Guyana, which together accounted for a further 36%.

In terms of the main importing countries, Panama, with a CAGR of +73.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, rising by 8.2% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was the Dominican Republic ($X per ton), while Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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