Latin America and the Caribbean: Peanut Butter Market Overview 2021

Peanut Butter Market Size in Latin America and the Caribbean

For the fifth year in a row, the Latin American peanut butter market recorded growth in sales value, which increased by X% to $X in 2020. The market value increased at an average annual rate of +X% over the period from 2007 to 2020; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2008 with an increase of X% year-to-year. Over the period under review, the market hit record highs in 2020 and is expected to retain growth in the immediate term.

Peanut Butter Production in Latin America and the Caribbean

In value terms, peanut butter production shrank modestly to $X in 2020 estimated in export prices. The total production indicated a perceptible increase from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, production increased by +X% against 2015 indices. The most prominent rate of growth was recorded in 2008 with an increase of X% against the previous year. The level of production peaked at $X in 2019, and then dropped modestly in the following year.

Production By Country in Latin America and the Caribbean

The countries with the highest volumes of peanut butter production in 2020 were Brazil (X tonnes), Mexico (X tonnes) and Argentina (X tonnes), with a combined X% share of total production. Colombia, Venezuela, Peru, Chile, Ecuador, the Dominican Republic, Cuba, Bolivia, El Salvador and Honduras lagged somewhat behind, together comprising a further X 2007 to 2020, the biggest increases were in Honduras, while peanut butter production for the other leaders experienced more modest paces of growth.

Peanut Butter Exports

Exports in Latin America and the Caribbean

In 2020, after four years of growth, there was significant decline in overseas shipments of peanut butter and prepared or preserved groundnuts, when their volume decreased by -X% to X tonnes. In general, exports, however, recorded a mild increase. The pace of growth was the most pronounced in 2019 when exports increased by X% year-to-year. As a result, exports reached the peak of X tonnes, and then dropped significantly in the following year.

In value terms, peanut butter exports dropped rapidly to $X in 2020. Overall, exports, however, posted a notable expansion. The pace of growth appeared the most rapid in 2019 when exports increased by X% against the previous year. As a result, exports reached the peak of $X, and then reduced remarkably in the following year.

Exports by Country

Argentina represented the main exporting country with an export of around X tonnes, which resulted at X% of total exports. It was distantly followed by Mexico (X tonnes) and El Salvador (X tonnes), together mixing up a X% share of total exports. Brazil (X tonnes) and Trinidad and Tobago (X tonnes) held a little share of total exports.

Argentina experienced a relatively flat trend pattern with regard to volume of exports of peanut butter and prepared or preserved groundnuts. At the same time, Mexico (+X%), El Salvador (+X%), Trinidad and Tobago (+X%) and Brazil (+X%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +X% from 2007-2020. From 2007 to 2020, the share of Mexico increased by +X% percentage points, while Argentina (-X p.p.) saw their share reduced. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Argentina ($X) remains the largest peanut butter supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was occupied by Mexico ($X), with a X% share of total exports. It was followed by Trinidad and Tobago, with a X% share.

In Argentina, peanut butter exports increased at an average annual rate of +X% over the period from 2007-2020. The remaining exporting countries recorded the following average annual rates of exports growth: Mexico (+X% per year) and Trinidad and Tobago (+X% per year).

Export Prices by Country

In 2020, the peanut butter export price in Latin America and the Caribbean amounted to $X per tonne, with an increase of X% against the previous year. Over the last thirteen-year period, it increased at an average annual rate of +X%. Over the period under review, export prices attained the peak figure at $X per tonne in 2013; however, from 2014 to 2020, export prices stood at a somewhat lower figure.

Prices varied noticeably by the country of origin; the country with the highest price was Trinidad and Tobago ($X per tonne), while Argentina ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago, while the other leaders experienced more modest paces of growth.

Peanut Butter Imports

Imports in Latin America and the Caribbean

For the third consecutive year, LatAmerica and the Caribbean recorded growth in supplies from abroad of peanut butter and prepared or preserved groundnuts, which increased by X% to X tonnes in 2020. Overall, imports recorded a remarkable increase. The growth pace was the most rapid in 2012 when imports increased by X% year-to-year. The volume of import peaked in 2020 and is likely to see steady growth in years to come.

In value terms, peanut butter imports totaled $X in 2020. In general, imports showed resilient growth. The pace of growth was the most pronounced in 2008 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2020 and are expected to retain growth in the near future.

Imports by Country

In 2020, Mexico (X tonnes), distantly followed by Chile (X tonnes), Guatemala (X tonnes) and Uruguay (X tonnes) were the key importers of peanut butter and prepared or preserved groundnuts, together achieving X% of total imports. Ecuador (X tonnes), Peru (X tonnes), Costa Rica (X tonnes) and Suriname (X tonnes) followed a long way behind the leaders.

From 2007 to 2020, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Ecuador, while imports 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 2020, with a combined X% share of total imports.

Among the main importing countries, Mexico saw the highest rates of growth with regard to 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

In 2020, the peanut butter import price in Latin America and the Caribbean amounted to $X per tonne, growing by X% against the previous year. Over the last thirteen-year period, it increased at an average annual rate of +X%. The most prominent rate of growth was recorded in 2008 an increase of X% y-o-y. Over the period under review, import prices attained the peak figure at $X per tonne in 2012; however, from 2013 to 2020, import prices failed to regain the momentum.

Prices varied noticeably by the country of destination; the country with the highest price was Costa Rica ($X per tonne), while Ecuador ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Chile, while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform