Latin America and the Caribbean: Rice Market 2024

Rice Market Size in Latin America and the Caribbean

The Latin American rice market dropped slightly to $X in 2022, shrinking by X% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the market value increased by X%. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Rice Production in Latin America and the Caribbean

In value terms, rice production rose slightly to $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of X%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Brazil (X tons) constituted the country with the largest volume of rice production, comprising approx. X% of total volume. Moreover, rice production in Brazil exceeded the figures recorded by the second-largest producer, Peru (X tons), threefold. Colombia (X tons) ranked third in terms of total production with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Brazil was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: Peru (X% per year) and Colombia (X% per year).

In 2022, the average yield of rice in Latin America and the Caribbean shrank slightly to X tons per ha, standing approx. at the previous year's figure. The yield figure increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 with an increase of X%. The level of yield peaked at X tons per ha in 2021, and then shrank in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the rice harvested area in Latin America and the Caribbean totaled X ha, leveling off at the previous year. In general, the harvested area, however, saw a slight downturn. 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 harvested area dedicated to rice production attained the peak figure at X ha in 2013; however, from 2014 to 2022, the harvested area stood at a somewhat lower figure.

Rice Exports

Exports in Latin America and the Caribbean

In 2022, the amount of rice exported in Latin America and the Caribbean surged to X tons, with an increase of X% on 2021 figures. Total exports indicated a measured increase 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 decreased by X% against 2020 indices. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, rice exports skyrocketed to $X in 2022. Total exports indicated a mild 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 2017 indices. The pace of growth was the most pronounced in 2020 when exports increased by X%. The level of export peaked in 2022 and is likely to see steady growth in years to come.

Exports by Country

In 2022, Brazil (X tons), distantly followed by Uruguay (X tons), Paraguay (X tons), Guyana (X tons) and Argentina (X tons) represented the largest exporters of rice, together committing X% of total exports.

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

In value terms, the largest rice supplying countries in Latin America and the Caribbean were Brazil ($X), Uruguay ($X) and Guyana ($X), with a combined X% share of total exports. Paraguay and Argentina lagged somewhat behind, together accounting for a further X%.

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

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, reducing by X% against the previous year. Overall, the export price saw a slight shrinkage. The growth pace was the most rapid in 2021 when the export price increased by X%. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Guyana ($X per ton) and Argentina ($X per ton), while Paraguay ($X per ton) and Brazil ($X per ton) were amongst the lowest.

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

Rice Imports

Imports in Latin America and the Caribbean

In 2022, the amount of rice imported in Latin America and the Caribbean contracted slightly to X tons, shrinking by X% against the year before. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when imports increased by X%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, rice imports expanded to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The countries with the highest levels of rice imports in 2022 were Brazil (X tons), Venezuela (X tons), Mexico (X tons) and Haiti (X tons), together amounting to X% of total import. Colombia (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Cuba (X%), Costa Rica (X%), Chile (X%) and Honduras (X%).

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

In value terms, the largest rice importing markets in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Haiti ($X), together accounting for X% of total imports. Venezuela, Colombia, Chile, Costa Rica, Cuba and Honduras lagged somewhat behind, together accounting for a further X%.

Costa Rica, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among 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

The import price in Latin America and the Caribbean stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Haiti ($X per ton), while Honduras ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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