Latin America and the Caribbean: Soya Bean Market 2024

Soya Bean Market Size in Latin America and the Caribbean

The Latin American soya bean market rose to $X in 2022, with an increase of X% against the previous year. In general, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Soya Bean Production in Latin America and the Caribbean

In value terms, soya bean production stood at $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Brazil (X tons) remains the largest soya bean producing country in Latin America and the Caribbean, comprising approx. X% of total volume. Moreover, soya bean production in Brazil exceeded the figures recorded by the second-largest producer, Argentina (X tons), threefold. Paraguay (X tons) ranked third in terms of total production with a X% share.

In Brazil, soya bean production increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Argentina (X% per year) and Paraguay (X% per year).

The average soya bean yield declined slightly to X tons per ha in 2022, stabilizing 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 relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. The level of yield peaked at X tons per ha in 2017; however, from 2018 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, approx. X ha of soya beans were harvested in Latin America and the Caribbean; standing approx. at the previous year's figure. The harvested area increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to soya bean production reached the peak figure at X ha in 2021, and then fell slightly in the following year.

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Soya Bean Exports

Exports in Latin America and the Caribbean

After two years of growth, shipments abroad of soya beans decreased by X% to X tons in 2022. Total exports indicated buoyant growth 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. The pace of growth appeared the most rapid in 2013 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2021, and then contracted in the following year.

In value terms, soya bean exports skyrocketed to $X in 2022. Total exports indicated a buoyant 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 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the near future.

Exports by Country

Brazil prevails in exports structure, accounting for X tons, which was near X% of total exports in 2022. It was distantly followed by Argentina (X tons), generating a X% share of total exports. The following exporters - Uruguay (X tons) and Paraguay (X tons) - each finished at a X% share of total exports.

Brazil was also the fastest-growing in terms of the soya beans exports, with a CAGR of X% from 2012 to 2022. At the same time, Uruguay (X%) displayed positive paces of growth. Paraguay experienced a relatively flat trend pattern. By contrast, Argentina (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Brazil increased by X percentage points.

In value terms, Brazil ($X) remains the largest soya bean supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Argentina ($X), with a X% share of total exports. It was followed by Uruguay, with a X% share.

In Brazil, soya bean exports expanded at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Argentina (X% per year) and Uruguay (X% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, jumping by X% against the previous year. In general, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by X% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Uruguay ($X per ton) and Argentina ($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 Uruguay (X%), while the other leaders experienced more modest paces of growth.

Soya Bean Imports

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of soya beans decreased by X% to X tons, falling for the fourth consecutive year after three years of growth. In general, imports, however, saw a buoyant expansion. The pace of growth was the most pronounced in 2018 with an increase of X%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, soya bean imports shrank to $X in 2022. Over the period under review, imports, however, continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2018 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then shrank in the following year.

Imports by Country

Argentina represented the key importing country with an import of around X tons, which accounted for X% of total imports. It was distantly followed by Mexico (X tons), Colombia (X tons), Brazil (X tons) and Peru (X tons), together creating a X% share of total imports. Costa Rica (X tons) followed a long way behind the leaders.

Argentina was also the fastest-growing in terms of the soya beans imports, with a CAGR of X% from 2012 to 2022. At the same time, Peru (X%), Colombia (X%) and Brazil (X%) displayed positive paces of growth. By contrast, Costa Rica (X%) and Mexico (X%) illustrated a downward trend over the same period. While the share of Argentina (X p.p.) and Peru (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Brazil (X p.p.), Costa Rica (X p.p.) and Mexico (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest soya bean importing markets in Latin America and the Caribbean were Mexico ($X), Argentina ($X) and Colombia ($X), with a combined X% share of total imports.

Argentina, with a CAGR of X%, recorded 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

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, growing by X% against the previous year. Over the period under review, the import price posted a pronounced increase. 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 attained the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mexico ($X per ton), while Brazil ($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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