Latin America and the Caribbean: Vegetable Market 2024

Vegetable Market Size in Latin America and the Caribbean

In 2022, after two years of decline, there was growth in the Latin American vegetable market, when its value increased by X% to $X. The market value 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 level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Vegetable Production in Latin America and the Caribbean

In value terms, vegetable production declined to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by X%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

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

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

The average vegetable yield rose modestly to X tons per ha in 2022, growing by X% on the year before. 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 observed in certain years. The pace of growth appeared the most rapid in 2017 with an increase of X%. Over the period under review, the vegetable yield attained the peak level in 2022 and is expected to retain growth in the immediate term. 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 vegetables production in Latin America and the Caribbean declined modestly to X ha, standing approx. at the previous year's figure. In general, the harvested area, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the harvested area increased by X%. As a result, the harvested area attained the peak level of X ha. From 2017 to 2022, the growth of the vegetable harvested area remained at a lower figure.

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Vegetable Exports

Exports in Latin America and the Caribbean

Vegetable exports expanded to X tons in 2022, growing by X% compared with the year before. Total exports indicated a strong 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 increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in years to come.

In value terms, vegetable exports reached $X in 2022. Total exports indicated a prominent increase 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 2012 indices. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the near future.

Exports by Country

Mexico dominates exports structure, recording X tons, which was near X% of total exports in 2022. It was distantly followed by Guatemala (X tons) and Peru (X tons), together constituting a X% share of total exports. Argentina (X tons) followed a long way behind the leaders.

Mexico was also the fastest-growing in terms of the vegetables exports, with a CAGR of X% from 2012 to 2022. At the same time, Peru (X%), Argentina (X%) and Guatemala (X%) displayed positive paces of growth. Mexico (X p.p.) significantly strengthened its position in terms of the total exports, while Guatemala saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest vegetable supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Peru ($X), with a X% share of total exports. It was followed by Guatemala, 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 exporting countries recorded the following average annual rates of exports growth: Peru (X% per year) and Guatemala (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, flattening at the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2015 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Peru ($X per ton), while Argentina ($X per ton) was amongst the lowest.

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

Vegetable Imports

Imports in Latin America and the Caribbean

In 2022, vegetable imports in Latin America and the Caribbean expanded to X tons, growing by X% against the year before. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, vegetable imports expanded notably to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 with an increase of X%. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

El Salvador (X tons), Brazil (X tons) and Mexico (X tons) represented roughly X% of total imports in 2022. Paraguay (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Colombia (X%). The Dominican Republic (X tons), Chile (X tons), Trinidad and Tobago (X tons), Haiti (X tons), Bahamas (X tons), Honduras (X tons) and Nicaragua (X tons) took a relatively small share of total imports.

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

In value terms, Mexico ($X), Brazil ($X) and El Salvador ($X) constituted the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Colombia, the Dominican Republic, Bahamas, Trinidad and Tobago, Haiti, Paraguay, Honduras, Nicaragua and Chile lagged somewhat behind, together accounting for a further X%.

Bahamas, with a CAGR of X%, recorded the highest growth rate of 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, picking up by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2016 when the import price increased by X%. The level of import peaked in 2022 and is likely to see steady 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 Bahamas ($X per ton), while El Salvador ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform