Puerto Rico: Cereal Market 2024

Cereal Market Size in Puerto Rico

The Puerto Rican cereal market shrank slightly to $X in 2021, which is down by -3.2% against the previous year. Over the period under review, consumption enjoyed a modest increase. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Cereal Production in Puerto Rico

In value terms, cereal production dropped to $X in 2021 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the production volume increased by 335% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2021, production growth failed to regain momentum.

The average yield of cereals in Puerto Rico totaled X tons per ha in 2021, remaining constant against the year before. Overall, the yield showed a mild increase. The most prominent rate of growth was recorded in 2015 with an increase of 380% against the previous year. As a result, the yield reached the peak level of X tons per ha. From 2016 to 2021, the growth of the cereal yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The cereal harvested area in Puerto Rico expanded to X ha in 2021, growing by 1.5% against the previous year's figure. In general, the harvested area, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 18% against the previous year. As a result, the harvested area attained the peak level of X ha. From 2019 to 2021, the growth of the cereal harvested area remained at a somewhat lower figure.

Cereal Exports

Exports from Puerto Rico

In 2021, approx. less than X kg of cereals were exported from Puerto Rico; approximately mirroring 2020 figures. Over the period under review, exports showed a relatively flat trend pattern.

In value terms, cereal exports amounted to less than $X in 2021. In general, exports showed a relatively flat trend pattern.

Exports by Country

The United States was the largest exporting country with an export of about X tons, which finished at 29% of total exports. Russia (X tons) took a 9.9% share (based on physical terms) of total exports, which put it in second place, followed by Argentina (7.3%), Ukraine (7.1%), Brazil (6.2%), Australia (5.2%) and Romania (4.5%). Canada (X tons), France (X tons), Germany (X tons), India (X tons) and Poland (X tons) took a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to cereal exports from the United States stood at +5.9%. At the same time, Poland (+14.0%), Romania (+13.1%), Ukraine (+7.0%), Russia (+5.0%), Argentina (+4.0%), Canada (+3.0%), Australia (+2.5%), Germany (+1.6%) and India (+1.3%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing exporter exported in the world, with a CAGR of +14.0% from 2012-2021. France and Brazil experienced a relatively flat trend pattern. While the share of the United States (+4.3 p.p.), Romania (+2.4 p.p.) and Ukraine (+1.6 p.p.) increased significantly in terms of the global exports from 2012-2021, the share of France (-1.8 p.p.) and Brazil (-2.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) remains the largest cereal supplier from Puerto Rico, comprising 30% of global exports. The second position in the ranking was taken by Russia ($X), with a 9.5% share of global exports. It was followed by Argentina, with a 6.2% share.

From 2012 to 2021, the average annual growth rate of value in the United States amounted to +4.7%. In the other countries, the average annual rates were as follows: Russia (+4.4% per year) and Argentina (+2.8% per year).

Export Prices by Country

In 2021, the export price in Puerto Rico amounted to less than $X per ton, leveling off at the previous year. Overall, the export price saw a relatively flat trend pattern.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Canada ($X per ton) and France ($X per ton), while Brazil ($X per ton) and Argentina ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (-0.3%), while the other leaders experienced a decline in the export price figures.

Cereal Imports

Imports into Puerto Rico

In 2021, imports of cereals into Puerto Rico was estimated at less than X kg, flattening at the previous year's figure. In general, imports continue to indicate a relatively flat trend pattern.

In value terms, cereal imports amounted to less than $X in 2021. Over the period under review, imports saw a relatively flat trend pattern.

Imports by Country

In 2021, China (X tons), followed by Japan (X tons) and Mexico (X tons) were the major importers of cereals, together making up 21% of total imports. Algeria (X tons), South Korea (X tons), Vietnam (X tons), Spain (X tons), Egypt (X tons), the Netherlands (X tons), Turkey (X tons), Italy (X tons), Indonesia (X tons) and Iran (X tons) took a relatively small share of total imports.

China was also the fastest-growing in terms of the cereals imports, with a CAGR of +16.2% from 2012 to 2021. At the same time, Vietnam (+15.9%), Turkey (+12.2%), Algeria (+7.1%), Indonesia (+4.9%), Italy (+3.9%), Mexico (+3.9%), the Netherlands (+3.1%), South Korea (+1.7%) and Spain (+1.5%) displayed positive paces of growth. Iran and Japan experienced a relatively flat trend pattern. By contrast, Egypt (-1.3%) illustrated a downward trend over the same period. While the share of China (+7.2 p.p.), Vietnam (+2.2 p.p.) and Turkey (+1.5 p.p.) increased significantly in terms of the global imports from 2012-2021, the share of Egypt (-2 p.p.) and Japan (-2.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported cereals into Puerto Rico, comprising 13% of global imports. The second position in the ranking was held by Japan ($X), with a 5.2% share of global imports. It was followed by Mexico, with a 5.1% share.

In China, cereal imports increased at an average annual rate of +19.3% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Japan (-1.8% per year) and Mexico (+4.8% per year).

Import Prices by Country

The import price in Puerto Rico stood at less than $X per ton in 2021, almost unchanged from the previous year. Over the period under review, the import price showed a relatively flat trend pattern.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Egypt ($X per ton) and China ($X per ton), while Iran ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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