Puerto Rico: Vegetable Market 2022

Vegetable Market Size in Puerto Rico

In 2021, the Puerto Rican vegetable market decreased by -1.8% to $X for the first time since 2018, thus ending a two-year rising trend. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 10%. Puerto Rico consumption peaked at $X in 2020, and then shrank modestly in the following year.

Vegetable Production in Puerto Rico

In value terms, vegetable production contracted slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.6% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2017 when the production volume increased by 11% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then shrank modestly in the following year.

The average yield of vegetables in Puerto Rico totaled X tons per ha in 2021, remaining constant against 2020. In general, the yield showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 7.6% against the previous year. Over the period under review, the vegetable yield attained the maximum level in 2021 and is likely to see gradual growth in years to come. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, approx. X ha of vegetables were harvested in Puerto Rico; almost unchanged from the previous year's figure. Over the period under review, the harvested area, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 5.3%. The global harvested area peaked at X ha in 2014; however, from 2015 to 2021, the harvested area failed to regain momentum.

Vegetable Exports

Exports by Country

The biggest shipments were from the Netherlands (X tons), Mexico (X tons), China (X tons) and Spain (X tons), together accounting for 45% of total export. France (X tons) ranks next in terms of the total exports with a 6% share, followed by the United States (4.6%). Germany (X tons), India (X tons), Belgium (X tons), Canada (X tons), Turkey (X tons), Morocco (X tons) and Italy (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in Turkey (with a CAGR of +4.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest vegetable supplying countries from Puerto Rico were Spain ($X), the Netherlands ($X) and Mexico ($X), together accounting for 43% of total exports. These countries were followed by China, the United States, Canada, France, Italy, Morocco, Belgium, Germany, Turkey and India, which together accounted for a further 39%.

Canada, with a CAGR of +8.0%, saw the highest growth rate of the value of exports, in terms of 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

The export price in Puerto Rico stood at less than $X per ton in 2021, leveling off at the previous year. Over the period under review, the export price saw a relatively flat trend pattern.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Italy ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.3%), while the other leaders experienced more modest paces of growth.

Vegetable Imports

Imports by Country

In 2021, the United States (X tons), distantly followed by Belgium (X tons), Germany (X tons) and the Netherlands (X tons) were the major importers of vegetables, together creating 37% of total imports. The following importers - France (X tons), Canada (X tons), the UK (X tons), Russia (X tons), Spain (X tons), Italy (X tons), Malaysia (X tons), Hong Kong SAR (X tons) and Saudi Arabia (X tons) - together made up 25% of total imports.

From 2012 to 2021, average annual rates of growth with regard to vegetable imports into the United States stood at +5.0%. At the same time, Belgium (+5.4%), Spain (+4.1%), Hong Kong SAR (+3.0%), Saudi Arabia (+2.9%), France (+2.0%), Malaysia (+1.8%) and Canada (+1.2%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing importer imported in the world, with a CAGR of +5.4% from 2012-2021. Germany, Italy and the Netherlands experienced a relatively flat trend pattern. By contrast, the UK (-2.8%) and Russia (-3.7%) illustrated a downward trend over the same period. While the share of the United States (+3.4 p.p.) and Belgium (+1.9 p.p.) increased significantly in terms of the global imports from 2012-2021, the share of the UK (-1.9 p.p.) and Russia (-2.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X), Germany ($X) and Canada ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 39% share of total imports. These countries were followed by the UK, France, the Netherlands, Belgium, Russia, Italy, Spain, Hong Kong SAR, Malaysia and Saudi Arabia, which together accounted for a further 30%.

Hong Kong SAR, with a CAGR of +13.2%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 Puerto Rico stood at less than $X per ton in 2021, standing approx. at the previous year. In general, the import price recorded a relatively flat trend pattern.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Germany ($X per ton), while Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+9.9%), while the other leaders experienced more modest paces of growth.

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Source: IndexBox Platform

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