Latin America and the Caribbean: Oil Crops Market 2024

Oil Crops Market Size in Latin America and the Caribbean

The Latin American oil crops market contracted to $X in 2022, with a decrease of X% against the previous year. In general, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Oil Crops Production in Latin America and the Caribbean

In value terms, oil crops production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a noticeable descent. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Brazil (X tons) constituted the country with the largest volume of oil crops production, accounting for X% of total volume. Moreover, oil crops production in Brazil exceeded the figures recorded by the second-largest producer, Argentina (X tons), threefold. The third position in this ranking was held by Paraguay (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume in Brazil amounted to X%. The remaining producing countries recorded the following average annual rates of production growth: Argentina (X% per year) and Paraguay (X% per year).

In 2022, the average oil crops yield in Latin America and the Caribbean declined slightly to X tons per ha, approximately reflecting 2021 figures. The yield figure increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, the yield reached the peak level of X tons per ha. From 2018 to 2022, the growth of the oil crops yield failed to regain momentum. 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 oil crops (primary) were harvested in Latin America and the Caribbean; with a decrease of X% against the previous year's figure. The harvested area increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when the harvested area increased by X%. The level of harvested area peaked at X ha in 2021, and then dropped modestly in the following year.

Oil Crops Exports

Exports in Latin America and the Caribbean

After two years of growth, overseas shipments of oil crops (primary) decreased by X% to X tons in 2022. Total exports indicated resilient 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 most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then contracted in the following year.

In value terms, oil crops exports soared to $X in 2022. Total exports indicated a strong 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 pace of growth appeared the most rapid in 2013 when exports increased by X%. The level of export peaked in 2022 and is expected to retain 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), making up a X% share of total exports. The following exporters - Uruguay (X tons) and Paraguay (X tons) - together made up X% of total exports.

Brazil was also the fastest-growing in terms of the oil crops (primary) 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. While the share of Brazil (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Uruguay (X p.p.), Paraguay (X p.p.) and Argentina (X p.p.) displayed negative dynamics.

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

From 2012 to 2022, the average annual growth rate of value in Brazil totaled X%. In the other countries, the average annual rates were as follows: Argentina (X% per year) and Uruguay (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, surging by X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

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.

Oil Crops Imports

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of oil crops (primary) decreased by X% to X tons, falling for the fourth year in a row after three years of growth. Overall, imports, however, saw a tangible expansion. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, oil crops imports shrank to $X in 2022. In general, imports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then dropped in the following year.

Imports by Country

Argentina was the main importer of oil crops (primary) in Latin America and the Caribbean, with the volume of imports finishing at X tons, which was approx. X% of total imports in 2022. Mexico (X tons) held the second position in the ranking, distantly followed by Colombia (X tons), Brazil (X tons) and Costa Rica (X tons). All these countries together held near X% share of total imports. Peru (X tons) held a relatively small share of total imports.

Argentina was also the fastest-growing in terms of the oil crops (primary) 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. Costa Rica experienced a relatively flat trend pattern. By contrast, 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 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 oil crops importing markets in Latin America and the Caribbean were Mexico ($X), Argentina ($X) and Colombia ($X), together accounting for X% of total imports.

Argentina, with a CAGR of X%, 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

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by X% against the previous year. Overall, the import price saw measured growth. The most prominent rate of growth was recorded in 2020 when the import price increased by X% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the near future.

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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