Costa Rica: Animal Feed Market 2024

Animal Feed Market Size in Costa Rica

The Costa Rican animal feed market expanded sharply to $X in 2022, growing by 13% against the previous year. In general, consumption showed a temperate increase. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Animal Feed Production in Costa Rica

In value terms, animal feed production rose remarkably to $X in 2022 estimated in export price. Overall, production showed perceptible growth. The most prominent rate of growth was recorded in 2017 with an increase of 81% against the previous year. Animal feed production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Animal Feed Exports

Exports from Costa Rica

In 2022, shipments abroad of animal and pet feed was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, total exports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +7.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -2.7% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 45%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, animal feed exports rose modestly to $X in 2022. Overall, exports saw a resilient expansion. The pace of growth was the most pronounced in 2017 when exports increased by 36% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Panama (X tons), Honduras (X tons) and Cuba (X tons) were the main destinations of animal feed exports from Costa Rica, together accounting for 69% of total exports. Nicaragua, Mexico, Colombia, Belize, Guatemala, El Salvador and the Dominican Republic lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the biggest increases were recorded for Colombia (with a CAGR of +127.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Panama ($X) remains the key foreign market for animal and pet feed exports from Costa Rica, comprising 44% of total exports. The second position in the ranking was taken by Honduras ($X), with a 17% share of total exports. It was followed by Nicaragua, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to Panama stood at +10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (+15.0% per year) and Nicaragua (+3.2% per year).

Export Prices by Country

The average animal feed export price stood at $X per ton in 2022, rising by 4.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2015 an increase of 17%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Dominican Republic ($X per ton), while the average price for exports to Cuba ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to El Salvador (+7.3%), while the prices for the other major destinations experienced more modest paces of growth.

Animal Feed Imports

Imports into Costa Rica

Animal feed imports into Costa Rica dropped to X tons in 2022, which is down by -12.6% compared with 2021. Overall, total imports indicated a mild increase from 2012 to 2022: its volume increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +18.8% against 2020 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 61%. Over the period under review, imports reached the peak figure at X tons in 2021, and then fell in the following year.

In value terms, animal feed imports dropped to $X in 2022. In general, total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +16.9% against 2020 indices. The pace of growth was the most pronounced in 2018 when imports increased by 69% against the previous year. Imports peaked at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Mexico (X tons) constituted the largest animal feed supplier to Costa Rica, with a 9.6% share of total imports. Moreover, animal feed imports from Mexico exceeded the figures recorded by the second-largest supplier, Nicaragua (X tons), twofold. The third position in this ranking was held by the United States (X tons), with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Mexico amounted to +11.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Nicaragua (+55.4% per year) and the United States (+4.3% per year).

In value terms, Mexico ($X), the United States ($X) and Brazil ($X) constituted the largest animal feed suppliers to Costa Rica, together accounting for 31% of total imports. Spain, Argentina, Panama, France, the Netherlands, Peru, Colombia, Guatemala, China and Nicaragua lagged somewhat behind, together accounting for a further 26%.

Nicaragua, with a CAGR of +42.0%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average animal feed import price amounted to $X per ton, approximately mirroring the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2013 an increase of 6.8% against the previous year. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Guatemala ($X per ton), while the price for Nicaragua ($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 (+15.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform