Latin America and the Caribbean: Animal Feed Market 2024

Animal Feed Market Size in Latin America and the Caribbean

The Latin American animal feed market was estimated at $X in 2022, approximately reflecting the previous year. The market value increased at an average annual rate of +1.6% 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 2018 when the market value increased by 7.2% against the previous year. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Animal Feed Production in Latin America and the Caribbean

In value terms, animal feed production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 when the production volume increased by 8.9% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Animal Feed Exports

Exports in Latin America and the Caribbean

In 2022, exports of animal and pet feed in Latin America and the Caribbean fell to X tons, leveling off at the previous year. Overall, exports showed a abrupt decrease. The pace of growth appeared the most rapid in 2013 with an increase of 41% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, animal feed exports stood at $X in 2022. The total export value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when exports increased by 35% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Brazil (X tons), distantly followed by Peru (X tons), Argentina (X tons), Ecuador (X tons) and Guatemala (X tons) represented the major exporters of animal and pet feed, together comprising 76% of total exports. El Salvador (X tons), Honduras (X tons), Mexico (X tons), Chile (X tons), Uruguay (X tons), Costa Rica (X tons) and Colombia (X tons) took a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by El Salvador (with a CAGR of +37.3%), while the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X) remains the largest animal feed supplier in Latin America and the Caribbean, comprising 35% of total exports. The second position in the ranking was held by Peru ($X), with a 17% share of total exports. It was followed by Guatemala, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Brazil stood at +9.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Peru (+3.9% per year) and Guatemala (+8.2% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, increasing by 5.5% against the previous year. Export price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, animal feed export price increased by +95.5% against 2013 indices. The pace of growth appeared the most rapid in 2017 an increase of 23%. Over the period under review, the export prices reached the peak figure in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+10.5%), while the other leaders experienced more modest paces of growth.

Animal Feed Imports

Imports in Latin America and the Caribbean

In 2022, the amount of animal and pet feed imported in Latin America and the Caribbean contracted slightly to X tons, waning by -4.5% against the previous year's figure. Overall, imports recorded a mild decline. The growth pace was the most rapid in 2016 with an increase of 18%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, animal feed imports rose rapidly to $X in 2022. The total import value increased at an average annual rate of +3.0% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when imports increased by 13% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

The purchases of the six major importers of animal and pet feed, namely Ecuador, Chile, Mexico, Colombia, Brazil and Peru, represented more than half of total import. The following importers - Honduras (X tons), Guatemala (X tons), Trinidad and Tobago (X tons), Paraguay (X tons), Nicaragua (X tons), Panama (X tons) and Argentina (X tons) - together made up 23% of total imports.

From 2012 to 2022, the biggest increases were recorded for Panama (with a CAGR of +43.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest animal feed importing markets in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Ecuador ($X), together comprising 42% of total imports. Chile, Peru, Colombia, Guatemala, Panama, Honduras, Nicaragua, Argentina, Paraguay and Trinidad and Tobago lagged somewhat behind, together accounting for a further 44%.

Panama, with a CAGR of +38.3%, 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, surging by 13% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.0%. The growth pace was the most rapid in 2017 when the import price increased by 16% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($X per ton), while Trinidad and Tobago ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+7.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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