Latin America and the Caribbean: Artichoke Market 2024

Artichoke Market Size in Latin America and the Caribbean

The Latin American artichoke market reduced slightly to $X in 2022, falling by -3.1% against the previous year. Over the period under review, consumption recorded a perceptible shrinkage. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Artichoke Production in Latin America and the Caribbean

In value terms, artichoke production dropped to $X in 2022 estimated in export price. In general, production saw a slight setback. The growth pace was the most rapid in 2017 when the production volume increased by 43%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Peru (X tons) constituted the country with the largest volume of artichoke production, comprising approx. 64% of total volume. Moreover, artichoke production in Peru exceeded the figures recorded by the second-largest producer, Argentina (X tons), threefold. Chile (X tons) ranked third in terms of total production with a 7.9% share.

In Peru, artichoke production shrank by an average annual rate of -4.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Argentina (-2.8% per year) and Chile (-6.8% per year).

In 2022, the average yield of artichokes in Latin America and the Caribbean reached X tons per ha, increasing by 3.4% on the year before. Over the period under review, the yield continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 11%. The level of yield peaked at X tons per ha in 2018; however, from 2019 to 2022, the 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.

In 2022, approx. X ha of artichokes were harvested in Latin America and the Caribbean; which is down by -9.3% compared with the previous year's figure. Overall, the harvested area recorded a pronounced decline. The most prominent rate of growth was recorded in 2017 with an increase of 25% against the previous year. Over the period under review, the harvested area dedicated to artichoke production attained the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area failed to regain momentum.

Artichoke Exports

Exports in Latin America and the Caribbean

In 2022, exports of artichokes in Latin America and the Caribbean surged to X tons, rising by 55% on 2021. In general, exports showed a moderate expansion. The most prominent rate of growth was recorded in 2020 with an increase of 7,533%. Over the period under review, the exports reached the maximum at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, artichoke exports soared to $X in 2022. Over the period under review, exports showed a remarkable increase. The growth pace was the most rapid in 2020 when exports increased by 6,207% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Mexico dominates exports structure, amounting to X tons, which was near 96% of total exports in 2022. Guatemala (X tons) held a relatively small share of total exports.

Exports from Mexico increased at an average annual rate of +5.0% from 2012 to 2022. At the same time, Guatemala (+33.7%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +33.7% from 2012-2022. Guatemala (+2.7 p.p.) and Mexico (+2.7 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest artichoke supplier in Latin America and the Caribbean, comprising 96% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 1.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico totaled +6.5%.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, with an increase of 39% against the previous year. Over the period under review, the export price continues to indicate a mild increase. The most prominent rate of growth was recorded in 2015 an increase of 131% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Guatemala stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (+2.8%).

Artichoke Imports

Imports in Latin America and the Caribbean

In 2022, overseas purchases of artichokes decreased by -16.8% to X tons, falling for the third consecutive year after four years of growth. Overall, imports, however, enjoyed a pronounced expansion. The pace of growth was the most pronounced in 2013 when imports increased by 110%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, artichoke imports dropped dramatically to $X in 2022. Total imports indicated a strong expansion from 2012 to 2022: its value 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, imports decreased by -32.6% against 2018 indices. The growth pace was the most rapid in 2013 when imports increased by 101% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Mexico dominates imports structure, reaching X tons, which was near 61% of total imports in 2022. Brazil (X tons) ranks second in terms of the total imports with a 9.8% share, followed by Bahamas (9.4%) and Panama (4.6%). The Dominican Republic (X tons), El Salvador (X tons) and Cayman Islands (X tons) followed a long way behind the leaders.

Imports into Mexico increased at an average annual rate of +1.8% from 2012 to 2022. At the same time, Panama (+97.0%), Brazil (+46.2%), Bahamas (+37.3%), Cayman Islands (+19.0%) and El Salvador (+14.3%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +97.0% from 2012-2022. By contrast, the Dominican Republic (-5.5%) illustrated a downward trend over the same period. Brazil (+9.4 p.p.), Bahamas (+8.8 p.p.), Panama (+4.6 p.p.) and El Salvador (+2.6 p.p.) significantly strengthened its position in terms of the total imports, while the Dominican Republic and Mexico saw its share reduced by -7.1% and -15.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported artichokes in Latin America and the Caribbean, comprising 55% of total imports. The second position in the ranking was taken by Brazil ($X), with a 12% share of total imports. It was followed by Bahamas, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in Mexico totaled +3.4%. In the other countries, the average annual rates were as follows: Brazil (+38.2% per year) and Bahamas (+38.0% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, rising by 2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. The pace of growth was the most pronounced in 2020 when the import price increased by 24% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Dominican Republic ($X per ton), while El Salvador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+9.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :