Latin America and the Caribbean: Bacon And Ham Market 2024

Bacon And Ham Market Size in Latin America and the Caribbean

The Latin American bacon and ham market expanded to $X in 2022, rising by 3.2% against the previous year. The market value increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2017 when the market value increased by 7.3%. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Bacon And Ham Production in Latin America and the Caribbean

In value terms, bacon and ham production rose modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when the production volume increased by 9.2% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Bacon And Ham Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of bacon, ham and other dried, salted or smoked pig meat increased by 123% to X tons, rising for the third consecutive year after two years of decline. Overall, exports enjoyed pronounced growth. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, bacon and ham exports surged to $X in 2022. Over the period under review, exports saw a modest expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Brazil (X tons) and Mexico (X tons) were the main exporters of bacon, ham and other dried, salted or smoked pig meat in Latin America and the Caribbean, together amounting to approx. 76% of total exports. It was distantly followed by El Salvador (X tons), creating an 11% share of total exports. The following exporters - Trinidad and Tobago (X tons), Argentina (X tons) and Costa Rica (X tons) - together made up 9.9% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Mexico (with a CAGR of +16.7%), while the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Mexico ($X) and El Salvador ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising 78% of total exports.

In terms of the main exporting countries, Mexico, with a CAGR of +13.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, falling by -14.9% against the previous year. In general, the export price showed a pronounced slump. The pace of growth appeared the most rapid in 2019 when the export price increased by 57%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (+3.2%), while the other leaders experienced more modest paces of growth.

Bacon And Ham Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of bacon, ham and other dried, salted or smoked pig meat increased by 20% to X tons, rising for the second year in a row after four years of decline. Over the period under review, imports saw a relatively flat trend pattern. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, bacon and ham imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +5.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 25% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Mexico represented the key importing country with an import of around X tons, which accounted for 41% of total imports. Colombia (X tons) ranks second in terms of the total imports with a 5.9% share, followed by Trinidad and Tobago (5.7%), Brazil (5.6%) and Belize (4.6%). The following importers - Chile (X tons), Bahamas (X tons), the Dominican Republic (X tons), Panama (X tons), Curacao (X tons), Costa Rica (X tons), Guatemala (X tons) and Barbados (X tons) - together made up 22% of total imports.

Imports into Mexico decreased at an average annual rate of -2.8% from 2012 to 2022. At the same time, Panama (+96.9%), Chile (+12.2%), the Dominican Republic (+11.7%), Colombia (+9.4%), Brazil (+7.9%), Guatemala (+5.5%), Costa Rica (+5.4%) and Curacao (+1.8%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +96.9% from 2012-2022. Belize experienced a relatively flat trend pattern. By contrast, Trinidad and Tobago (-1.4%), Bahamas (-1.6%) and Barbados (-2.7%) illustrated a downward trend over the same period. Colombia (+3.4 p.p.), Brazil (+2.9 p.p.), Panama (+2.9 p.p.), Chile (+2.8 p.p.) and the Dominican Republic (+2.3 p.p.) significantly strengthened its position in terms of the total imports, while Mexico saw its share reduced by -14.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported bacon, ham and other dried, salted or smoked pig meat in Latin America and the Caribbean, comprising 47% of total imports. The second position in the ranking was held by Brazil ($X), with an 8.1% share of total imports. It was followed by Chile, with a 6.7% share.

From 2012 to 2022, the average annual growth rate of value in Mexico totaled +2.7%. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+6.0% per year) and Chile (+14.4% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, surging by 3.1% against the previous year. Import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, bacon and ham import price increased by +66.1% against 2015 indices. The most prominent rate of growth was recorded in 2021 an increase of 14% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+7.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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