Latin America and the Caribbean: Buckwheat Market 2024

Buckwheat Market Size in Latin America and the Caribbean

The Latin American buckwheat market shrank to $X in 2022, stabilizing at the previous year. In general, consumption, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the market value increased by 5.1%. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Buckwheat Production in Latin America and the Caribbean

In value terms, buckwheat production stood at $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 11% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Brazil (X tons) constituted the country with the largest volume of buckwheat production, comprising approx. 97% of total volume. It was followed by Panama (X tons), with a 2.8% share of total production.

From 2012 to 2022, the average annual growth rate of volume in Brazil was relatively modest.

The average buckwheat yield declined slightly to X tons per ha in 2022, approximately reflecting the year before. Overall, the yield, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 4.5%. The level of yield peaked at X tons per ha in 2021, and then contracted in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of buckwheat in Latin America and the Caribbean was estimated at X ha, remaining relatively unchanged against the previous year's figure. Overall, the harvested area, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 2.1%. As a result, the harvested area attained the peak level of X ha. From 2014 to 2022, the growth of the buckwheat harvested area failed to regain momentum.

Buckwheat Exports

Exports in Latin America and the Caribbean

In 2022, buckwheat exports in Latin America and the Caribbean surged to X tons, jumping by 21% on 2021 figures. In general, exports enjoyed a prominent increase. The growth pace was the most rapid in 2020 with an increase of 161% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, buckwheat exports surged to $X in 2022. Over the period under review, exports saw a resilient expansion. The most prominent rate of growth was recorded in 2020 with an increase of 162%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in years to come.

Exports by Country

Brazil (X tons) represented roughly 98% of total exports in 2022.

Brazil was also the fastest-growing in terms of the buckwheat exports, with a CAGR of +12.2% from 2012 to 2022. Brazil (+1.7 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, Brazil ($X) also remains the largest buckwheat supplier in Latin America and the Caribbean.

In Brazil, buckwheat exports increased at an average annual rate of +15.4% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, surging by 9.1% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The pace of growth was the most pronounced in 2021 when the export price increased by 25%. Over the period under review, the export prices attained the maximum in 2022 and is likely to see steady growth in years to come.

As there is only one major export destination, the average price level is determined by prices for Brazil.

From 2012 to 2022, the rate of growth in terms of prices for Brazil amounted to +2.9% per year.

Buckwheat Imports

Imports in Latin America and the Caribbean

In 2022, overseas purchases of buckwheat decreased by -44.6% to X tons, falling for the second year in a row after four years of growth. Over the period under review, imports continue to indicate a deep slump. The pace of growth was the most pronounced in 2020 when imports increased by 25%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, buckwheat imports reduced sharply to $X in 2022. Overall, imports continue to indicate a perceptible downturn. The growth pace was the most rapid in 2021 with an increase of 38% against the previous year. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Uruguay represented the main importer of buckwheat in Latin America and the Caribbean, with the volume of imports accounting for X tons, which was near 45% of total imports in 2022. Suriname (X tons) held the second position in the ranking, followed by Panama (X tons), Curacao (X tons), Costa Rica (X tons), Cayman Islands (X tons) and the Dominican Republic (X tons). All these countries together took near 48% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to buckwheat imports into Uruguay stood at +4.8%. At the same time, Costa Rica (+94.9%), Panama (+25.3%), Curacao (+12.9%), Cayman Islands (+9.1%) and Suriname (+1.1%) displayed positive paces of growth. Moreover, Costa Rica emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +94.9% from 2012-2022. By contrast, the Dominican Republic (-4.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Uruguay, Suriname, Panama, Curacao, Costa Rica, Cayman Islands and the Dominican Republic increased by +37, +11, +7.9, +6.9, +6.7, +6.4 and +2.4 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Uruguay ($X), Suriname ($X) and Curacao ($X) constituted the countries with the highest levels of imports in 2022, with a combined 72% share of total imports. Panama, Costa Rica, the Dominican Republic and Cayman Islands lagged somewhat behind, together comprising a further 18%.

In terms of the main importing countries, Costa Rica, with a CAGR of +108.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, rising by 15% against the previous year. Import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, buckwheat import price increased by +61.7% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the import price increased by 56%. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain 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 Suriname ($X per ton), while Cayman Islands ($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 (+10.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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