Latin America and the Caribbean: Non-Wheat Cereal Pellets Market 2024

Non-Wheat Cereal Pellets Market Size in Latin America and the Caribbean

In 2021, after four years of growth, there was decline in the Latin American non-wheat cereal pellets market, when its value decreased by -0.6% to $X. In general, consumption, however, recorded a resilient increase. The level of consumption peaked at $X in 2020, and then dropped modestly in the following year.

Non-Wheat Cereal Pellets Production in Latin America and the Caribbean

In value terms, non-wheat cereal pellets production dropped to $X in 2021 estimated in export price. The total production indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +83.8% against 2016 indices. The most prominent rate of growth was recorded in 2018 with an increase of 51% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then contracted slightly in the following year.

Non-Wheat Cereal Pellets Exports

Exports in Latin America and the Caribbean

For the ninth consecutive year, LatAmerica and the Caribbean recorded decline in overseas shipments of cereal pellets (excluding wheat), which decreased by -3.2% to X tons in 2021. In general, exports continue to indicate a deep contraction. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, non-wheat cereal pellets exports totaled $X in 2021. Over the period under review, exports recorded a deep setback. The most prominent rate of growth was recorded in 2019 with an increase of 26% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Argentina represented the main exporter of cereal pellets (excluding wheat) in Latin America and the Caribbean, with the volume of exports amounting to X tons, which was near 64% of total exports in 2021. It was distantly followed by Mexico (X tons), making up a 35% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Mexico (with a CAGR of -11.0%).

In value terms, Mexico ($X) remains the largest non-wheat cereal pellets supplier in Latin America and the Caribbean, comprising 68% of total exports. The second position in the ranking was taken by Argentina ($X), with a 32% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Mexico stood at -10.7%.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, with an increase of 4.4% against the previous year. Export price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, non-wheat cereal pellets export price decreased by -1.3% against 2019 indices. The pace of growth was the most pronounced in 2019 an increase of 48% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+4.0%).

Non-Wheat Cereal Pellets Imports

Imports in Latin America and the Caribbean

Non-wheat cereal pellets imports totaled X tons in 2021, increasing by 2.8% on 2020. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 6.6%. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, non-wheat cereal pellets imports reached $X in 2021. Over the period under review, imports continue to indicate a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Colombia was the main importer of cereal pellets (excluding wheat) in Latin America and the Caribbean, with the volume of imports amounting to X tons, which was approx. 76% of total imports in 2021. It was distantly followed by Peru (X tons), mixing up an 11% share of total imports. The following importers - Ecuador (X tons) and Guatemala (X tons) - together made up 5.7% of total imports.

From 2012 to 2021, average annual rates of growth with regard to non-wheat cereal pellets imports into Colombia stood at +9.8%. At the same time, Peru (+21.4%), Ecuador (+17.8%) and Guatemala (+9.4%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +21.4% from 2012-2021. While the share of Colombia (+42 p.p.), Peru (+9.3 p.p.) and Ecuador (+3.2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Colombia ($X) constitutes the largest market for imported cereal pellets (excluding wheat) in Latin America and the Caribbean, comprising 77% of total imports. The second position in the ranking was taken by Peru ($X), with an 11% share of total imports. It was followed by Ecuador, with a 4.2% share.

In Colombia, non-wheat cereal pellets imports expanded at an average annual rate of +10.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Peru (+18.4% per year) and Ecuador (+14.0% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, with an increase of 7.8% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the import price increased by 9.5% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Colombia ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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