Latin America and the Caribbean: Cheese Market 2024

Cheese Market Size in Latin America and the Caribbean

The Latin American cheese market stood at $X in 2021, surging by 10% against the previous year. The total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +47.4% against 2013 indices. The level of consumption peaked in 2021 and is likely to see gradual growth in years to come.

Cheese Production in Latin America and the Caribbean

In value terms, cheese production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2017 when the production volume increased by 12%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Cheese Exports

Exports in Latin America and the Caribbean

In 2021, cheese exports in Latin America and the Caribbean stood at X tons, surging by 5.8% against the year before. The total export volume increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2014 when exports increased by 8.5% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in the immediate term.

In value terms, cheese exports rose sharply to $X in 2021. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 15% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Argentina (X tons) and Nicaragua (X tons) represented the largest exporters of cheese in Latin America and the Caribbean, together accounting for approx. 63% of total exports. It was distantly followed by Uruguay (X tons), committing a 15% share of total exports. The following exporters - Chile (X tons), El Salvador (X tons), Honduras (X tons), Mexico (X tons), Brazil (X tons) and Costa Rica (X tons) - together made up 19% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Honduras (with a CAGR of +14.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest cheese supplying countries in Latin America and the Caribbean were Argentina ($X), Nicaragua ($X) and Uruguay ($X), together comprising 75% of total exports. These countries were followed by El Salvador, Chile, Mexico, Brazil, Honduras and Costa Rica, which together accounted for a further 21%.

Honduras, with a CAGR of +12.6%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, increasing by 4.2% against the previous year. Over the period under review, the export price, however, showed a mild decline. The most prominent rate of growth was recorded in 2017 when the export price increased by 11%. Over the period under review, the export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Honduras ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+1.4%), while the other leaders experienced more modest paces of growth.

Cheese Imports

Imports in Latin America and the Caribbean

In 2021, the amount of cheese imported in Latin America and the Caribbean expanded significantly to X tons, increasing by 15% on 2020. Total imports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +93.3% against 2015 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 36%. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the near future.

In value terms, cheese imports surged to $X in 2021. The total import value increased at an average annual rate of +4.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 21% against the previous year. The level of import peaked in 2021 and is likely to see steady growth in the immediate term.

Imports by Country

The purchases of the three major importers of cheese, namely Mexico, Chile and El Salvador, represented more than half of total import. Brazil (X tons) ranks next in terms of the total imports with a 7.3% share, followed by the Dominican Republic (5.9%) and Guatemala (4.8%). The following importers - Panama (X tons), Peru (X tons), Trinidad and Tobago (X tons), Jamaica (X tons), Honduras (X tons) and Venezuela (X tons) - together made up 13% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Panama (with a CAGR of +113.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Chile ($X) and El Salvador ($X) constituted the countries with the highest levels of imports in 2021, with a combined 52% share of total imports. These countries were followed by Brazil, the Dominican Republic, Guatemala, Panama, Peru, Venezuela, Trinidad and Tobago, Jamaica and Honduras, which together accounted for a further 34%.

Panama, with a CAGR of +149.4%, saw the highest growth rate of 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 2021, the import price in Latin America and the Caribbean amounted to $X per ton, leveling off at the previous year. Over the period under review, the import price, however, continues to indicate a mild contraction. The growth pace was the most rapid in 2017 when the import price increased by 6.4% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+16.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :