Latin America and the Caribbean: Cherry Market 2024

Cherry Market Size in Latin America and the Caribbean

The Latin American cherry market contracted to $X in 2022, shrinking by -9.5% against the previous year. The total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -28.7% against 2019 indices. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Cherry Production in Latin America and the Caribbean

In value terms, cherry production reduced modestly to $X in 2022 estimated in export price. In general, production enjoyed prominent growth. The pace of growth was the most pronounced in 2018 with an increase of 54% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

The country with the largest volume of cherry production was Chile (X tons), comprising approx. 97% of total volume. It was followed by Argentina (X tons), with a 1.6% share of total production.

In Chile, cherry production increased at an average annual rate of +17.3% over the period from 2012-2022.

In 2022, the average cherry yield in Latin America and the Caribbean surged to X tons per ha, with an increase of 27% on 2021. The yield indicated perceptible growth from 2012 to 2022: its figure increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cherry yield increased by +43.0% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the yield increased by 54%. The level of yield peaked in 2022 and is likely to continue growth in years to come. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The cherry harvested area declined to X ha in 2022, which is down by -9% compared with 2021 figures. Overall, the harvested area, however, enjoyed a strong increase. The pace of growth appeared the most rapid in 2019 when the harvested area increased by 25% against the previous year. Over the period under review, the harvested area dedicated to cherry production reached the maximum at X ha in 2021, and then fell in the following year.

Cherry Exports

Exports in Latin America and the Caribbean

Cherry exports surged to X tons in 2022, with an increase of 18% compared with the year before. Overall, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 121%. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, cherry exports surged to $X in 2022. Over the period under review, exports enjoyed prominent growth. The pace of growth was the most pronounced in 2018 when exports increased by 86%. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Exports by Country

In 2022, Chile (X tons) represented the key exporter of cherries in Latin America and the Caribbean, comprising 99% of total export.

Chile was also the fastest-growing in terms of the cherries exports, with a CAGR of +20.3% from 2012 to 2022. From 2012 to 2022, the share of Chile increased by +1.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) also remains the largest cherry supplier in Latin America and the Caribbean.

In Chile, cherry exports increased at an average annual rate of +18.4% 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, with an increase of 2.1% against the previous year. Overall, the export price, however, showed a slight decline. The growth pace was the most rapid in 2013 when the export price increased by 21% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for Chile amounted to -1.6% per year.

Cherry Imports

Imports in Latin America and the Caribbean

Cherry imports contracted markedly to X tons in 2022, shrinking by -30.1% against the previous year. In general, imports, however, showed a perceptible increase. The growth pace was the most rapid in 2021 with an increase of 93% against the previous year. As a result, imports attained the peak of X tons, and then declined sharply in the following year.

In value terms, cherry imports declined significantly to $X in 2022. Total imports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +21.7% against 2020 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 66% against the previous year. The level of import peaked at $X in 2021, and then reduced notably in the following year.

Imports by Country

Brazil was the main importer of cherries in Latin America and the Caribbean, with the volume of imports accounting for X tons, which was near 44% of total imports in 2022. Ecuador (X tons) took the second position in the ranking, followed by Mexico (X tons). All these countries together held approx. 42% share of total imports. Argentina (X tons), Aruba (X tons) and Colombia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of +80.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X) constitutes the largest market for imported cherries in Latin America and the Caribbean, comprising 49% of total imports. The second position in the ranking was held by Mexico ($X), with a 20% share of total imports. It was followed by Ecuador, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Brazil stood at -1.1%. In the other countries, the average annual rates were as follows: Mexico (+7.0% per year) and Ecuador (+6.0% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, surging by 17% against the previous year. In general, the import price, however, recorded a noticeable contraction. Over the period under review, import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

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 Colombia ($X per ton), while Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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