Latin America and the Caribbean: Market for Butter And Dairy Spreads 2024

Market Size for Butter And Dairy Spreads in Latin America and the Caribbean

The Latin American butter and dairy spreads market fell significantly to $X in 2022, waning by -16.8% against the previous year. Overall, consumption, however, showed resilient growth. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Production of Butter And Dairy Spreads in Latin America and the Caribbean

In value terms, butter and dairy spreads production reduced slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2017 when the production volume increased by 26% against the previous year. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were Uruguay (X tons), Argentina (X tons) and Costa Rica (X tons), with a combined 89% share of total production. Mexico, Honduras, Paraguay and Bolivia lagged somewhat behind, together accounting for a further 8.9%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Mexico (with a CAGR of +318.3%), while production for the other leaders experienced more modest paces of growth.

Exports of Butter And Dairy Spreads

Exports in Latin America and the Caribbean

In 2022, shipments abroad of butter and dairy spreads increased by 26% to X tons, rising for the fifth year in a row after five years of decline. Over the period under review, exports, however, continue to indicate a pronounced downturn. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, butter and dairy spreads exports surged to $X in 2022. In general, exports saw a mild increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Argentina (X tons) and Uruguay (X tons) dominates exports structure, together making up 84% of total exports. Costa Rica (X tons), Paraguay (X tons), Colombia (X tons), Brazil (X tons) and Honduras (X tons) held a relatively small share 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 Colombia (with a CAGR of +38.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest butter and dairy spreads supplying countries in Latin America and the Caribbean were Uruguay ($X), Argentina ($X) and Costa Rica ($X), together comprising 90% of total exports. Paraguay, Brazil, Colombia and Honduras lagged somewhat behind, together comprising a further 8.8%.

Among the main exporting countries, Colombia, with a CAGR of +39.0%, saw the highest rates of growth with regard to 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, surging by 24% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.0%. The most prominent rate of growth was recorded in 2017 an increase of 40% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+5.8%), while the other leaders experienced more modest paces of growth.

Imports of Butter And Dairy Spreads

Imports in Latin America and the Caribbean

In 2022, approx. X tons of butter and dairy spreads were imported in Latin America and the Caribbean; which is down by -8.9% on the previous year's figure. The total import volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 54% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, butter and dairy spreads imports expanded markedly to $X in 2022. Total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% 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 +60.3% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 51% against the previous year. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Chile (X tons), Brazil (X tons), Cuba (X tons), Mexico (X tons), Uruguay (X tons), Bahamas (X tons), Guatemala (X tons), Jamaica (X tons) and Panama (X tons) represented roughly 75% of total imports in 2022. The following importers - Peru (X tons), Honduras (X tons), Trinidad and Tobago (X tons) and El Salvador (X tons) - together made up 8.9% of total imports.

From 2012 to 2022, the biggest increases were recorded for Panama (with a CAGR of +109.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X), Brazil ($X) and Mexico ($X) were the countries with the highest levels of imports in 2022, together accounting for 40% of total imports. Cuba, Jamaica, Bahamas, Panama, Guatemala, Uruguay, Trinidad and Tobago, El Salvador, Peru and Honduras lagged somewhat behind, together comprising a further 45%.

In terms of the main importing countries, Panama, with a CAGR of +122.8%, saw the highest rates of growth with regard to 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

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, growing by 17% against the previous year. Over the last decade, it increased at an average annual rate of +3.1%. The pace of growth was the most pronounced in 2017 an increase of 28%. The level of import peaked in 2022 and is likely to continue 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 Trinidad and Tobago ($X per ton), while Peru ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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