Latin America and the Caribbean: Powdered Milk Market 2024

Powdered Milk Market Size in Latin America and the Caribbean

The Latin American powdered milk market rose notably to $X in 2022, with an increase of 15% against the previous year. Over the period under review, consumption, however, showed a slight downturn. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Powdered Milk Production in Latin America and the Caribbean

In value terms, powdered milk production expanded to $X in 2022 estimated in export price. Overall, production, however, saw a pronounced decrease. The growth pace was the most rapid in 2014 when the production volume increased by 48% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

The country with the largest volume of powdered milk production was Brazil (X tons), comprising approx. 42% of total volume. Moreover, powdered milk production in Brazil exceeded the figures recorded by the second-largest producer, Argentina (X tons), twofold. The third position in this ranking was held by Uruguay (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Brazil stood at +1.1%. The remaining producing countries recorded the following average annual rates of production growth: Argentina (-1.9% per year) and Uruguay (+5.8% per year).

Powdered Milk Exports

Exports in Latin America and the Caribbean

Powdered milk exports rose remarkably to X tons in 2022, growing by 11% against the previous year's figure. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 38%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, powdered milk exports skyrocketed to $X in 2022. Total exports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +66.5% against 2017 indices. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Argentina (X tons) and Uruguay (X tons) prevails in exports structure, together making up 86% of total exports. Chile (X tons), Paraguay (X tons), Bolivia (X tons) and Costa Rica (X tons) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Paraguay (with a CAGR of +49.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest powdered milk supplying countries in Latin America and the Caribbean were Argentina ($X), Uruguay ($X) and Chile ($X), with a combined 88% share of total exports. Costa Rica, Bolivia and Paraguay lagged somewhat behind, together accounting for a further 7.8%.

Paraguay, with a CAGR of +52.3%, recorded the highest growth rate of the value of exports, among 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

The export price in Latin America and the Caribbean stood at $X per ton in 2022, with an increase of 15% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the export price increased by 18% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Costa Rica ($X per ton) and Bolivia ($X per ton), while Paraguay ($X per ton) and Argentina ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (+2.3%), while the other leaders experienced more modest paces of growth.

Powdered Milk Imports

Imports in Latin America and the Caribbean

After two years of decline, supplies from abroad of powdered milk increased by 27% to X tons in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, powdered milk imports soared to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Mexico represented the key importer of powdered milk in Latin America and the Caribbean, with the volume of imports resulting at X tons, which was approx. 41% of total imports in 2022. Brazil (X tons) took a 15% share (based on physical terms) of total imports, which put it in second place, followed by Peru (7.3%), Colombia (7.2%), Cuba (6.1%), Venezuela (5.2%) and the Dominican Republic (4.9%).

Imports into Mexico increased at an average annual rate of +1.6% from 2012 to 2022. At the same time, Colombia (+9.4%) and the Dominican Republic (+1.3%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +9.4% from 2012-2022. Peru, Cuba and Brazil experienced a relatively flat trend pattern. By contrast, Venezuela (-15.8%) illustrated a downward trend over the same period. While the share of Mexico (+9 p.p.), Colombia (+4.5 p.p.) and Brazil (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Venezuela (-21.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported powdered milk in Latin America and the Caribbean, comprising 42% of total imports. The second position in the ranking was held by Brazil ($X), with a 17% share of total imports. It was followed by Peru, with a 6.2% share.

From 2012 to 2022, the average annual growth rate of value in Mexico totaled +3.8%. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+1.6% per year) and Peru (+0.3% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, jumping by 20% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 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 the Dominican Republic ($X per ton), while Venezuela ($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 (+2.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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