Latin America and the Caribbean: Market for Buttermilk And Buttermilk Powder 2024

Market Size for Buttermilk And Buttermilk Powder in Latin America and the Caribbean

The Latin American buttermilk and buttermilk powder market shrank to $X in 2022, reducing by -2.4% against the previous year. Over the period under review, consumption recorded a noticeable shrinkage. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Production of Buttermilk And Buttermilk Powder in Latin America and the Caribbean

In value terms, buttermilk and buttermilk powder production shrank slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a perceptible slump. The pace of growth was the most pronounced in 2021 when the production volume increased by 4.9% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Exports of Buttermilk And Buttermilk Powder

Exports in Latin America and the Caribbean

Buttermilk and buttermilk powder exports expanded markedly to X tons in 2022, growing by 5.8% against the previous year's figure. Over the period under review, exports, however, saw a deep downturn. The most prominent rate of growth was recorded in 2020 with an increase of 50% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, buttermilk and buttermilk powder exports skyrocketed to $X in 2022. In general, exports, however, showed a pronounced decline. The pace of growth was the most pronounced in 2020 with an increase of 42% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Uruguay (X tons) represented the key exporter of buttermilk and buttermilk powder, constituting 50% of total exports. Argentina (X tons) ranks second in terms of the total exports with a 12% share, followed by Honduras (11%), Mexico (7%) and Brazil (6.7%). The following exporters - El Salvador (X tons) and Guatemala (X tons) - each amounted to a 6% share of total exports.

Uruguay experienced a relatively flat trend pattern with regard to volume of exports of buttermilk and buttermilk powder. At the same time, Guatemala (+27.1%), Honduras (+15.0%) and El Salvador (+14.2%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +27.1% from 2012-2022. Argentina experienced a relatively flat trend pattern. By contrast, Brazil (-10.3%) and Mexico (-21.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Uruguay, Honduras, Argentina, Guatemala and El Salvador increased by +25, +10, +6.9, +2.8 and +2.6 percentage points, respectively.

In value terms, Uruguay ($X) remains the largest buttermilk and buttermilk powder supplier in Latin America and the Caribbean, comprising 68% of total exports. The second position in the ranking was held by Argentina ($X), with an 8.2% share of total exports. It was followed by Mexico, with a 7.5% share.

From 2012 to 2022, the average annual growth rate of value in Uruguay stood at +1.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Argentina (+4.4% per year) and Mexico (-16.4% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, surging by 18% against the previous year. Export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, buttermilk and buttermilk powder export price increased by +65.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 39%. The level of export peaked in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Uruguay ($X per ton), while Brazil ($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 (+6.8%), while the other leaders experienced more modest paces of growth.

Imports of Buttermilk And Buttermilk Powder

Imports in Latin America and the Caribbean

After two years of decline, overseas purchases of buttermilk and buttermilk powder increased by 4.8% to X tons in 2022. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 38% against the previous year. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, buttermilk and buttermilk powder imports stood at $X in 2022. Overall, imports, however, showed a perceptible decrease. The most prominent rate of growth was recorded in 2017 when imports increased by 38% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Guatemala represented the key importing country with an import of around X tons, which reached 53% of total imports. Cuba (X tons) held the second position in the ranking, followed by Peru (X tons) and Brazil (X tons). All these countries together took near 32% share of total imports. The following importers - Trinidad and Tobago (X tons), Uruguay (X tons) and Curacao (X tons) - each amounted to a 6.6% share of total imports.

Imports into Guatemala increased at an average annual rate of +8.1% from 2012 to 2022. At the same time, Cuba (+22.4%), Trinidad and Tobago (+11.7%), Curacao (+7.4%) and Brazil (+5.3%) displayed positive paces of growth. Moreover, Cuba emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +22.4% from 2012-2022. By contrast, Uruguay (-1.8%) and Peru (-5.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Guatemala, Cuba, Brazil and Trinidad and Tobago increased by +30, +12, +3.8 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest buttermilk and buttermilk powder importing markets in Latin America and the Caribbean were Guatemala ($X), Brazil ($X) and Peru ($X), with a combined 72% share of total imports. Cuba, Trinidad and Tobago, Uruguay and Curacao lagged somewhat behind, together accounting for a further 17%.

In terms of the main importing countries, Cuba, with a CAGR of +21.7%, recorded the highest growth rate of 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

The import price in Latin America and the Caribbean stood at $X per ton in 2022, standing approx. at the previous year. In general, the import price, however, recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2021 when the import price increased by 12%. The level of import peaked 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 Brazil ($X per ton), while Guatemala ($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 (+6.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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