Latin America and the Caribbean: Dry Vegetable Market 2024

Dry Vegetable Market Size in Latin America and the Caribbean

In 2022, the Latin American dry vegetable market increased by 4.3% to $X, rising for the third year in a row after two years of decline. The market value increased at an average annual rate of +4.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level in 2022 and is likely to see steady growth in years to come.

Dry Vegetable Production in Latin America and the Caribbean

In value terms, dry vegetable production amounted to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 9.4%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Dry Vegetable Exports

Exports in Latin America and the Caribbean

Dry vegetable exports surged to X tons in 2022, rising by 30% compared with the previous year's figure. Over the period under review, exports recorded resilient growth. The growth pace was the most rapid in 2019 with an increase of 48% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, dry vegetable exports skyrocketed to $X in 2022. Total exports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.2% 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 +92.3% against 2018 indices. The most prominent rate of growth was recorded in 2019 with an increase of 40% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Peru dominates exports structure, accounting for X tons, which was approx. 64% of total exports in 2022. It was distantly followed by Chile (X tons), Honduras (X tons) and Mexico (X tons), together mixing up a 22% share of total exports. The following exporters - the Dominican Republic (X tons), Brazil (X tons) and Costa Rica (X tons) - together made up 6.9% of total exports.

Exports from Peru increased at an average annual rate of +17.4% from 2012 to 2022. At the same time, Honduras (+50.6%), Brazil (+16.2%), Chile (+4.5%) and Costa Rica (+1.7%) displayed positive paces of growth. Moreover, Honduras emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +50.6% from 2012-2022. By contrast, Mexico (-4.2%) and the Dominican Republic (-8.2%) illustrated a downward trend over the same period. Peru (+39 p.p.) and Honduras (+7.3 p.p.) significantly strengthened its position in terms of the total exports, while Chile, the Dominican Republic and Mexico saw its share reduced by -2.2%, -9.3% and -13.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Peru ($X), Chile ($X) and Mexico ($X) were the countries with the highest levels of exports in 2022, with a combined 79% share of total exports. Honduras, the Dominican Republic, Costa Rica and Brazil lagged somewhat behind, together comprising a further 11%.

Honduras, with a CAGR of +38.0%, saw the highest growth rate of 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 2022, the export price in Latin America and the Caribbean amounted to $X per ton, which is down by -11.1% against the previous year. Over the period under review, the export price saw a noticeable shrinkage. The pace of growth appeared the most rapid in 2014 when the export price increased by 7% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+12.9%), while the other leaders experienced more modest paces of growth.

Dry Vegetable Imports

Imports in Latin America and the Caribbean

In 2022, after three years of growth, there was significant decline in purchases abroad of dry vegetables, when their volume decreased by -5.4% to X tons. Total imports indicated a noticeable expansion from 2012 to 2022: its volume 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. The pace of growth was the most pronounced in 2020 with an increase of 25%. The volume of import peaked at X tons in 2021, and then reduced in the following year.

In value terms, dry vegetable imports rose slightly to $X in 2022. Total imports indicated a noticeable increase from 2012 to 2022: its value 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, imports increased by +38.0% against 2018 indices. The pace of growth was the most pronounced in 2020 when imports increased by 17%. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

Brazil was the main importing country with an import of about X tons, which amounted to 44% of total imports. Mexico (X tons) took the second position in the ranking, distantly followed by Guatemala (X tons), Chile (X tons) and Argentina (X tons). All these countries together took approx. 33% share of total imports. Colombia (X tons), the Dominican Republic (X tons), Ecuador (X tons), Panama (X tons) and Uruguay (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to dry vegetable imports into Brazil stood at +5.7%. At the same time, Panama (+54.3%), Ecuador (+18.3%), Guatemala (+5.6%), Mexico (+5.1%), Colombia (+5.1%), Argentina (+4.3%), the Dominican Republic (+2.2%) and Uruguay (+2.2%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +54.3% from 2012-2022. Chile experienced a relatively flat trend pattern. From 2012 to 2022, the share of Brazil, Ecuador and Panama increased by +4.3, +1.9 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X), Mexico ($X) and Guatemala ($X) were the countries with the highest levels of imports in 2022, with a combined 65% share of total imports. Chile, Argentina, the Dominican Republic, Colombia, Panama, Uruguay and Ecuador lagged somewhat behind, together accounting for a further 25%.

Among the main importing countries, Panama, with a CAGR of +53.9%, recorded 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

The import price in Latin America and the Caribbean stood at $X per ton in 2022, picking up by 8.9% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the import price increased by 18% against the previous year. The level of import peaked at $X per ton in 2017; however, from 2018 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 Mexico ($X per ton), while Ecuador ($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 (+1.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :