Latin America and the Caribbean: Egg Product Market 2024

Egg Product Market Size in Latin America and the Caribbean

In 2021, the Latin American egg product market increased by 2.1% to $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +2.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Egg Product Production in Latin America and the Caribbean

In value terms, egg product production rose modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 26%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Egg Product Exports

Exports in Latin America and the Caribbean

Egg product exports soared to X tons in 2021, growing by 37% on the previous year. In general, exports continue to indicate a slight expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, egg product exports soared to $X in 2021. Overall, exports, however, recorded a perceptible decrease. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Brazil represented the key exporter of egg products in Latin America and the Caribbean, with the volume of exports accounting for X tons, which was approx. 54% of total exports in 2021. Argentina (X tons) ranks second in terms of the total exports with a 19% share, followed by Guatemala (10%) and Peru (8.2%). The following exporters - Costa Rica (X tons) and Mexico (X tons) - together made up 4.8% of total exports.

Exports from Brazil increased at an average annual rate of +12.7% from 2012 to 2021. At the same time, Costa Rica (+61.7%), Guatemala (+54.9%) and Peru (+11.1%) displayed positive paces of growth. Moreover, Costa Rica emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +61.7% from 2012-2021. By contrast, Mexico (-9.7%) and Argentina (-12.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Brazil, Guatemala, Peru and Costa Rica increased by +34, +10, +4.7 and +3 percentage points, respectively.

In value terms, the largest egg product supplying countries in Latin America and the Caribbean were Brazil ($X), Argentina ($X) and Peru ($X), together comprising 85% of total exports. Guatemala, Costa Rica and Mexico lagged somewhat behind, together comprising a further 11%.

Guatemala, with a CAGR of +57.0%, 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

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, jumping by 24% against the previous year. Over the period under review, the export price, however, recorded a pronounced contraction. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Argentina ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guatemala (+1.3%), while the other leaders experienced a decline in the export price figures.

Egg Product Imports

Imports in Latin America and the Caribbean

After two years of growth, overseas purchases of egg products decreased by -24% to X tons in 2021. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 71%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, egg product imports reduced to $X in 2021. In general, imports showed a perceptible setback. The pace of growth was the most pronounced in 2013 with an increase of 51%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Mexico (X tons) represented the largest importer of egg products, mixing up 39% of total imports. It was distantly followed by Guatemala (X tons), El Salvador (X tons) and Chile (X tons), together mixing up a 25% share of total imports. The following importers - Bahamas (X tons), British Virgin Islands (X tons), Costa Rica (X tons), Ecuador (X tons), Uruguay (X tons), Colombia (X tons), Trinidad and Tobago (X tons), Panama (X tons) and Cayman Islands (X tons) - together made up 27% of total imports.

From 2012 to 2021, average annual rates of growth with regard to egg product imports into Mexico stood at -4.4%. At the same time, Panama (+140.3%), British Virgin Islands (+58.0%), El Salvador (+38.7%), Guatemala (+24.5%), Chile (+22.7%), Cayman Islands (+21.5%), Bahamas (+6.8%), Trinidad and Tobago (+2.8%), Colombia (+1.6%), Ecuador (+1.1%) and Uruguay (+1.1%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +140.3% from 2012-2021. By contrast, Costa Rica (-6.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Guatemala, El Salvador, Chile, British Virgin Islands, Panama and Bahamas increased by +8.4, +7.8, +5.6, +3.4, +2.3 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported egg products in Latin America and the Caribbean, comprising 29% of total imports. The second position in the ranking was taken by Guatemala ($X), with a 13% share of total imports. It was followed by Chile, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Mexico amounted to -9.2%. The remaining importing countries recorded the following average annual rates of imports growth: Guatemala (+19.9% per year) and Chile (+19.5% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, jumping by 15% against the previous year. Over the period under review, the import price, however, saw a slight reduction. The pace of growth appeared the most rapid in 2018 when the import price increased by 20% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Chile ($X per ton), while El Salvador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Costa Rica (+6.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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