Latin America and the Caribbean: Market for Forage Harvesters and Other Harvesting Machines 2024

Market Size for Forage Harvesters and Other Harvesting Machines in Latin America and the Caribbean

In 2021, the Latin American market for forage harvesters and other harvesting machines was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption, however, showed a deep slump. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Forage Harvesters and Other Harvesting Machines in Latin America and the Caribbean

In value terms, production of forage harvesters and other harvesting machines expanded notably to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a noticeable decrease. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Forage Harvesters and Other Harvesting Machines

Exports in Latin America and the Caribbean

In 2021, approx. X units of forage harvesters and other harvesting machines were exported in Latin America and the Caribbean; with an increase of 28% on the previous year. In general, exports, however, continue to indicate a slight reduction. The pace of growth was the most pronounced in 2017 when exports increased by 42%. Over the period under review, the exports of reached the peak figure at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, exports of forage harvesters and other harvesting machines skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 60%. Over the period under review, the exports of hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Brazil dominates machines structure, amounting to X units, which was approx. 92% of total exports in 2021. It was distantly followed by Argentina (X units), achieving a 6.7% share of total exports.

Brazil was also the fastest-growing in terms of the forage harvesters and other harvesting machines exports, with a CAGR of +3.0% from 2012 to 2021. Argentina experienced a relatively flat trend pattern. Brazil (+31 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest forage harvesters and other harvesting machines supplier in Latin America and the Caribbean, comprising 91% of total exports. The second position in the ranking was taken by Argentina ($X), with a 7.5% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Brazil was relatively modest.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per unit, almost unchanged from the previous year. Overall, the export price saw a pronounced shrinkage. The growth pace was the most rapid in 2017 an increase of 13%. The level of export peaked at $X per unit in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Argentina ($X per unit), while Brazil amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (-1.9%).

Imports of Forage Harvesters and Other Harvesting Machines

Imports in Latin America and the Caribbean

In 2021, after two years of decline, there was significant growth in purchases abroad of forage harvesters and other harvesting machines, when their volume increased by 14% to X units. In general, imports, however, showed a abrupt contraction. The pace of growth was the most pronounced in 2018 when imports increased by 28% against the previous year. Over the period under review, imports of hit record highs at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, imports of forage harvesters and other harvesting machines rose sharply to $X in 2021. Overall, imports, however, continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2018 when imports increased by 49% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

The countries with the highest levels of imports of forage harvesters and other harvesting machines in 2021 were Brazil (X units), Argentina (X units), Mexico (X units), Paraguay (X units), Chile (X units), Colombia (X units) and Peru (X units), together accounting for 82% of total import. Ecuador (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Ecuador (with a CAGR of +18.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Argentina ($X) and Mexico ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 61% share of total imports. Paraguay, Chile, Colombia, Peru and Ecuador lagged somewhat behind, together accounting for a further 27%.

In terms of the main importing countries, Ecuador, with a CAGR of +22.3%, 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 unit in 2021, dropping by -5.4% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 16% against the previous year. Over the period under review, import prices attained the peak figure at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($X per unit), while Peru ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ecuador (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :