Latin America and the Caribbean: Market for Frozen Vegetables other than Potato and Corn 2024

Market Size for Frozen Vegetables other than Potato and Corn in Latin America and the Caribbean

The Latin American market for frozen vegetables other than potato and corn fell modestly to $X in 2022, standing approx. at the previous year. The total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +60.0% against 2018 indices. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Production of Frozen Vegetables other than Potato and Corn in Latin America and the Caribbean

In value terms, production of frozen vegetables other than potato and corn totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2019 with an increase of 11%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Frozen Vegetables other than Potato and Corn

Exports in Latin America and the Caribbean

In 2022, the amount of frozen vegetables other than potato and corn exported in Latin America and the Caribbean was estimated at X tons, picking up by 4.4% against 2021. The total export volume increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when exports increased by 40%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, exports of frozen vegetables other than potato and corn expanded significantly to $X in 2022. The total export value increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of 23% against the previous year. Over the period under review, the exports of attained the peak figure in 2022 and are likely to see steady growth in the near future.

Exports by Country

Mexico represented the main exporting country with an export of around X tons, which accounted for 65% of total exports. Ecuador (X tons) held an 18% share (based on physical terms) of total exports, which put it in second place, followed by Guatemala (9.8%). Peru (X tons) and Chile (X tons) took a little share of total exports.

Mexico experienced a relatively flat trend pattern with regard to volume of exports of frozen vegetables other than potato and corn. At the same time, Guatemala (+15.5%) and Ecuador (+5.1%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +15.5% from 2012-2022. Peru experienced a relatively flat trend pattern. By contrast, Chile (-2.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Guatemala and Ecuador increased by +7 and +4.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest frozen vegetables other than potato and corn supplier in Latin America and the Caribbean, comprising 60% of total exports. The second position in the ranking was held by Ecuador ($X), with an 18% share of total exports. It was followed by Guatemala, with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico amounted to +3.7%. In the other countries, the average annual rates were as follows: Ecuador (+5.7% per year) and Guatemala (+13.6% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, surging by 3.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2016 when the export price increased by 10%. The level of export peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.9%), while the other leaders experienced more modest paces of growth.

Imports of Frozen Vegetables other than Potato and Corn

Imports in Latin America and the Caribbean

In 2022, approx. X tons of frozen vegetables other than potato and corn were imported in Latin America and the Caribbean; picking up by 6.3% compared with 2021. Overall, imports showed a prominent expansion. The growth pace was the most rapid in 2016 when imports increased by 22% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, imports of frozen vegetables other than potato and corn expanded notably to $X in 2022. Over the period under review, imports recorded resilient growth. The most prominent rate of growth was recorded in 2016 when imports increased by 24%. Over the period under review, imports of hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Brazil (X tons), Chile (X tons) and Mexico (X tons) was the largest importer of frozen vegetables other than potato and corn in Latin America and the Caribbean, committing 59% of total import. Colombia (X tons) held a 6.5% share (based on physical terms) of total imports, which put it in second place, followed by Uruguay (4.8%). The following importers - Jamaica (X tons), Guatemala (X tons), Argentina (X tons), Costa Rica (X tons) and the Dominican Republic (X tons) - together made up 17% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Argentina (with a CAGR of +30.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen vegetables other than potato and corn importing markets in Latin America and the Caribbean were Mexico ($X), Brazil ($X) and Chile ($X), together accounting for 63% of total imports. Colombia, Guatemala, Uruguay, the Dominican Republic, Argentina, Jamaica and Costa Rica lagged somewhat behind, together comprising a further 24%.

Argentina, with a CAGR of +25.2%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, growing by 4.1% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by 10% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($X per ton), while Jamaica ($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 (+4.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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