Latin America and the Caribbean: Ghee Market 2024

Ghee Market Size in Latin America and the Caribbean

After two years of decline, the Latin American ghee market increased by 69% to $X in 2022. Overall, consumption posted strong growth. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Ghee Production in Latin America and the Caribbean

In value terms, ghee production surged to $X in 2022 estimated in export price. In general, production continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2020 when the production volume increased by 430% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Mexico (X tons) remains the largest ghee producing country in Latin America and the Caribbean, accounting for 67% of total volume. Moreover, ghee production in Mexico exceeded the figures recorded by the second-largest producer, Argentina (X tons), threefold. Chile (X tons) ranked third in terms of total production with a 5.9% share.

In Mexico, ghee production increased at an average annual rate of +462.5% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Argentina (+6.2% per year) and Chile (+1.0% per year).

Ghee Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of ghee were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports saw a perceptible expansion. The pace of growth appeared the most rapid in 2013 with an increase of 101% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, ghee exports skyrocketed to $X in 2022. Over the period under review, exports showed prominent growth. The pace of growth was the most pronounced in 2013 when exports increased by 132% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Argentina represented the main exporter of ghee in Latin America and the Caribbean, with the volume of exports accounting for X tons, which was near 71% of total exports in 2022. It was distantly followed by Chile (X tons), comprising an 18% share of total exports. The following exporters - Uruguay (X tons) and Mexico (X tons) - each accounted for an 8.7% share of total exports.

Exports from Argentina increased at an average annual rate of +6.1% from 2012 to 2022. At the same time, Chile (+31.0%) and Uruguay (+2.1%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +31.0% from 2012-2022. By contrast, Mexico (-9.0%) illustrated a downward trend over the same period. While the share of Argentina (+20 p.p.) and Chile (+17 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Mexico (-10.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Argentina ($X) emerged as the largest ghee supplier in Latin America and the Caribbean, comprising 70% of total exports. The second position in the ranking was held by Chile ($X), with a 19% share of total exports. It was followed by Mexico, with a 5% share.

In Argentina, ghee exports increased at an average annual rate of +9.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Chile (+41.8% per year) and Mexico (-2.8% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, surging by 20% against the previous year. Export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ghee export price increased by +22.3% against 2020 indices. The pace of growth was the most pronounced in 2017 an increase of 22%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Mexico ($X per ton) and Chile ($X per ton), while Argentina ($X per ton) and Uruguay ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+8.3%), while the other leaders experienced more modest paces of growth.

Ghee Imports

Imports in Latin America and the Caribbean

After two years of decline, purchases abroad of ghee increased by 43% to X tons in 2022. In general, imports, however, saw a deep downturn. The most prominent rate of growth was recorded in 2016 when imports increased by 315%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, ghee imports skyrocketed to $X in 2022. Over the period under review, imports, however, continue to indicate a mild setback. The growth pace was the most rapid in 2016 when imports increased by 431% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Peru (X tons) and Mexico (X tons) represented roughly 65% of total imports in 2022. Brazil (X tons) ranks next in terms of the total imports with a 9.3% share, followed by Panama (7.3%) and the Dominican Republic (5.2%). Guatemala (X tons) and Trinidad and Tobago (X tons) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Panama (with a CAGR of +176.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest ghee importing markets in Latin America and the Caribbean were Mexico ($X), Peru ($X) and Brazil ($X), together comprising 73% of total imports. Panama, the Dominican Republic, Guatemala and Trinidad and Tobago lagged somewhat behind, together comprising a further 19%.

Panama, with a CAGR of +220.8%, recorded the highest growth rate of the value of imports, among 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, with an increase of 17% against the previous year. Import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ghee import price increased by +22.6% against 2020 indices. The most prominent rate of growth was recorded in 2016 an increase of 28%. Over the period under review, import prices reached the maximum in 2022 and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in the Dominican Republic ($X per ton) and Brazil ($X per ton), while Peru ($X per ton) and Trinidad and Tobago ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+16.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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