Latin America and the Caribbean: Goat Meat Market 2024

Goat Meat Market Size in Latin America and the Caribbean

The Latin American goat meat market dropped modestly to $X in 2022, reducing by -2% against the previous year. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Goat Meat Production in Latin America and the Caribbean

In value terms, goat meat production contracted modestly to $X in 2022 estimated in export price. The total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -7.4% against 2019 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 37% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were Mexico (X tons), Brazil (X tons) and Argentina (X tons), together accounting for 68% of total production. Bolivia, Cuba, Venezuela, Haiti and Peru lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Cuba (with a CAGR of +5.8%), while production for the other leaders experienced more modest paces of growth.

In 2022, the average yield of goat meat in Latin America and the Caribbean dropped to X kg per head, flattening at the year before. Overall, the yield, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the yield increased by 3.1%. Over the period under review, the goat meat yield attained the peak level at X kg per head in 2021, and then dropped in the following year.

In 2022, the number of animals slaughtered for goat meat production in Latin America and the Caribbean reduced modestly to X heads, stabilizing at 2021 figures. Over the period under review, the number of producing animals, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the number of producing animals increased by 3.8% against the previous year. The level of producing animals peaked at X heads in 2021, and then fell in the following year.

Goat Meat Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of goat meat decreased by -55.5% to X tons, falling for the third consecutive year after two years of growth. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 122% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, goat meat exports declined notably to $X in 2022. Over the period under review, exports, however, recorded modest growth. The most prominent rate of growth was recorded in 2019 with an increase of 144%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Mexico (X tons) and Argentina (X tons) represented the key exporters of goat meat in 2022, finishing at approx. 44% and 41% of total exports, respectively. It was distantly followed by Uruguay (X tons), creating a 14% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Uruguay (with a CAGR of +26.7%), while the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) remains the largest goat meat supplier in Latin America and the Caribbean, comprising 67% of total exports. The second position in the ranking was taken by Argentina ($X), with a 25% share of total exports.

In Mexico, goat meat exports increased at an average annual rate of +3.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Argentina (-0.1% per year) and Uruguay (+15.5% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, dropping by -13.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. The most prominent rate of growth was recorded in 2014 when the export price increased by 30% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Uruguay ($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 (+1.5%), while the other leaders experienced a decline in the export price figures.

Goat Meat Imports

Imports in Latin America and the Caribbean

Goat meat imports reduced to X tons in 2022, shrinking by -6.5% on 2021 figures. Overall, imports recorded a drastic downturn. The pace of growth appeared the most rapid in 2015 with an increase of 14% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, goat meat imports dropped slightly to $X in 2022. In general, imports saw a abrupt curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 35%. The level of import peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

Trinidad and Tobago was the main importing country with an import of around X tons, which finished at 53% of total imports. Antigua and Barbuda (X tons) held a 13% share (based on physical terms) of total imports, which put it in second place, followed by Cayman Islands (8.2%) and Saint Lucia (7.2%). Jamaica (X tons), Bahamas (X tons) and Aruba (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to goat meat imports into Trinidad and Tobago stood at -9.0%. At the same time, Saint Lucia (+19.9%), Antigua and Barbuda (+12.0%), Cayman Islands (+3.5%) and Aruba (+3.2%) displayed positive paces of growth. Moreover, Saint Lucia emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +19.9% from 2012-2022. By contrast, Bahamas (-1.8%) and Jamaica (-28.4%) illustrated a downward trend over the same period. Antigua and Barbuda (+12 p.p.), Trinidad and Tobago (+9.6 p.p.), Saint Lucia (+6.8 p.p.), Cayman Islands (+6.4 p.p.), Aruba (+2 p.p.) and Bahamas (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while Jamaica saw its share reduced by -28.8% from 2012 to 2022, respectively.

In value terms, Trinidad and Tobago ($X) constitutes the largest market for imported goat meat in Latin America and the Caribbean, comprising 67% of total imports. The second position in the ranking was held by Cayman Islands ($X), with an 8.5% share of total imports. It was followed by Saint Lucia, with a 5.9% share.

In Trinidad and Tobago, goat meat imports declined by an average annual rate of -2.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Cayman Islands (+9.4% per year) and Saint Lucia (+24.9% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, surging by 1.6% against the previous year. Import price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, goat meat import price increased by +72.9% against 2013 indices. The most prominent rate of growth was recorded in 2019 when the import price increased by 25%. Over the period under review, import prices attained the maximum in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Trinidad and Tobago ($X per ton), while Antigua and Barbuda ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago (+6.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :