Latin America and the Caribbean: Hay-Making Machinery Market 2025

Hay-Making Machinery Market Size in Latin America and the Caribbean

In 2021, the Latin American hay-making machinery market increased by 0.3% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, saw a noticeable reduction. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Hay-Making Machinery Production in Latin America and the Caribbean

In value terms, hay-making machinery production reduced slightly to $X in 2021 estimated in export price. In general, production, however, showed a pronounced reduction. The growth pace was the most rapid in 2017 with an increase of 18%. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Hay-Making Machinery Exports

Exports in Latin America and the Caribbean

In 2021, approx. X units of hay-making machinery were exported in Latin America and the Caribbean; with an increase of 37% compared with the previous year. Overall, exports continue to indicate prominent growth. The pace of growth was the most pronounced in 2013 when exports increased by 138% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, hay-making machinery exports skyrocketed to $X in 2021. In general, exports showed a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of 151% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Argentina was the major exporter of hay-making machinery in Latin America and the Caribbean, with the volume of exports reaching X units, which was approx. 54% of total exports in 2021. It was distantly followed by Costa Rica (X units), Brazil (X units) and Uruguay (X units), together generating a 41% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to hay-making machinery exports from Argentina stood at +11.7%. At the same time, Brazil (+22.0%), Costa Rica (+11.2%) and Uruguay (+8.0%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +22.0% from 2012-2021. Argentina (+23 p.p.), Brazil (+13 p.p.) and Costa Rica (+7.5 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, Argentina ($X), Costa Rica ($X) and Brazil ($X) were the countries with the highest levels of exports in 2021, with a combined 92% share of total exports.

Costa Rica, with a CAGR of +22.1%, saw the highest growth rate of the value of exports, in terms of 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 unit, increasing by 10% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2017 when the export price increased by 26%. The level of export peaked at $X per unit in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Costa Rica ($X per unit), while Uruguay ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Costa Rica (+9.8%), while the other leaders experienced mixed trends in the export price figures.

Hay-Making Machinery Imports

Imports in Latin America and the Caribbean

In 2021, after two years of decline, there was significant growth in purchases abroad of hay-making machinery, when their volume increased by 74% to X units. Total imports indicated a modest expansion from 2012 to 2021: its volume increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, hay-making machinery imports skyrocketed to $X in 2021. Total imports indicated modest growth from 2012 to 2021: its value increased at an average annual rate of +1.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +93.4% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Brazil (X units), Chile (X units) and Paraguay (X units) represented roughly 58% of total imports in 2021. Uruguay (X units) took an 8.3% share (based on physical terms) of total imports, which put it in second place, followed by Panama (6.4%) and Argentina (5.4%). The following importers - Mexico (X units), Colombia (X units), Peru (X units), Ecuador (X units) and Costa Rica (X units) - together made up 16% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Panama (with a CAGR of +47.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hay-making machinery importing markets in Latin America and the Caribbean were Brazil ($X), Chile ($X) and Paraguay ($X), with a combined 66% share of total imports. Uruguay, Argentina, Mexico, Panama, Ecuador, Costa Rica, Colombia and Peru lagged somewhat behind, together comprising a further 29%.

Panama, with a CAGR of +97.2%, recorded the highest rates of growth with regard to 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 2021, the import price in Latin America and the Caribbean amounted to $X per unit, increasing by 4% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the import price increased by 9.4%. Over the period under review, import prices attained the maximum at $X per unit in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

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 Peru (+11.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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