Latin America and the Caribbean: Herbicide Market 2024

Herbicide Market Size in Latin America and the Caribbean

The Latin American herbicide market skyrocketed to $X in 2021, rising by 19% against the previous year. The market value increased at an average annual rate of +3.8% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Herbicide Production in Latin America and the Caribbean

In value terms, herbicide production fell slightly to $X in 2021 estimated in export price. In general, production showed a abrupt descent. The pace of growth was the most pronounced in 2014 with an increase of 18%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Herbicide Exports

Exports in Latin America and the Caribbean

In 2021, approx. X tons of herbicides were exported in Latin America and the Caribbean; picking up by 13% compared with 2020. Over the period under review, exports, however, saw a pronounced downturn. The most prominent rate of growth was recorded in 2013 with an increase of 30% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, herbicide exports surged to $X in 2021. Overall, exports, however, recorded a mild descent. The growth pace was the most rapid in 2013 with an increase of 28% 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 lower figure.

Exports by Country

The biggest shipments were from Guatemala (X tons), Argentina (X tons) and Colombia (X tons), together finishing at 61% of total export. Paraguay (X tons) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by Costa Rica (10%) and Brazil (9.4%). Mexico (X tons) took a little share of total exports.

From 2012 to 2021, the biggest increases were recorded for Paraguay (with a CAGR of +20.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest herbicide supplying countries in Latin America and the Caribbean were Colombia ($X), Brazil ($X) and Argentina ($X), together comprising 52% of total exports. Guatemala, Paraguay, Costa Rica and Mexico lagged somewhat behind, together comprising a further 35%.

Paraguay, with a CAGR of +27.2%, 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 ton, picking up by 8.7% against the previous year. Over the last nine years, it increased at an average annual rate of +2.4%. The most prominent rate of growth was recorded in 2017 an increase of 9.5% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+5.4%), while the other leaders experienced more modest paces of growth.

Herbicide Imports

Imports in Latin America and the Caribbean

In 2021, supplies from abroad of herbicides increased by 3.5% to X tons, rising for the sixth year in a row after two years of decline. The total import volume increased at an average annual rate of +5.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 23%. Over the period under review, imports reached the maximum in 2021 and are likely to see steady growth in the immediate term.

In value terms, herbicide imports soared to $X in 2021. The total import value increased at an average annual rate of +5.4% over the period from 2012 to 2021; however, the trend pattern 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.

Imports by Country

Brazil represented the main importer of herbicides in Latin America and the Caribbean, with the volume of imports resulting at X tons, which was near 38% of total imports in 2021. It was distantly followed by Argentina (X tons), Colombia (X tons), Uruguay (X tons) and Bolivia (X tons), together committing a 28% share of total imports. Paraguay (X tons), Chile (X tons), Ecuador (X tons), Peru (X tons), Honduras (X tons), Nicaragua (X tons), the Dominican Republic (X tons) and Mexico (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to herbicide imports into Brazil stood at +11.3%. At the same time, the Dominican Republic (+16.9%), Colombia (+10.3%), Ecuador (+6.8%), Peru (+6.7%), Nicaragua (+4.8%), Chile (+4.5%), Honduras (+3.6%), Paraguay (+2.7%) and Bolivia (+2.7%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +16.9% from 2012-2021. Uruguay and Argentina experienced a relatively flat trend pattern. By contrast, Mexico (-5.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Brazil and Colombia increased by +15 and +2.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported herbicides in Latin America and the Caribbean, comprising 45% of total imports. The second position in the ranking was held by Argentina ($X), with an 11% share of total imports. It was followed by Colombia, with a 6% share.

In Brazil, herbicide imports increased at an average annual rate of +11.8% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Argentina (+0.1% per year) and Colombia (+9.1% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, with an increase of 19% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bolivia (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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