Latin America and the Caribbean: Honey Market 2024

Honey Market Size in Latin America and the Caribbean

The Latin American honey market dropped to $X in 2022, with a decrease of -10.7% against the previous year. The total consumption indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -27.6% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Honey Production in Latin America and the Caribbean

In value terms, honey production fell modestly to $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the production volume increased by 20%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Honey Exports

Exports in Latin America and the Caribbean

In 2022, the amount of honey exported in Latin America and the Caribbean expanded to X tons, increasing by 2.1% compared with the previous year's figure. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 22%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, honey exports expanded rapidly to $X in 2022. Total exports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +72.4% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 39% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the near future.

Exports by Country

Argentina represented the main exporter of honey in Latin America and the Caribbean, with the volume of exports recording X tons, which was near 43% of total exports in 2022. Brazil (X tons) took the second position in the ranking, followed by Mexico (X tons), Cuba (X tons) and Uruguay (X tons). All these countries together took near 53% share of total exports. Chile (X tons) took a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Brazil (with a CAGR of +8.2%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest honey supplying countries in Latin America and the Caribbean were Argentina ($X), Brazil ($X) and Mexico ($X), with a combined 83% share of total exports.

In terms of the main exporting countries, Brazil, with a CAGR of +10.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, with an increase of 3.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The pace of growth was the most pronounced in 2021 when the export price increased by 39%. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Chile ($X per ton), while Cuba ($X per ton) was amongst the lowest.

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

Honey Imports

Imports in Latin America and the Caribbean

In 2022, imports of honey in Latin America and the Caribbean dropped to X tons, waning by -5.3% on the previous year. In general, imports, however, posted a remarkable increase. The pace of growth appeared the most rapid in 2020 when imports increased by 47% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, honey imports shrank to $X in 2022. Overall, imports, however, posted a resilient increase. The growth pace was the most rapid in 2020 when imports increased by 41% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then shrank in the following year.

Imports by Country

Colombia (X tons), Costa Rica (X tons), Panama (X tons), Honduras (X tons), Barbados (X tons) and Bahamas (X tons) represented roughly 80% of total imports in 2022. Curacao (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Panama (with a CAGR of +71.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Colombia ($X), Panama ($X) and Costa Rica ($X) were the countries with the highest levels of imports in 2022, with a combined 53% share of total imports.

In terms of the main importing countries, Panama, with a CAGR of +73.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, with a decrease of -6.4% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 18% against the previous year. As a result, import price reached the peak level of $X per ton, and then declined in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Panama ($X per ton), while Curacao ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Honduras (+1.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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