Latin America and the Caribbean: Oleo Oils Market 2025

Oleo Oils Market Size in Latin America and the Caribbean

In 2021, the Latin American oleo oils market increased by 25% to $X, rising for the fourth year in a row after two years of decline. Over the period under review, consumption, however, saw a noticeable decrease. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Oleo Oils Production in Latin America and the Caribbean

In value terms, oleo oils production dropped modestly to $X in 2021 estimated in export price. In general, production showed a pronounced descent. The growth pace was the most rapid in 2018 when the production volume increased by 14%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Oleo Oils Exports

Exports in Latin America and the Caribbean

After two years of decline, shipments abroad of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil increased by 181% to X tons in 2021. Overall, exports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2016 with an increase of 265%. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, oleo oils exports skyrocketed to $X in 2021. In general, exports continue to indicate a tangible increase. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Uruguay prevails in exports structure, finishing at X tons, which was near 90% of total exports in 2021. It was distantly followed by Argentina (X tons), generating a 9.5% share of total exports.

Uruguay was also the fastest-growing in terms of the lard stearin, lard oil, oleostearin, oleo-oil and tallow oil exports, with a CAGR of +13.7% from 2012 to 2021. At the same time, Argentina (+3.3%) displayed positive paces of growth. Uruguay (+13 p.p.) significantly strengthened its position in terms of the total exports, while Argentina saw its share reduced by -9.7% from 2012 to 2021, respectively.

In value terms, Uruguay ($X) remains the largest oleo oils supplier in Latin America and the Caribbean, comprising 86% of total exports. The second position in the ranking was held by Argentina ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Uruguay totaled +5.5%.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, shrinking by -9.6% against the previous year. Over the period under review, the export price continues to indicate a abrupt slump. The growth pace was the most rapid in 2018 an increase of 79% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2021, the country with the highest price was Argentina ($X per ton), while Uruguay totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (-4.5%).

Oleo Oils Imports

Imports in Latin America and the Caribbean

In 2021, supplies from abroad of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil increased by 23% to X tons, rising for the fourth consecutive year after two years of decline. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 114% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, oleo oils imports skyrocketed to $X in 2021. In general, imports, however, continue to indicate a slight contraction. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Mexico dominates imports structure, recording X tons, which was approx. 87% of total imports in 2021. It was distantly followed by Aruba (X tons), committing a 6.9% share of total imports. Honduras (X tons) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to oleo oils imports into Mexico stood at +17.6%. At the same time, Aruba (+25.8%) displayed positive paces of growth. Moreover, Aruba emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +25.8% from 2012-2021. By contrast, Honduras (-28.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mexico and Aruba increased by +65 and +5.9 percentage points, respectively.

In value terms, Mexico ($X) constitutes the largest market for imported lard stearin, lard oil, oleostearin, oleo-oil and tallow oil in Latin America and the Caribbean, comprising 76% of total imports. The second position in the ranking was held by Aruba ($X), with a 16% share of total imports.

In Mexico, oleo oils imports increased at an average annual rate of +16.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Aruba (+24.1% per year) and Honduras (-28.0% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, rising by 28% against the previous year. Overall, the import price, however, recorded a pronounced decline. The growth pace was the most rapid in 2014 when the import price increased by 37%. Over the period under review, import prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Honduras (+0.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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