Latin America and the Caribbean: Market for Leather of Bovine and Equine Animals 2025

Market Size for Leather of Bovine and Equine Animals in Latin America and the Caribbean

In 2021, the Latin American bovine and equine leather market increased by 7.2% to $X, rising for the second year in a row after five years of decline. Overall, consumption, however, showed a abrupt slump. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Production of Leather of Bovine and Equine Animals in Latin America and the Caribbean

In value terms, bovine and equine leather production rose markedly to $X in 2021 estimated in export price. Overall, production, however, showed a deep setback. The most prominent rate of growth was recorded in 2014 with an increase of 7.2% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Exports of Leather of Bovine and Equine Animals

Exports in Latin America and the Caribbean

In 2021, shipments abroad of leather of bovine and equine animals increased by 17% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when exports increased by 18% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, bovine and equine leather exports skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a abrupt curtailment. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Brazil prevails in exports structure, recording X tons, which was near 61% of total exports in 2021. It was distantly followed by Argentina (X tons), Uruguay (X tons) and Paraguay (X tons), together making up a 23% share of total exports. The following exporters - Venezuela (X tons), Colombia (X tons) and Mexico (X tons) - together made up 11% of total exports.

Brazil experienced a relatively flat trend pattern with regard to volume of exports of leather of bovine and equine animals. At the same time, Uruguay (+4.9%), Venezuela (+3.4%) and Paraguay (+2.3%) displayed positive paces of growth. Moreover, Uruguay emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +4.9% from 2012-2021. By contrast, Colombia (-1.9%), Mexico (-2.8%) and Argentina (-5.4%) illustrated a downward trend over the same period. Uruguay (+2.7 p.p.), Paraguay (+1.6 p.p.) and Brazil (+1.5 p.p.) significantly strengthened its position in terms of the total exports, while Argentina saw its share reduced by -5.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest bovine and equine leather supplier in Latin America and the Caribbean, comprising 66% of total exports. The second position in the ranking was held by Argentina ($X), with an 8.8% share of total exports. It was followed by Uruguay, with a 7.1% share.

In Brazil, bovine and equine leather exports decreased by an average annual rate of -4.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Argentina (-15.2% per year) and Uruguay (-6.5% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, increasing by 18% against the previous year. Over the period under review, the export price, however, recorded a abrupt downturn. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Venezuela ($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 (-4.0%), while the other leaders experienced a decline in the export price figures.

Imports of Leather of Bovine and Equine Animals

Imports in Latin America and the Caribbean

In 2021, overseas purchases of leather of bovine and equine animals increased by 53% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, saw a relatively flat trend pattern. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, bovine and equine leather imports surged to $X in 2021. In general, imports, however, saw a perceptible decline. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Mexico (X tons) was the major importer of leather of bovine and equine animals, generating 48% of total imports. Brazil (X tons) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by Guatemala (6.7%), the Dominican Republic (6.5%), Costa Rica (5.9%) and Uruguay (5.8%). Paraguay (X tons) followed a long way behind the leaders.

Imports into Mexico decreased at an average annual rate of -1.4% from 2012 to 2021. At the same time, Brazil (+27.3%), Costa Rica (+19.5%), Guatemala (+2.8%) and Paraguay (+1.4%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +27.3% from 2012-2021. By contrast, Uruguay (-3.2%) and the Dominican Republic (-11.3%) illustrated a downward trend over the same period. Brazil (+14 p.p.), Costa Rica (+4.7 p.p.) and Guatemala (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Uruguay, Mexico and the Dominican Republic saw its share reduced by -1.9%, -5.6% and -12.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported leather of bovine and equine animals in Latin America and the Caribbean, comprising 52% of total imports. The second position in the ranking was held by Costa Rica ($X), with a 19% share of total imports. It was followed by Uruguay, with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico stood at -4.5%. In the other countries, the average annual rates were as follows: Costa Rica (+17.8% per year) and Uruguay (-5.4% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, falling by -13.4% against the previous year. Over the period under review, the import price saw a noticeable downturn. The pace of growth was the most pronounced in 2014 when the import price increased by 15% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Costa Rica ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+2.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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