Latin America and the Caribbean: Market for Lucerne (Alfalfa) Meal And Pellets 2024

Market Size for Lucerne (Alfalfa) Meal And Pellets in Latin America and the Caribbean

In 2021, after two years of decline, there was significant growth in the Latin American lucerne meal and pellets market, when its value increased by 9.3% to $X. In general, consumption, however, recorded a noticeable slump. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Lucerne (Alfalfa) Meal And Pellets in Latin America and the Caribbean

In value terms, lucerne meal and pellets production expanded rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a perceptible setback. The pace of growth was the most pronounced in 2015 with an increase of 15% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Lucerne (Alfalfa) Meal And Pellets

Exports in Latin America and the Caribbean

In 2021, after three years of growth, there was significant decline in overseas shipments of lucerne (alfalfa) meal and pellets, when their volume decreased by -41.9% to X tons. Over the period under review, exports, however, saw a buoyant increase. The growth pace was the most rapid in 2019 with an increase of 56% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2020, and then shrank sharply in the following year.

In value terms, lucerne meal and pellets exports declined notably to $X in 2021. Overall, exports, however, recorded a resilient expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 46% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020, and then contracted rapidly in the following year.

Exports by Country

Argentina (X tons) and Mexico (X tons) prevails in exports structure, together mixing up 94% of total exports. It was distantly followed by Chile (X tons), generating a 4.9% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Argentina (with a CAGR of +19.6%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Mexico ($X) remains the largest lucerne meal and pellets supplier in Latin America and the Caribbean, comprising 70% of total exports. The second position in the ranking was held by Argentina ($X), with a 24% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico stood at +20.5%. In the other countries, the average annual rates were as follows: Argentina (+12.8% per year) and Chile (-14.9% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, growing by 15% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2017 an increase of 18%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the export prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+10.3%), while the other leaders experienced a decline in the export price figures.

Imports of Lucerne (Alfalfa) Meal And Pellets

Imports in Latin America and the Caribbean

For the sixth year in a row, LatAmerica and the Caribbean recorded growth in overseas purchases of lucerne (alfalfa) meal and pellets, which increased by 58% to X tons in 2021. In general, imports recorded buoyant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, lucerne meal and pellets imports soared to $X in 2021. Overall, imports continue to indicate a prominent increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Chile (X tons) represented the major importer of lucerne (alfalfa) meal and pellets, committing 52% of total imports. Colombia (X tons) held the second position in the ranking, followed by Panama (X tons), Brazil (X tons) and the Dominican Republic (X tons). All these countries together held approx. 37% share of total imports. Jamaica (X tons) held a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to lucerne meal and pellets imports into Chile stood at +63.0%. At the same time, Panama (+246.0%), the Dominican Republic (+13.6%), Brazil (+9.3%), Colombia (+8.8%) and Jamaica (+7.9%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +246.0% from 2012-2021. Chile (+50 p.p.) and Panama (+8.6 p.p.) significantly strengthened its position in terms of the total imports, while Colombia saw its share reduced by -2.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) constitutes the largest market for imported lucerne (alfalfa) meal and pellets in Latin America and the Caribbean, comprising 40% of total imports. The second position in the ranking was taken by Colombia ($X), with an 18% share of total imports. It was followed by Panama, with a 12% share.

In Chile, lucerne meal and pellets imports increased at an average annual rate of +54.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Colombia (+6.1% per year) and Panama (+170.8% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, waning by -2.1% against the previous year. Over the period under review, the import price recorded a pronounced shrinkage. The pace of growth appeared the most rapid in 2013 an increase of 6.1% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Jamaica ($X per ton), while Brazil ($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 (+3.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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