Latin America and the Caribbean: Maize Market 2025

Maize Market Size in Latin America and the Caribbean

The Latin American maize market reduced to $X in 2022, with a decrease of -7.4% against the previous year. The market value increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X, and then declined in the following year.

Maize Production in Latin America and the Caribbean

In value terms, maize production fell to $X in 2022 estimated in export price. The total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -32.2% against 2019 indices. The pace of growth was the most pronounced in 2019 when the production volume increased by 89% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

The countries with the highest volumes of production in 2022 were Brazil (X tons), Argentina (X tons) and Mexico (X tons), with a combined 91% share of total production.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of +10.9%), while production for the other leaders experienced more modest paces of growth.

In 2022, the average yield of maize in Latin America and the Caribbean expanded rapidly to X tons per ha, increasing by 5.2% compared with the previous year's figure. The yield figure increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2017 with an increase of 17%. Over the period under review, the maize yield reached the peak level at X tons per ha in 2019; however, from 2020 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of maize production in Latin America and the Caribbean reduced slightly to X ha, which is down by -1.6% on the previous year's figure. The harvested area increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 9.8% against the previous year. Over the period under review, the harvested area dedicated to maize production reached the peak figure at X ha in 2021, and then contracted in the following year.

Maize Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of maize increased by 40% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports showed buoyant growth. The pace of growth appeared the most rapid in 2019 when exports increased by 70%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, maize exports skyrocketed to $X in 2022. Overall, exports continue to indicate a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Brazil (X tons) and Argentina (X tons) prevails in exports structure, together constituting 94% of total exports. It was distantly followed by Paraguay (X tons), constituting a 5.5% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +8.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest maize supplying countries in Latin America and the Caribbean were Brazil ($X), Argentina ($X) and Paraguay ($X), together accounting for 99% of total exports.

Among the main exporting countries, Brazil, with a CAGR of +8.6%, 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

The export price in Latin America and the Caribbean stood at $X per ton in 2022, growing by 23% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 30%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Paraguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+0.4%), while the other leaders experienced mixed trends in the export price figures.

Maize Imports

Imports in Latin America and the Caribbean

For the third consecutive year, LatAmerica and the Caribbean recorded growth in purchases abroad of maize, which increased by 4.9% to X tons in 2022. Overall, imports recorded prominent growth. The pace of growth was the most pronounced in 2021 when imports increased by 33%. The volume of import peaked in 2022 and is likely to see steady growth in years to come.

In value terms, maize imports totaled $X in 2022. Over the period under review, imports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2021 with an increase of 47% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Mexico was the main importing country with an import of around X tons, which finished at 42% of total imports. It was distantly followed by Colombia (X tons), Peru (X tons), Chile (X tons), the Dominican Republic (X tons), Brazil (X tons) and Guatemala (X tons), together creating a 45% share of total imports.

Imports into Mexico increased at an average annual rate of +6.2% from 2012 to 2022. At the same time, the Dominican Republic (+15.3%), Chile (+14.9%), Guatemala (+14.5%), Brazil (+12.2%), Peru (+7.2%) and Colombia (+6.2%) 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 +15.3% from 2012-2022. From 2012 to 2022, the share of Chile, the Dominican Republic, Guatemala and Brazil increased by +3.5, +3.3, +2.8 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported maize in Latin America and the Caribbean, comprising 45% of total imports. The second position in the ranking was taken by Colombia ($X), with an 11% share of total imports. It was followed by Chile, with a 7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico amounted to +6.1%. In the other countries, the average annual rates were as follows: Colombia (+4.1% per year) and Chile (+11.4% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, almost unchanged from the previous year. Overall, the import price showed a mild shrinkage. The pace of growth appeared the most rapid in 2021 an increase of 11%. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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 Mexico ($X per ton), while the Dominican Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+1.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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