Latin America and the Caribbean: Potato Chips Market 2024

Potato Chips Market Size in Latin America and the Caribbean

The Latin American potato chips market reduced slightly to $X in 2022, dropping by -2.4% against the previous year. The total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.2% 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 -8.2% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Potato Chips Production in Latin America and the Caribbean

In value terms, potato chips production declined modestly to $X in 2022 estimated in export price. The total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 -7.6% against 2019 indices. The pace of growth was the most pronounced in 2013 when the production volume increased by 19%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Potato Chips Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of potato chips decreased by -4.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Total exports indicated a modest increase from 2012 to 2022: its volume increased at an average annual rate of +1.5% 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 +56.8% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of 48% against the previous year. As a result, the exports attained the peak of X tons, and then dropped in the following year.

In value terms, potato chips exports stood at $X in 2022. The total export value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 18% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Mexico dominates exports structure, recording X tons, which was near 76% of total exports in 2022. Argentina (X tons) held the second position in the ranking, followed by Honduras (X tons). All these countries together held approx. 13% share of total exports. Guatemala (X tons) and the Dominican Republic (X tons) followed a long way behind the leaders.

Exports from Mexico increased at an average annual rate of +1.8% from 2012 to 2022. At the same time, Honduras (+8.3%) and Guatemala (+2.5%) displayed positive paces of growth. Moreover, Honduras emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +8.3% from 2012-2022. By contrast, the Dominican Republic (-2.2%) and Argentina (-3.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Honduras and Mexico increased by +2.6 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest potato chips supplier in Latin America and the Caribbean, comprising 73% of total exports. The second position in the ranking was taken by Honduras ($X), with a 6.6% share of total exports. It was followed by Argentina, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico amounted to +3.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Honduras (+9.5% per year) and Argentina (-4.2% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, with an increase of 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (+4.0%), while the other leaders experienced more modest paces of growth.

Potato Chips Imports

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of potato chips increased by 3.2% to X tons, rising for the second consecutive year after three years of decline. The total import volume increased at an average annual rate of +2.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 18% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, potato chips imports totaled $X in 2022. The total import value increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 15%. The level of import peaked in 2022 and is likely to continue growth in the near future.

Imports by Country

In 2022, Mexico (X tons), distantly followed by Uruguay (X tons), Guatemala (X tons), Panama (X tons), Chile (X tons), El Salvador (X tons) and Brazil (X tons) represented the main importers of potato chips, together achieving 70% of total imports. Jamaica (X tons), Costa Rica (X tons), Bolivia (X tons), Paraguay (X tons), Colombia (X tons) and the Dominican Republic (X tons) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to potato chips imports into Mexico stood at +2.9%. At the same time, Panama (+33.3%), the Dominican Republic (+19.4%), Guatemala (+16.6%), Bolivia (+11.3%), Jamaica (+9.4%), Costa Rica (+9.4%), El Salvador (+8.5%), Colombia (+7.3%), Uruguay (+4.0%) and Chile (+2.3%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +33.3% from 2012-2022. By contrast, Paraguay (-6.7%) and Brazil (-8.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Guatemala, Panama, El Salvador and Jamaica increased by +7.4, +7.3, +2.7 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported potato chips in Latin America and the Caribbean, comprising 26% of total imports. The second position in the ranking was held by Panama ($X), with a 10% share of total imports. It was followed by Guatemala, with a 9% share.

From 2012 to 2022, the average annual growth rate of value in Mexico totaled +4.4%. The remaining importing countries recorded the following average annual rates of imports growth: Panama (+37.3% per year) and Guatemala (+16.5% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, growing by 8.4% against the previous year. In general, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Panama ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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