Latin America and the Caribbean: Soya Bean Market 2025

Soya Bean Market Size in Latin America and the Caribbean

The Latin American soya bean market contracted slightly to $X in 2021, remaining constant against the previous year. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Soya Bean Production in Latin America and the Caribbean

In value terms, soya bean production fell slightly to $X in 2021 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the production volume increased by 24%. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

The country with the largest volume of soya bean production was Brazil (X tons), comprising approx. 63% of total volume. Moreover, soya bean production in Brazil exceeded the figures recorded by the second-largest producer, Argentina (X tons), twofold. Paraguay (X tons) ranked third in terms of total production with a 5.2% share.

In Brazil, soya bean production expanded at an average annual rate of +6.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Argentina (+2.9% per year) and Paraguay (+9.4% per year).

The average soya bean yield totaled X tons per ha in 2021, standing approx. at 2020. The yield figure increased at an average annual rate of +2.9% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the yield increased by 14% against the previous year. The level of yield peaked at X tons per ha in 2017; however, from 2018 to 2021, 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.

The soya bean harvested area contracted to X ha in 2021, approximately equating the previous year's figure. The harvested area increased at an average annual rate of +2.4% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2013 when the harvested area increased by 11% against the previous year. Over the period under review, the harvested area dedicated to soya bean production attained the peak figure at X ha in 2020, and then contracted modestly in the following year.

Soya Bean Exports

Exports in Latin America and the Caribbean

In 2021, approx. X tons of soya beans were exported in Latin America and the Caribbean; remaining constant against the year before. Total exports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +9.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +125.5% against 2012 indices. The pace of growth appeared the most rapid in 2013 with an increase of 37%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in years to come.

In value terms, soya bean exports surged to $X in 2021. Total exports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +7.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +20.5% against 2018 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 34% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Brazil dominates exports structure, resulting at X tons, which was near 87% of total exports in 2021. It was distantly followed by Paraguay (X tons), achieving a 6.4% share of total exports. Argentina (X tons) and Uruguay (X tons) took a little share of total exports.

Exports from Brazil increased at an average annual rate of +11.4% from 2012 to 2021. At the same time, Paraguay (+12.4%) displayed positive paces of growth. Moreover, Paraguay emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +12.4% from 2012-2021. By contrast, Argentina (-4.0%) and Uruguay (-4.0%) illustrated a downward trend over the same period. While the share of Brazil (+13 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Uruguay (-4.1 p.p.) and Argentina (-9.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest soya bean supplier in Latin America and the Caribbean, comprising 86% of total exports. The second position in the ranking was taken by Paraguay ($X), with a 6.6% share of total exports. It was followed by Argentina, with a 5% share.

From 2012 to 2021, the average annual growth rate of value in Brazil stood at +9.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Paraguay (+7.3% per year) and Argentina (-3.9% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, rising by 32% against the previous year. Over the period under review, the export price, however, saw a slight setback. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Argentina ($X per ton) and Uruguay ($X per ton), while Brazil ($X per ton) and Paraguay ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+0.1%), while the other leaders experienced a decline in the export price figures.

Soya Bean Imports

Imports in Latin America and the Caribbean

Soya bean imports contracted to X tons in 2021, flattening at the previous year's figure. Over the period under review, imports, however, recorded a buoyant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 77% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, soya bean imports skyrocketed to $X in 2021. In general, imports, however, saw a strong increase. The growth pace was the most rapid in 2018 with an increase of 72%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

Argentina represented the major importer of soya beans in Latin America and the Caribbean, with the volume of imports recording X tons, which was near 54% of total imports in 2021. Mexico (X tons) took a 22% share (based on physical terms) of total imports, which put it in second place, followed by Brazil (9.6%) and Colombia (4.8%). The following importers - Costa Rica (X tons) and Peru (X tons) - each resulted at a 6.2% share of total imports.

Argentina was also the fastest-growing in terms of the soya beans imports, with a CAGR of +143.4% from 2012 to 2021. At the same time, Brazil (+14.0%), Peru (+12.7%), Colombia (+5.1%) and Mexico (+3.0%) displayed positive paces of growth. Costa Rica experienced a relatively flat trend pattern. Argentina (+54 p.p.) significantly strengthened its position in terms of the total imports, while Colombia, Costa Rica and Mexico saw its share reduced by -4.5%, -6.4% and -30% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest soya bean importing markets in Latin America and the Caribbean were Argentina ($X), Mexico ($X) and Brazil ($X), with a combined 89% share of total imports.

Among the main importing countries, Argentina, with a CAGR of +111.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, increasing by 26% against the previous year. Over the last nine years, it increased at an average annual rate of +1.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+8.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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