Latin America and the Caribbean: Preserved Sweet Corn Market 2024

Preserved Sweet Corn Market Size in Latin America and the Caribbean

The Latin American preserved sweet corn market rose markedly to $X in 2022, surging by 7.3% against the previous year. The market value increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in years to come.

Preserved Sweet Corn Production in Latin America and the Caribbean

In value terms, preserved sweet corn production stood at $X in 2022 estimated in export price. In general, production, however, saw a perceptible shrinkage. The pace of growth appeared the most rapid in 2013 with an increase of 2.8%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

The country with the largest volume of preserved sweet corn production was Brazil (X tons), accounting for 90% of total volume. Moreover, preserved sweet corn production in Brazil exceeded the figures recorded by the second-largest producer, Peru (X tons), more than tenfold.

In Brazil, preserved sweet corn production remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Peru (+0.9% per year) and Ecuador (+1.3% per year).

Preserved Sweet Corn Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of sweet corn prepared or preserved decreased by -7.5% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, posted a remarkable increase. The pace of growth was the most pronounced in 2016 when exports increased by 29%. The volume of export peaked at X tons in 2021, and then declined in the following year.

In value terms, preserved sweet corn exports surged to $X in 2022. Total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +7.6% 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 +65.0% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 27%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Brazil prevails in exports structure, resulting at X tons, which was near 86% of total exports in 2022. It was distantly followed by Mexico (X tons), generating a 7.8% share of total exports. Peru (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to preserved sweet corn exports from Brazil stood at +9.2%. At the same time, Peru (+67.5%) and Mexico (+7.7%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +67.5% from 2012-2022. Brazil (+11 p.p.) and Peru (+4.4 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest preserved sweet corn supplier in Latin America and the Caribbean, comprising 83% of total exports. The second position in the ranking was held by Mexico ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Brazil totaled +9.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Mexico (+9.2% per year) and Peru (+50.6% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, growing by 25% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Peru ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+1.4%), while the other leaders experienced mixed trends in the export price figures.

Preserved Sweet Corn Imports

Imports in Latin America and the Caribbean

In 2022, after seven years of growth, there was significant decline in purchases abroad of sweet corn prepared or preserved, when their volume decreased by -5.6% to X tons. Total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when imports increased by 16%. The volume of import peaked at X tons in 2021, and then reduced in the following year.

In value terms, preserved sweet corn imports rose rapidly to $X in 2022. Total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +48.8% against 2013 indices. The growth pace was the most rapid in 2013 when imports increased by 17%. The level of import peaked in 2022 and is likely to continue growth in the near future.

Imports by Country

The countries with the highest levels of preserved sweet corn imports in 2022 were Argentina (X tons), Colombia (X tons) and the Dominican Republic (X tons), together accounting for 44% of total import. Costa Rica (X tons) ranks next in terms of the total imports with an 8.3% share, followed by Paraguay (5.2%). Uruguay (X tons), Guatemala (X tons), Honduras (X tons), Panama (X tons), Mexico (X tons), Jamaica (X tons), Chile (X tons) and Trinidad and Tobago (X tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Panama (with a CAGR of +98.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Dominican Republic ($X), Argentina ($X) and Colombia ($X) were the countries with the highest levels of imports in 2022, together comprising 44% of total imports. Costa Rica, Paraguay, Panama, Guatemala, Uruguay, Honduras, Jamaica, Mexico, Trinidad and Tobago and Chile lagged somewhat behind, together accounting for a further 37%.

Panama, with a CAGR of +100.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, with an increase of 16% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. As a result, import price reached 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 the Dominican Republic ($X per ton), while Chile ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Honduras (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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