Latin America and the Caribbean: Sweet Potato Market 2024

Sweet Potato Market Size in Latin America and the Caribbean

The Latin American sweet potato market rose slightly to $X in 2021, with an increase of 4.5% against the previous year. In general, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Sweet Potato Production in Latin America and the Caribbean

In value terms, sweet potato production skyrocketed to $X in 2021 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The level of production peaked at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Brazil (X tons) constituted the country with the largest volume of sweet potato production, accounting for 35% of total volume. Moreover, sweet potato production in Brazil exceeded the figures recorded by the second-largest producer, Cuba (X tons), twofold. The third position in this ranking was taken by Argentina (X tons), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume in Brazil stood at +6.2%. In the other countries, the average annual rates were as follows: Cuba (+1.8% per year) and Argentina (+0.2% per year).

The average sweet potato yield expanded slightly to X tons per ha in 2021, surging by 4.4% on the previous year's figure. The yield figure increased at an average annual rate of +3.5% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2019 when the yield increased by 25% against the previous year. The level of yield peaked in 2021 and is likely to see gradual growth in years to come. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, approx. X ha of sweet potatoes were harvested in Latin America and the Caribbean; approximately mirroring the previous year's figure. In general, the harvested area continues to indicate a pronounced descent. The most prominent rate of growth was recorded in 2018 with an increase of 14%. The level of harvested area peaked at X ha in 2012; however, from 2013 to 2021, the harvested area remained at a lower figure.

Sweet Potato Exports

Exports in Latin America and the Caribbean

In 2021, shipments abroad of sweet potatoes was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports showed a temperate increase. The pace of growth was the most pronounced in 2014 with an increase of 59% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, sweet potato exports totaled $X in 2021. Total exports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -9.5% against 2017 indices. The pace of growth was the most pronounced in 2014 with an increase of 51% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Peru (X tons), the Dominican Republic (X tons) and Brazil (X tons) represented roughly 78% of total exports in 2021. It was distantly followed by Guatemala (X tons) and Costa Rica (X tons), together making up a 16% share of total exports. Jamaica (X tons) took a relatively small share of total exports.

From 2012 to 2021, the biggest increases were recorded for Guatemala (with a CAGR of +47.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Dominican Republic ($X), Brazil ($X) and Peru ($X) were the countries with the highest levels of exports in 2021, with a combined 66% share of total exports. These countries were followed by Jamaica, Guatemala and Costa Rica, which together accounted for a further 32%.

Among the main exporting countries, Guatemala, with a CAGR of +63.1%, recorded 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

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, surging by 7.7% against the previous year. Export price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sweet potato export price increased by +6.5% against 2017 indices. The most prominent rate of growth was recorded in 2013 when the export price increased by 52% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, 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 Jamaica ($X per ton), while Peru ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guatemala (+10.5%), while the other leaders experienced more modest paces of growth.

Sweet Potato Imports

Imports in Latin America and the Caribbean

In 2021, approx. X tons of sweet potatoes were imported in Latin America and the Caribbean; which is down by -21.5% against 2020. Over the period under review, imports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2016 when imports increased by 289% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, sweet potato imports rose rapidly to $X in 2021. In general, imports, however, showed a prominent expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 269% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Chile (X tons) was the major importer of sweet potatoes, generating 40% of total imports. Paraguay (X tons) ranks second in terms of the total imports with a 16% share, followed by Ecuador (13%), Bolivia (11%), Mexico (7.7%) and Argentina (5%). Cayman Islands (X tons) followed a long way behind the leaders.

Imports into Chile increased at an average annual rate of +26.5% from 2012 to 2021. At the same time, Ecuador (+116.9%), Paraguay (+56.1%), Bolivia (+17.5%) and Argentina (+5.0%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +116.9% from 2012-2021. Cayman Islands experienced a relatively flat trend pattern. By contrast, Mexico (-4.4%) illustrated a downward trend over the same period. While the share of Chile (+25 p.p.), Paraguay (+15 p.p.), Ecuador (+13 p.p.), Bolivia (+3.4 p.p.) and Cayman Islands (+2.4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Argentina (-4.6 p.p.) and Mexico (-26.8 p.p.) displayed negative dynamics.

In value terms, the largest sweet potato importing markets in Latin America and the Caribbean were Mexico ($X), Chile ($X) and Cayman Islands ($X), together accounting for 54% of total imports. These countries were followed by Paraguay, Argentina, Bolivia and Ecuador, which together accounted for a further 32%.

Ecuador, with a CAGR of +106.1%, recorded the highest growth rate of the value of imports, among 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

The import price in Latin America and the Caribbean stood at $X per ton in 2021, jumping by 41% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible contraction. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bolivia (+17.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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