Latin America and the Caribbean: Vegetable Product Market 2025

Vegetable Product Market Size in Latin America and the Caribbean

The Latin American vegetable product market contracted modestly to $X in 2022, shrinking by -2.6% against the previous year. Overall, consumption, however, recorded a perceptible descent. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Vegetable Product Production in Latin America and the Caribbean

In value terms, vegetable product production contracted to $X in 2022 estimated in export price. In general, production, however, continues to indicate a pronounced reduction. The growth pace was the most rapid in 2021 when the production volume increased by 21%. The level of production peaked at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Brazil (X tons) remains the largest vegetable product producing country in Latin America and the Caribbean, accounting for 77% of total volume. Moreover, vegetable product production in Brazil exceeded the figures recorded by the second-largest producer, Mexico (X tons), more than tenfold. The third position in this ranking was held by Guatemala (X tons), with a 2.9% share.

In Brazil, vegetable product production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Mexico (+0.7% per year) and Guatemala (+1.3% per year).

The average vegetable product yield amounted to X tons per ha in 2022, picking up by 2% on the previous year. Over the period under review, the yield, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the yield increased by 2.8%. Over the period under review, the vegetable product yield attained the peak level at X tons per ha in 2013; however, from 2014 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, approx. X ha of vegetable products were harvested in Latin America and the Caribbean; leveling off at 2021 figures. In general, the harvested area showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the harvested area increased by 4.8% against the previous year. Over the period under review, the harvested area dedicated to vegetable product production attained the peak figure at X ha in 2014; however, from 2015 to 2022, the harvested area stood at a somewhat lower figure.

Vegetable Product Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of vegetable products decreased by -33% to X tons, falling for the second year in a row after two years of growth. Total exports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -43.0% against 2020 indices. The growth pace was the most rapid in 2013 when exports increased by 38% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, vegetable product exports reduced dramatically to $X in 2022. In general, exports recorded a slight setback. The growth pace was the most rapid in 2013 with an increase of 51% against the previous year. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Costa Rica (X tons), Peru (X tons) and Mexico (X tons) represented roughly 80% of total exports in 2022. It was distantly followed by Brazil (X tons), creating a 5.9% share of total exports. The following exporters - Argentina (X tons), Paraguay (X tons) and Guatemala (X tons) - together made up 8.4% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Costa Rica (with a CAGR of +39.6%), while the other leaders experienced more modest paces of growth.

In value terms, Peru ($X) remains the largest vegetable product supplier in Latin America and the Caribbean, comprising 49% of total exports. The second position in the ranking was held by Costa Rica ($X), with a 13% share of total exports. It was followed by Mexico, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Peru amounted to -3.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Costa Rica (+20.8% per year) and Mexico (+3.5% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, declining by -4.8% against the previous year. Overall, the export price saw a pronounced contraction. The growth pace was the most rapid in 2021 an increase of 27% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 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 Guatemala ($X per ton), while Costa Rica ($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 (+4.4%), while the other leaders experienced more modest paces of growth.

Vegetable Product Imports

Imports in Latin America and the Caribbean

In 2022, vegetable product imports in Latin America and the Caribbean reduced sharply to X tons, with a decrease of -26% against the previous year's figure. Overall, imports, however, saw strong growth. The most prominent rate of growth was recorded in 2021 when imports increased by 962% against the previous year. As a result, imports reached the peak of X tons, and then dropped rapidly in the following year.

In value terms, vegetable product imports stood at $X in 2022. In general, imports, however, saw significant growth. The growth pace was the most rapid in 2021 with an increase of 768%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Mexico dominates imports structure, finishing at X tons, which was near 85% of total imports in 2022. The following importers - Chile (X tons), Paraguay (X tons) and Costa Rica (X tons) - together made up 8.5% of total imports.

From 2012 to 2022, average annual rates of growth with regard to vegetable product imports into Mexico stood at +32.2%. At the same time, Paraguay (+241.6%), Costa Rica (+14.6%) and Chile (+9.4%) displayed positive paces of growth. Moreover, Paraguay emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +241.6% from 2012-2022. Mexico (+64 p.p.) and Paraguay (+3.1 p.p.) significantly strengthened its position in terms of the total imports, while Chile saw its share reduced by -2.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported vegetable products in Latin America and the Caribbean, comprising 85% of total imports. The second position in the ranking was held by Chile ($X), with a 4.4% share of total imports. It was followed by Paraguay, with a 2.2% share.

From 2012 to 2022, the average annual growth rate of value in Mexico amounted to +46.1%. In the other countries, the average annual rates were as follows: Chile (+23.4% per year) and Paraguay (+124.5% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, jumping by 38% against the previous year. In general, the import price continues to indicate a buoyant expansion. The growth pace was the most rapid in 2017 when the import price increased by 58% against the previous year. Over the period under review, import prices attained the maximum in 2022 and is likely to see steady growth in the near future.

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 Chile ($X per ton), while Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+12.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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