Latin America and the Caribbean: Wheat Market 2025

Wheat Market Size in Latin America and the Caribbean

The Latin American wheat market shrank to $X in 2022, with a decrease of -5.8% against the previous year. The market value increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Wheat Production in Latin America and the Caribbean

In value terms, wheat production contracted modestly to $X in 2022 estimated in export price. In general, production, however, saw a pronounced curtailment. The most prominent rate of growth was recorded in 2019 when the production volume increased by 13% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Argentina (X tons) constituted the country with the largest volume of wheat production, comprising approx. 57% of total volume. Moreover, wheat production in Argentina exceeded the figures recorded by the second-largest producer, Brazil (X tons), threefold. The third position in this ranking was taken by Mexico (X tons), with a 9.6% share.

In Argentina, wheat production increased at an average annual rate of +2.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brazil (+4.9% per year) and Mexico (-0.4% per year).

The average wheat yield totaled X tons per ha in 2022, approximately mirroring 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 2016 with an increase of 15% against the previous year. Over the period under review, the wheat yield hit record highs at X tons per ha in 2019; however, from 2020 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of wheat production in Latin America and the Caribbean stood at X ha, therefore, remained relatively stable against the previous year. The harvested area increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 16% against the previous year. The level of harvested area peaked at X ha in 2020; afterwards, it flattened through to 2022.

Wheat Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of wheat increased by 43% to X tons, rising for the second consecutive year after three years of decline. Overall, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 65%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, wheat exports skyrocketed to $X in 2022. In general, exports enjoyed a modest expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Argentina (X tons) represented the largest exporter of wheat, constituting 75% of total exports. It was distantly followed by Brazil (X tons), mixing up an 18% share of total exports. Uruguay (X tons) and Paraguay (X tons) followed a long way behind the leaders.

Exports from Argentina increased at an average annual rate of +1.2% from 2012 to 2022. At the same time, Brazil (+2.8%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +2.8% from 2012-2022. By contrast, Uruguay (-6.8%) and Paraguay (-10.9%) illustrated a downward trend over the same period. Argentina (+6.9 p.p.) and Brazil (+4.1 p.p.) significantly strengthened its position in terms of the total exports, while Paraguay and Uruguay saw its share reduced by -4.1% and -4.4% from 2012 to 2022, respectively.

In value terms, Argentina ($X) remains the largest wheat supplier in Latin America and the Caribbean, comprising 75% of total exports. The second position in the ranking was held by Brazil ($X), with an 18% share of total exports. It was followed by Uruguay, with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Argentina totaled +3.1%. In the other countries, the average annual rates were as follows: Brazil (+4.9% per year) and Uruguay (-4.8% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, rising by 20% against the previous year. Export price indicated modest growth from 2012 to 2022: its price 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, wheat export price increased by +54.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 29%. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Paraguay ($X per ton) and Uruguay ($X per ton), while Argentina ($X per ton) and Brazil ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (+2.1%), while the other leaders experienced more modest paces of growth.

Wheat Imports

Imports in Latin America and the Caribbean

Wheat imports contracted slightly to X tons in 2022, almost unchanged from the previous year's figure. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 8.8% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, wheat imports rose notably to $X in 2022. Total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.1% 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 +42.2% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 28% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Brazil (X tons) represented the key importer of wheat, mixing up 30% of total imports. Peru (X tons) ranks second in terms of the total imports with an 11% share, followed by Colombia (10%), Chile (8.5%), Ecuador (7.3%), Mexico (7%) and Cuba (5.5%). The following importers - Guatemala (X tons), the Dominican Republic (X tons), Venezuela (X tons) and El Salvador (X tons) - together made up 11% of total imports.

From 2012 to 2022, average annual rates of growth with regard to wheat imports into Brazil stood at -1.2%. At the same time, Ecuador (+9.4%), Chile (+5.9%), Guatemala (+3.5%), Colombia (+2.9%), Cuba (+2.8%), Peru (+2.3%), El Salvador (+1.4%) and the Dominican Republic (+1.4%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +9.4% from 2012-2022. By contrast, Mexico (-4.5%) and Venezuela (-10.1%) illustrated a downward trend over the same period. While the share of Ecuador (+4.2 p.p.), Chile (+3.4 p.p.), Colombia (+2.1 p.p.) and Peru (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Mexico (-4.7 p.p.), Venezuela (-5.6 p.p.) and Brazil (-5.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X), Mexico ($X) and Peru ($X) constituted the countries with the highest levels of imports in 2022, together comprising 57% of total imports.

Among the main importing countries, Mexico, with a CAGR of +7.6%, saw 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 2022, with an increase of 11% against the previous year. Over the last decade, it increased at an average annual rate of +2.5%. The most prominent rate of growth was recorded in 2021 an increase of 22% against the previous year. The level of import peaked in 2022 and is likely to continue growth in years to come.

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 Mexico ($X per ton), while Cuba ($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 (+12.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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