Latin America and the Caribbean: Whole Fresh Milk Market 2024

Whole Fresh Milk Market Size in Latin America and the Caribbean

The Latin American whole fresh milk market stood at $X in 2022, remaining stable against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 4.6%. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Whole Fresh Milk Production in Latin America and the Caribbean

In value terms, whole fresh milk production reached $X in 2022 estimated in export price. Overall, production, however, saw a pronounced contraction. The most prominent rate of growth was recorded in 2016 when the production volume increased by 22% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Brazil (X tons) constituted the country with the largest volume of whole fresh milk production, accounting for 42% of total volume. Moreover, whole fresh milk production in Brazil exceeded the figures recorded by the second-largest producer, Mexico (X tons), threefold. The third position in this ranking was held by Argentina (X tons), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Brazil was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: Mexico (+1.5% per year) and Argentina (-0.0% per year).

Whole Fresh Milk Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of whole fresh milk were finally on the rise to reach X tons for the first time since 2014, thus ending a seven-year declining trend. In general, exports, however, recorded a deep setback. The growth pace was the most rapid in 2014 when exports increased by 28%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, whole fresh milk exports amounted to $X in 2022. Overall, exports, however, continue to indicate a deep reduction. The pace of growth was the most pronounced in 2014 with an increase of 34% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Costa Rica (X tons) represented the main exporter of whole fresh milk, mixing up 50% of total exports. Honduras (X tons) ranks second in terms of the total exports with an 18% share, followed by Nicaragua (9%), Argentina (8.6%) and Brazil (5%). Uruguay (X tons) took a little share of total exports.

Costa Rica experienced a relatively flat trend pattern with regard to volume of exports of whole fresh milk. At the same time, Brazil (+64.7%), Honduras (+11.3%) and Argentina (+1.5%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +64.7% from 2012-2022. By contrast, Nicaragua (-14.9%) and Uruguay (-21.7%) illustrated a downward trend over the same period. While the share of Costa Rica (+25 p.p.), Honduras (+15 p.p.), Brazil (+5 p.p.) and Argentina (+4.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Nicaragua (-15.2 p.p.) and Uruguay (-22.3 p.p.) displayed negative dynamics.

In value terms, Costa Rica ($X) remains the largest whole fresh milk supplier in Latin America and the Caribbean, comprising 57% of total exports. The second position in the ranking was held by Honduras ($X), with a 12% share of total exports. It was followed by Nicaragua, with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Costa Rica amounted to +2.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Honduras (+8.4% per year) and Nicaragua (-14.5% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, rising by 4.7% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 5.8% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while Honduras ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (+1.2%), while the other leaders experienced mixed trends in the export price figures.

Whole Fresh Milk Imports

Imports in Latin America and the Caribbean

In 2022, imports of whole fresh milk in Latin America and the Caribbean rose rapidly to X tons, with an increase of 5% on the previous year's figure. Total imports indicated a mild increase from 2012 to 2022: its volume increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -1.4% against 2020 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 22% against the previous year. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, whole fresh milk imports expanded notably to $X in 2022. Total imports indicated modest growth from 2012 to 2022: its value 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, imports increased by +57.6% against 2017 indices. The pace of growth appeared the most rapid in 2014 when imports increased by 24% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The Dominican Republic (X tons) and Guatemala (X tons) were the major importers of whole fresh milk in 2022, finishing at near 27% and 21% of total imports, respectively. El Salvador (X tons) ranks next in terms of the total imports with a 9.5% share, followed by Mexico (7.9%), Chile (6.2%) and Trinidad and Tobago (5.3%). Peru (X tons), Uruguay (X tons), Curacao (X tons), Nicaragua (X tons), Aruba (X tons) and Bahamas (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Chile (with a CAGR of +178.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest whole fresh milk importing markets in Latin America and the Caribbean were the Dominican Republic ($X), Guatemala ($X) and El Salvador ($X), together comprising 58% of total imports. Mexico, Chile, Trinidad and Tobago, Peru, Bahamas, Nicaragua, Curacao, Uruguay and Aruba lagged somewhat behind, together comprising a further 30%.

Among the main importing countries, Chile, with a CAGR of +121.1%, 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

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, picking up by 6.8% against the previous year. Overall, the import price saw a relatively flat trend pattern. Over the period under review, import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

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 Bahamas ($X per ton), while Peru ($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 (+1.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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