Latin America and the Caribbean: Yoghurt Market 2024

Yoghurt Market Size in Latin America and the Caribbean

The Latin American yoghurt market declined modestly to $X in 2022, remaining constant against the previous year. Overall, consumption continues to indicate a slight reduction. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Yoghurt Production in Latin America and the Caribbean

In value terms, yoghurt production declined slightly to $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 13%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Yoghurt Exports

Exports in Latin America and the Caribbean

In 2022, the amount of yoghurt exported in Latin America and the Caribbean contracted to X tons, stabilizing at the year before. The total export volume increased at an average annual rate of +1.1% 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 2019 when exports increased by 26%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, yoghurt exports declined modestly to $X in 2022. The total export value increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2019 when exports increased by 23%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The biggest shipments were from El Salvador (X tons), Costa Rica (X tons), Mexico (X tons) and Nicaragua (X tons), together accounting for 80% of total export. Honduras (X tons) took a 6.7% share (based on physical terms) of total exports, which put it in second place, followed by Chile (4.7%). Argentina (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Nicaragua (with a CAGR of +59.3%), while the other leaders experienced more modest paces of growth.

In value terms, El Salvador ($X), Costa Rica ($X) and Mexico ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 62% share of total exports. Chile, Nicaragua, Honduras and Argentina lagged somewhat behind, together accounting for a further 31%.

In terms of the main exporting countries, Nicaragua, with a CAGR of +52.8%, 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

The export price in Latin America and the Caribbean stood at $X per ton in 2022, almost unchanged from the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2015 when the export price increased by 16% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Chile ($X per ton), while Nicaragua ($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 (+13.8%), while the other leaders experienced mixed trends in the export price figures.

Yoghurt Imports

Imports in Latin America and the Caribbean

In 2022, approx. X tons of yoghurt were imported in Latin America and the Caribbean; waning by -6.5% compared with the year before. Over the period under review, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 15%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, yoghurt imports fell to $X in 2022. The total import value increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 19%. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

The purchases of the twelve major importers of yoghurt, namely Honduras, Nicaragua, El Salvador, Cayman Islands, Trinidad and Tobago, Panama, Aruba, Costa Rica, Bahamas, Barbados, Jamaica and the Dominican Republic, represented more than two-thirds of total import. Belize (X tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cayman Islands (with a CAGR of +26.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest yoghurt importing markets in Latin America and the Caribbean were Honduras ($X), Trinidad and Tobago ($X) and Nicaragua ($X), together comprising 32% of total imports. Panama, El Salvador, Cayman Islands, Barbados, Aruba, Costa Rica, Bahamas, Jamaica, the Dominican Republic and Belize lagged somewhat behind, together accounting for a further 48%.

Cayman Islands, with a CAGR of +20.1%, saw 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

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, flattening at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The growth pace was the most rapid in 2016 when the import price increased by 10%. Over the period under review, import prices attained the maximum at $X per ton in 2021, and then contracted slightly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+3.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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