MERCOSUR: Cheese Market 2024

Cheese Market Size in MERCOSUR

The MERCOSUR cheese market rose significantly to $X in 2021, with an increase of 10% against the previous year. The total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +48.2% against 2013 indices. Over the period under review, the market hit record highs in 2021 and is likely to continue growth in the near future.

Cheese Production in MERCOSUR

In value terms, cheese production fell slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2017 when the production volume increased by 13%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Cheese Exports

Exports in MERCOSUR

For the third consecutive year, MERCOSUR recorded growth in shipments abroad of cheese, which increased by 3.1% to X tons in 2021. Overall, exports, however, showed a noticeable curtailment. The pace of growth appeared the most rapid in 2016 when exports increased by 6.9% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, cheese exports rose notably to $X in 2021. Over the period under review, exports, however, saw a perceptible descent. The pace of growth was the most pronounced in 2017 with an increase of 20% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Argentina was the main exporting country with an export of about X tons, which finished at 58% of total exports. Uruguay (X tons) ranks second in terms of the total exports with a 27% share, followed by Chile (7.9%) and Brazil (4.9%).

Argentina experienced a relatively flat trend pattern with regard to volume of exports of cheese. At the same time, Brazil (+6.8%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in MERCOSUR, with a CAGR of +6.8% from 2012-2021. Chile experienced a relatively flat trend pattern. By contrast, Uruguay (-6.5%) illustrated a downward trend over the same period. While the share of Argentina (+9.4 p.p.) and Brazil (+2.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Uruguay (-14 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Argentina ($X) remains the largest cheese supplier in MERCOSUR, comprising 57% of total exports. The second position in the ranking was taken by Uruguay ($X), with a 26% share of total exports. It was followed by Chile, with an 8.3% share.

In Argentina, cheese exports shrank by an average annual rate of -1.2% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Uruguay (-9.7% per year) and Chile (-1.7% per year).

Export Prices by Country

The export price in MERCOSUR stood at $X per ton in 2021, picking up by 5.9% against the previous year. Overall, the export price, however, showed a mild shrinkage. The pace of growth was the most pronounced in 2017 when the export price increased by 18%. Over the period under review, the export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Brazil ($X per ton) and Chile ($X per ton), while Uruguay ($X per ton) and Argentina ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+1.3%), while the other leaders experienced a decline in the export price figures.

Cheese Imports

Imports in MERCOSUR

In 2021, the amount of cheese imported in MERCOSUR soared to X tons, picking up by 21% compared with 2020. Total imports indicated a tangible expansion from 2012 to 2021: its volume increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +99.4% against 2015 indices. The pace of growth was the most pronounced in 2016 with an increase of 39% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, cheese imports surged to $X in 2021. Total imports indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +36.2% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Chile was the largest importing country with an import of about X tons, which accounted for 51% of total imports. Brazil (X tons) took a 22% share (based on physical terms) of total imports, which put it in second place, followed by Peru (6.9%) and Venezuela (4.9%). Colombia (X tons), Guyana (X tons) and Paraguay (X tons) followed a long way behind the leaders.

Chile was also the fastest-growing in terms of the cheese imports, with a CAGR of +16.9% from 2012 to 2021. At the same time, Colombia (+16.7%), Guyana (+16.0%), Peru (+11.7%), Paraguay (+9.5%) and Brazil (+1.7%) displayed positive paces of growth. By contrast, Venezuela (-17.6%) illustrated a downward trend over the same period. Chile (+33 p.p.), Peru (+3.2 p.p.), Colombia (+2.7 p.p.) and Guyana (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Brazil and Venezuela saw its share reduced by -5.5% and -35.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) constitutes the largest market for imported cheese in MERCOSUR, comprising 47% of total imports. The second position in the ranking was held by Brazil ($X), with a 22% share of total imports. It was followed by Peru, with a 7.5% share.

In Chile, cheese imports expanded at an average annual rate of +15.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Brazil (-0.9% per year) and Peru (+11.4% per year).

Import Prices by Country

In 2021, the import price in MERCOSUR amounted to $X per ton, with an increase of 4.8% against the previous year. Over the period under review, the import price, however, saw a pronounced curtailment. The pace of growth was the most pronounced in 2017 when the import price increased by 15%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 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 Venezuela ($X per ton), while Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+0.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform