Puerto Rico: Meat Market 2024

Meat Market Size in Puerto Rico

In 2021, the Puerto Rican meat market was finally on the rise to reach $X after three years of decline. In general, consumption recorded a noticeable slump. The most prominent rate of growth was recorded in 2017 when the market value increased by 7.4% against the previous year. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Meat Production in Puerto Rico

In value terms, meat production rose modestly to $X in 2021 estimated in export price. Overall, production recorded a noticeable slump. The most prominent rate of growth was recorded in 2017 with an increase of 8.5% against the previous year. Puerto Rico production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

In 2021, the average meat yield in Puerto Rico shrank modestly to X kg per head, leveling off at the previous year. In general, the yield saw a noticeable decrease. The growth pace was the most rapid in 2017 when the yield increased by 6.6%. Over the period under review, the meat yield hit record highs at X kg per head in 2012; however, from 2013 to 2021, the yield stood at a somewhat lower figure.

In 2021, number of animals slaughtered for meat production in Puerto Rico contracted to X heads, with a decrease of -3.7% on the year before. In general, the number of producing animals continues to indicate a noticeable decrease. The growth pace was the most rapid in 2016 when the number of producing animals increased by 3%. Over the period under review, this number hit record highs at X heads in 2012; however, from 2013 to 2021, producing animals stood at a somewhat lower figure.

Meat Exports

Exports from Puerto Rico

In value terms, meat exports totaled less than $X in 2021. Over the period under review, exports showed a relatively flat trend pattern.

Exports by Country

In 2021, the United States (X tons), Brazil (X tons), Spain (X tons), Germany (X tons), the Netherlands (X tons), Canada (X tons), Australia (X tons), New Zealand (X tons), Denmark (X tons), India (X tons), Belgium (X tons) and Poland (X tons) represented the main exporter of meat in the world, comprising 78% of total export. France (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Spain (with a CAGR of +8.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest meat supplying countries from Puerto Rico were the United States ($X), Brazil ($X) and Australia ($X), with a combined 32% share of total exports. These countries were followed by New Zealand, Spain, the Netherlands, Canada, Germany, Denmark, India, Poland, France and Belgium, which together accounted for a further 46%.

New Zealand, with a CAGR of +10.2%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries 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 Puerto Rico stood at less than $X per ton in 2021, therefore, remained relatively stable against the previous year. Overall, the export price showed a relatively flat trend pattern.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Australia ($X per ton), while Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+4.3%), while the other leaders experienced more modest paces of growth.

Meat Imports

Imports into Puerto Rico

In value terms, meat imports amounted to less than $X in 2021. Over the period under review, imports continue to indicate a relatively flat trend pattern.

Imports by Country

China was the major importing country with an import of around X tons, which resulted at 25% of total imports. The United States (X tons) took a 6.5% share (based on physical terms) of total imports, which put it in second place, followed by Japan (5.9%) and Italy (5.3%). Germany (X tons), Mexico (X tons), South Korea (X tons), Poland (X tons), the Netherlands (X tons), the UK (X tons), France (X tons), Hong Kong SAR (X tons) and Chile (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the meat imports, with a CAGR of +27.4% from 2012 to 2021. At the same time, Chile (+16.3%), the United States (+4.7%), Mexico (+4.6%), South Korea (+3.4%), Poland (+2.8%), Hong Kong SAR (+1.9%) and Japan (+1.6%) displayed positive paces of growth. Italy and the UK experienced a relatively flat trend pattern. By contrast, the Netherlands (-1.0%), Germany (-1.9%) and France (-2.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +21 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported meat into Puerto Rico, comprising 23% of global imports. The second position in the ranking was held by the United States ($X), with a 9.8% share of global imports. It was followed by Japan, with a 7.8% share.

From 2012 to 2021, the average annual growth rate of value in China amounted to +34.9%. In the other countries, the average annual rates were as follows: the United States (+8.1% per year) and Japan (+0.5% per year).

Import Prices by Country

In 2021, the import price in Puerto Rico amounted to less than $X per ton, standing approx. at the previous year. In general, the import price recorded a relatively flat trend pattern.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while Poland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+5.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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