Latin America and the Caribbean: Cheese And Curd Market 2024

Cheese And Curd Market Size in Latin America and the Caribbean

The Latin American cheese and curd market was estimated at $X in 2022, increasing by 2.9% against the previous year. The market value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2017 when the market value increased by 6.7% against the previous year. The level of consumption peaked in 2022 and is expected to retain growth in the near future.

Cheese And Curd Production in Latin America and the Caribbean

In value terms, cheese and curd production reached $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by 11% against the previous year. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Cheese And Curd Exports

Exports in Latin America and the Caribbean

In 2022, the amount of cheese and curd exported in Latin America and the Caribbean rose to X tons, picking up by 4.2% compared with 2021. The total export volume increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2020 when exports increased by 5.9%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, cheese and curd exports surged to $X in 2022. Overall, exports continue to indicate a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Argentina (X tons) and Nicaragua (X tons) represented the key exporters of cheese and curd in Latin America and the Caribbean, together constituting 65% of total exports. It was distantly followed by Uruguay (X tons), generating a 13% share of total exports. El Salvador (X tons), Chile (X tons), Mexico (X tons), Honduras (X tons), Brazil (X tons) and Costa Rica (X tons) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Honduras (with a CAGR of +12.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest cheese and curd supplying countries in Latin America and the Caribbean were Argentina ($X), Nicaragua ($X) and Uruguay ($X), together accounting for 76% of total exports. El Salvador, Chile, Mexico, Brazil, Honduras and Costa Rica lagged somewhat behind, together comprising a further 21%.

El Salvador, with a CAGR of +11.0%, saw 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 Latin America and the Caribbean stood at $X per ton in 2022, surging by 13% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Honduras ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+2.6%), while the other leaders experienced more modest paces of growth.

Cheese And Curd Imports

Imports in Latin America and the Caribbean

Cheese and curd imports stood at X tons in 2022, increasing by 1.7% against the previous year. Total imports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +4.6% 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 +61.7% against 2015 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 20%. The volume of import peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, cheese and curd imports skyrocketed to $X in 2022. Total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +4.9% 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 +79.9% against 2015 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 20%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Mexico was the largest importing country with an import of around X tons, which resulted at 30% of total imports. Chile (X tons) held a 13% share (based on physical terms) of total imports, which put it in second place, followed by El Salvador (12%), Brazil (7.6%), the Dominican Republic (7%) and Guatemala (5.6%). Panama (X tons), Peru (X tons), Trinidad and Tobago (X tons), Cuba (X tons) and Jamaica (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to cheese and curd imports into Mexico stood at +3.8%. At the same time, Panama (+119.4%), the Dominican Republic (+19.1%), Cuba (+13.2%), Chile (+12.0%), Guatemala (+10.4%), Peru (+9.0%), El Salvador (+5.4%), Jamaica (+4.3%), Brazil (+1.9%) and Trinidad and Tobago (+1.0%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +119.4% from 2012-2022. Chile (+6.5 p.p.), the Dominican Republic (+5.1 p.p.), Panama (+3.6 p.p.) and Guatemala (+2.3 p.p.) significantly strengthened its position in terms of the total imports, while Brazil and Mexico saw its share reduced by -2.3% and -2.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported cheese and curd in Latin America and the Caribbean, comprising 31% of total imports. The second position in the ranking was held by Chile ($X), with a 13% share of total imports. It was followed by El Salvador, with an 8.4% share.

In Mexico, cheese and curd imports increased at an average annual rate of +4.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Chile (+12.8% per year) and El Salvador (+6.4% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, rising by 14% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 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 Panama ($X per ton), while El Salvador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+5.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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