Latin America and the Caribbean: Cream Fresh Market 2024

Cream Fresh Market Size in Latin America and the Caribbean

The Latin American cream fresh market dropped modestly to $X in 2022, which is down by -1.8% against the previous year. Over the period under review, consumption, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the market value increased by 9.7%. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Cream Fresh Production in Latin America and the Caribbean

In value terms, cream fresh production declined to $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the production volume increased by 19% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

The countries with the highest volumes of production in 2022 were Brazil (X tons), Guatemala (X tons) and Argentina (X tons), together comprising 59% of total production. Venezuela, Ecuador, Mexico and Chile lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +315.1%), while production for the other leaders experienced more modest paces of growth.

Cream Fresh Exports

Exports in Latin America and the Caribbean

Cream fresh exports expanded notably to X tons in 2022, growing by 13% compared with the previous year. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when exports increased by 54%. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, cream fresh exports skyrocketed to $X in 2022. In general, exports, however, saw a slight setback. The growth pace was the most rapid in 2020 with an increase of 30%. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Brazil (X tons) represented the key exporter of cream fresh, achieving 52% of total exports. Argentina (X tons) held a 24% share (based on physical terms) of total exports, which put it in second place, followed by Mexico (9.6%) and Trinidad and Tobago (5.6%). Nicaragua (X tons) took a relatively small share of total exports.

Exports from Brazil decreased at an average annual rate of -2.0% from 2012 to 2022. At the same time, Trinidad and Tobago (+36.8%), Nicaragua (+32.5%) and Argentina (+15.1%) displayed positive paces of growth. Moreover, Trinidad and Tobago emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +36.8% from 2012-2022. By contrast, Mexico (-1.2%) illustrated a downward trend over the same period. While the share of Argentina (+19 p.p.), Trinidad and Tobago (+5.4 p.p.) and Nicaragua (+4.2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Brazil (-7.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest cream fresh supplier in Latin America and the Caribbean, comprising 69% of total exports. The second position in the ranking was held by Mexico ($X), with an 11% share of total exports. It was followed by Argentina, with a 10% share.

In Brazil, cream fresh exports contracted by an average annual rate of -1.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Mexico (+0.9% per year) and Argentina (+9.7% per year).

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. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the export price increased by 15%. Over the period under review, the export prices attained the maximum 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 ($X per ton), while Nicaragua ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.2%), while the other leaders experienced mixed trends in the export price figures.

Cream Fresh Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of cream fresh decreased by -6.9% to X tons, falling for the second year in a row after two years of growth. In general, imports showed a pronounced downturn. The pace of growth was the most pronounced in 2016 when imports increased by 57% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, cream fresh imports reached $X in 2022. Overall, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when imports increased by 78%. The level of import peaked at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Guatemala (X tons) and the Dominican Republic (X tons) represented roughly 40% of total imports in 2022. Venezuela (X tons) ranks next in terms of the total imports with a 7% share, followed by Trinidad and Tobago (6.9%) and Paraguay (4.7%). Argentina (X tons), Aruba (X tons), Panama (X tons), Jamaica (X tons), Bolivia (X tons), Cayman Islands (X tons), Antigua and Barbuda (X tons) and Peru (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 leading importing countries, was attained by Argentina (with a CAGR of +483.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cream fresh importing markets in Latin America and the Caribbean were the Dominican Republic ($X), Guatemala ($X) and Trinidad and Tobago ($X), with a combined 42% share of total imports. Venezuela, Panama, Jamaica, Paraguay, Bolivia, Antigua and Barbuda, Argentina, Peru, Cayman Islands and Aruba lagged somewhat behind, together accounting for a further 39%.

Argentina, with a CAGR of +272.2%, saw the highest rates of growth with regard to 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, picking up by 20% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.0%. The pace of growth appeared the most rapid in 2021 when the import price increased by 25%. Over the period under review, import prices hit record highs in 2022 and is likely to see steady growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Venezuela (+7.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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