Uruguay: Cheese Market 2024

Cheese Market Size in Uruguay

In 2021, after three years of growth, there was significant decline in the Uruguayan cheese market, when its value decreased by -12.6% to $X. In general, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a somewhat lower figure.

Cheese Production in Uruguay

In value terms, cheese production fell slightly to $X in 2021 estimated in export price. Overall, production continues to indicate a deep slump. The pace of growth was the most pronounced in 2017 with an increase of 4.5%. Cheese production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Cheese Exports

Exports from Uruguay

In 2021, shipments abroad of cheese was finally on the rise to reach X tons after three years of decline. Overall, exports, however, saw a abrupt decline. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, cheese exports surged to $X in 2021. In general, exports, however, continue to indicate a deep slump. The pace of growth was the most pronounced in 2017 with an increase of 34% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Brazil (X tons), Mexico (X tons) and Russia (X tons) were the main destinations of cheese exports from Uruguay, together accounting for 62% of total exports.

From 2012 to 2021, the biggest increases were recorded for Russia (with a CAGR of +59.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Mexico ($X) and Russia ($X) were the largest markets for cheese exported from Uruguay worldwide, together comprising 63% of total exports.

Russia, with a CAGR of +55.9%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average cheese export price amounted to $X per ton, waning by -3.6% against the previous year. In general, the export price continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2017 an increase of 12%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the countries with the highest prices were Russia ($X per ton) and Argentina ($X per ton), while the average price for exports to Brazil ($X per ton) and Peru ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Argentina (-0.7%), while the prices for the other major destinations experienced a decline.

Cheese Imports

Imports into Uruguay

Cheese imports into Uruguay declined to X tons in 2021, falling by -8.7% compared with 2020. Overall, imports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of 89%. Over the period under review, imports reached the peak figure at X tons in 2020, and then dropped in the following year.

In value terms, cheese imports reduced modestly to $X in 2021. Over the period under review, imports, however, saw resilient growth. The most prominent rate of growth was recorded in 2014 with an increase of 85% against the previous year. Over the period under review, imports attained the maximum at $X in 2020, and then contracted slightly in the following year.

Imports by Country

In 2021, Argentina (X tons) constituted the largest cheese supplier to Uruguay, with a 70% share of total imports. Moreover, cheese imports from Argentina exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), sevenfold. The third position in this ranking was taken by Denmark (X tons), with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Argentina totaled +20.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+50.4% per year) and Denmark (+2.6% per year).

In value terms, Argentina ($X) constituted the largest supplier of cheese to Uruguay, comprising 69% of total imports. The second position in the ranking was taken by the Netherlands ($X), with an 11% share of total imports. It was followed by Denmark, with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Argentina amounted to +17.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+49.2% per year) and Denmark (+3.2% per year).

Import Prices by Country

The average cheese import price stood at $X per ton in 2021, with an increase of 7.5% against the previous year. In general, the import price, however, showed a slight decline. The pace of growth was the most pronounced in 2017 when the average import price increased by 10% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+4.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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