Uruguay: Market for Leather of Bovine and Equine Animals 2024

Market Size for Leather of Bovine and Equine Animals in Uruguay

After three years of decline, the Uruguayan bovine and equine leather market increased by 2.1% to $X in 2021. In general, consumption, however, showed a noticeable contraction. Bovine and equine leather consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Production of Leather of Bovine and Equine Animals in Uruguay

In value terms, bovine and equine leather production reduced modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of 6.4%. Bovine and equine leather production peaked at $X in 2020, and then contracted in the following year.

Exports of Leather of Bovine and Equine Animals

Exports from Uruguay

In 2021, exports of leather of bovine and equine animals from Uruguay skyrocketed to X tons, growing by 73% compared with the previous year's figure. The total export volume increased at an average annual rate of +4.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, bovine and equine leather exports surged to $X in 2021. Overall, exports, however, showed a abrupt curtailment. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons), Thailand (X tons) and Taiwan (Chinese) (X tons) were the main destinations of bovine and equine leather exports from Uruguay, with a combined 47% share of total exports. These countries were followed by Vietnam, Italy, Brazil, Indonesia, Spain, Mexico and Hong Kong SAR, which together accounted for a further 19%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +26.6%), while the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) remains the key foreign market for leather of bovine and equine animals exports from Uruguay, comprising 24% of total exports. The second position in the ranking was held by China ($X), with a 12% share of total exports. It was followed by Vietnam, with a 3.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Thailand totaled +1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+1.3% per year) and Vietnam (-9.6% per year).

Export Prices by Country

The average bovine and equine leather export price stood at $X per ton in 2021, shrinking by -7.5% against the previous year. Over the period under review, the export price showed a abrupt curtailment. The pace of growth appeared the most rapid in 2014 an increase of 25% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+17.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Leather of Bovine and Equine Animals

Imports into Uruguay

In 2021, approx. X tons of leather of bovine and equine animals were imported into Uruguay; picking up by 45% against the year before. Over the period under review, imports, however, saw a noticeable contraction. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, bovine and equine leather imports surged to $X in 2021. In general, imports, however, continue to indicate a deep downturn. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Brazil (X tons) constituted the largest bovine and equine leather supplier to Uruguay, with a 49% share of total imports. Moreover, bovine and equine leather imports from Brazil exceeded the figures recorded by the second-largest supplier, Panama (X tons), twofold. Paraguay (X tons) ranked third in terms of total imports with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Brazil amounted to +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (+71.0% per year) and Paraguay (+3.9% per year).

In value terms, the largest bovine and equine leather suppliers to Uruguay were Panama ($X), Paraguay ($X) and Argentina ($X), with a combined 76% share of total imports. These countries were followed by Brazil and Austria, which together accounted for a further 21%.

Austria, with a CAGR of +678.3%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average bovine and equine leather import price stood at $X per ton in 2021, leveling off at the previous year. In general, the import price, however, continues to indicate a perceptible contraction. The growth pace was the most rapid in 2015 an increase of 104%. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Austria ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Paraguay (+3.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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