Latin America and the Caribbean: Potato Market 2024

Potato Market Size in Latin America and the Caribbean

After two years of decline, the Latin American potato market increased by X% to $X in 2023. The market value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The level of consumption peaked at $X in 2020; however, from 2021 to 2023, consumption failed to regain momentum.

Potato Production in Latin America and the Caribbean

In value terms, potato production reached $X in 2023 estimated in export price. Overall, production, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

The countries with the highest volumes of production in 2023 were Peru (X tons), Brazil (X tons) and Argentina (X tons), together accounting for X% of total production. Colombia, Mexico, Bolivia and Chile lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for Colombia (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

The average potato yield stood at X tons per ha in 2023, flattening at the year before. The yield figure increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, the potato yield attained the peak level at X tons per ha in 2021; however, from 2022 to 2023, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The potato harvested area reached X ha in 2023, therefore, remained relatively stable against the year before. Over the period under review, the harvested area continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of X%. As a result, the harvested area attained the peak level of X ha. From 2017 to 2023, the growth of the potato harvested area failed to regain momentum.

Potato Exports

Exports in Latin America and the Caribbean

In 2023, shipments abroad of potatoes decreased by X% to X tons, falling for the fourth consecutive year after two years of growth. The total export volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, potato exports stood at $X in 2023. Total exports indicated a perceptible expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2021 indices. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The level of export peaked in 2023 and is expected to retain growth in the immediate term.

Exports by Country

Guatemala (X tons) and Argentina (X tons) represented roughly X% of total exports in 2023. Brazil (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Peru (X%). Chile (X tons) took a relatively small share of total exports.

From 2012 to 2023, the biggest increases were recorded for Peru (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

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

In Guatemala, potato exports increased at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (X% per year) and Argentina (X% per year).

Export Prices by Country

In 2023, the export price in Latin America and the Caribbean amounted to $X per ton, growing by X% against the previous year. Export price indicated a slight expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, potato export price increased by X% against 2018 indices. The pace of growth was the most pronounced in 2019 an increase of X% against the previous year. The level of export peaked in 2023 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Chile ($X per ton), while Argentina ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Guatemala (X%), while the other leaders experienced more modest paces of growth.

Potato Imports

Imports in Latin America and the Caribbean

In 2023, the amount of potatoes imported in Latin America and the Caribbean expanded sharply to X tons, increasing by X% against the previous year's figure. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2023 and are likely to see gradual growth in the near future.

In value terms, potato imports surged to $X in 2023. Over the period under review, imports recorded a buoyant expansion. The pace of growth appeared the most rapid in 2019 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2023 and are likely to continue growth in the immediate term.

Imports by Country

Mexico represented the main importer of potatoes in Latin America and the Caribbean, with the volume of imports finishing at X tons, which was approx. X% of total imports in 2023. El Salvador (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Paraguay (X%), the Dominican Republic (X%) and Trinidad and Tobago (X%). Honduras (X tons), Cuba (X tons), Brazil (X tons), Guatemala (X tons), Guyana (X tons), Barbados (X tons), Suriname (X tons) and Argentina (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to potato imports into Mexico stood at X%. At the same time, Argentina (X%), Honduras (X%), Guatemala (X%), the Dominican Republic (X%), Brazil (X%), Paraguay (X%) and Trinidad and Tobago (X%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. Suriname, Barbados, Guyana and Cuba experienced a relatively flat trend pattern. By contrast, El Salvador (X%) illustrated a downward trend over the same period. While the share of the Dominican Republic (X p.p.), Mexico (X p.p.), Paraguay (X p.p.), Honduras (X p.p.), Brazil (X p.p.) and Guatemala (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Cuba (X p.p.) and El Salvador (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Mexico, potato imports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: the Dominican Republic (X% per year) and El Salvador (X% per year).

Import Prices by Country

In 2023, the import price in Latin America and the Caribbean amounted to $X per ton, picking up by X% against the previous year. Import price indicated a temperate increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, potato import price increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2022 when the import price increased by X% against the previous year. Over the period under review, import prices reached the maximum in 2023 and is expected to retain growth in years to come.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Guyana (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform