Latin America and the Caribbean: Market for Yoghurt and Fermented Milk 2024

Market Size for Yoghurt and Fermented Milk in Latin America and the Caribbean

In 2022, the Latin American yoghurt and fermented milk market increased by X% to $X, rising for the seventh year in a row after three years of decline. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2016 with an increase of X%. The level of consumption peaked in 2022 and is likely to continue growth in the immediate term.

Production of Yoghurt and Fermented Milk in Latin America and the Caribbean

In value terms, yoghurt and fermented milk production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2014 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Mexico (X tons) constituted the country with the largest volume of yoghurt and fermented milk production, comprising approx. X% of total volume. Moreover, yoghurt and fermented milk production in Mexico exceeded the figures recorded by the second-largest producer, Argentina (X tons), twofold. The third position in this ranking was taken by Chile (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume in Mexico was relatively modest. In the other countries, the average annual rates were as follows: Argentina (X% per year) and Chile (X% per year).

Exports of Yoghurt and Fermented Milk

Exports in Latin America and the Caribbean

In 2022, the amount of yoghurt and fermented milk exported in Latin America and the Caribbean skyrocketed to X tons, jumping by X% compared with the previous year. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, yoghurt and fermented milk exports skyrocketed to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, El Salvador (X tons), Nicaragua (X tons), Mexico (X tons), Costa Rica (X tons) and Uruguay (X tons) was the main exporter of yoghurt and fermented milk in Latin America and the Caribbean, committing X% of total export. It was distantly followed by Chile (X tons) and Honduras (X tons), together constituting a X% share of total exports. Colombia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Nicaragua (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Uruguay ($X) and El Salvador ($X) were the countries with the highest levels of exports in 2022, together accounting for X% of total exports. Costa Rica, Nicaragua, Chile, Colombia and Honduras lagged somewhat behind, together comprising a further X%.

Among the main exporting countries, Nicaragua, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, with an increase of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2015 an increase of X% against the previous year. Over the period under review, the export prices attained the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Uruguay ($X per ton), while Nicaragua ($X per ton) was amongst the lowest.

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

Imports of Yoghurt and Fermented Milk

Imports in Latin America and the Caribbean

In 2022, approx. X tons of yoghurt and fermented milk were imported in Latin America and the Caribbean; with a decrease of X% against the previous year's figure. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of X%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, yoghurt and fermented milk imports rose remarkably to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when imports increased by X%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Guatemala (X tons), distantly followed by Mexico (X tons), Cuba (X tons), Peru (X tons) and Honduras (X tons) represented the main importers of yoghurt and fermented milk, together comprising X% of total imports. The following importers - Brazil (X tons), Nicaragua (X tons), Cayman Islands (X tons), El Salvador (X tons), Aruba (X tons), Bahamas (X tons), Panama (X tons) and Uruguay (X tons) - together made up X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Panama (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Guatemala ($X), Peru ($X) and Mexico ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Brazil, Cuba, Panama, Honduras, Aruba, Nicaragua, Cayman Islands, Bahamas, El Salvador and Uruguay lagged somewhat behind, together accounting for a further X%.

Panama, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of 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

The import price in Latin America and the Caribbean stood at $X per ton in 2022, picking up by X% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 Brazil ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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