Latin America and the Caribbean: Chili And Pepper Market 2024

Chili And Pepper Market Size in Latin America and the Caribbean

The Latin American chili and pepper market declined to $X in 2023, shrinking by X% against the previous year. The total consumption indicated a notable increase from 2012 to 2023: its value 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, consumption increased by X% against 2021 indices. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2023, consumption stood at a somewhat lower figure.

Chili And Pepper Production in Latin America and the Caribbean

In value terms, chili and pepper production contracted to $X in 2023 estimated in export price. The total production indicated a tangible expansion from 2012 to 2023: its value 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, production increased by X% against 2021 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2023, production failed to regain momentum.

Mexico (X tons) constituted the country with the largest volume of chili and pepper production, comprising approx. X% of total volume. Moreover, chili and pepper production in Mexico exceeded the figures recorded by the second-largest producer, Peru (X tons), more than tenfold. The third position in this ranking was taken by Argentina (X tons), with a X% share.

In Mexico, chili and pepper production increased at an average annual rate of X% over the period from 2012-2023. The remaining producing countries recorded the following average annual rates of production growth: Peru (X% per year) and Argentina (X% per year).

The average chili and pepper yield fell to X tons per ha in 2023, with a decrease of X% on the year before. Overall, the yield, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, the chili and pepper yield attained the maximum level at X tons per ha in 2018; however, from 2019 to 2023, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2023, approx. X ha of chilies and peppers (green) were harvested in Latin America and the Caribbean; waning by X% on 2022. The harvested area increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, the harvested area dedicated to chili and pepper production attained the peak figure at X ha in 2022, and then contracted in the following year.

Chili And Pepper Exports

Exports in Latin America and the Caribbean

In 2023, chili and pepper exports in Latin America and the Caribbean totaled X tons, standing approx. at the previous year. Total exports indicated a tangible expansion from 2012 to 2023: its volume 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 decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, the exports attained the peak of X tons. From 2022 to 2023, the growth of the exports failed to regain momentum.

In value terms, chili and pepper exports reached $X in 2023. Total exports indicated a remarkable increase from 2012 to 2023: its value 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, exports increased by X% against 2012 indices. The pace of growth appeared the most rapid in 2016 when exports increased by X%. Over the period under review, the exports hit record highs in 2023 and are likely to continue growth in the immediate term.

Exports by Country

Mexico prevails in exports structure, resulting at X tons, which was near X% of total exports in 2023. The following exporters - Guatemala (X tons) and Honduras (X tons) - each recorded a X% share of total exports.

Mexico was also the fastest-growing in terms of the chilies and peppers (green) exports, with a CAGR of X% from 2012 to 2023. At the same time, Guatemala (X%) and Honduras (X%) displayed positive paces of growth. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest chili and pepper supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Honduras ($X), with a X% share of total exports.

In Mexico, chili and pepper exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Honduras (X% per year) and Guatemala (X% per year).

Export Prices by Country

In 2023, the export price in Latin America and the Caribbean amounted to $X per ton, rising by X% against the previous year. Export price indicated a measured 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, chili and pepper export price increased by X% against 2021 indices. The pace of growth was the most pronounced in 2015 an increase of X%. The level of export peaked at $X per ton in 2020; however, from 2021 to 2023, the export prices stood at a somewhat lower figure.

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

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

Chili And Pepper Imports

Imports in Latin America and the Caribbean

Chili and pepper imports was estimated at X tons in 2023, remaining stable against the year before. Total imports indicated a mild increase from 2012 to 2023: its volume 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, imports increased by X% against 2015 indices. The pace of growth was the most pronounced in 2016 when imports increased by X%. The volume of import peaked in 2023 and is expected to retain growth in years to come.

In value terms, chili and pepper imports totaled $X in 2023. In general, imports recorded a prominent expansion. The pace of growth was the most pronounced in 2022 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2023 and are likely to see steady growth in the immediate term.

Imports by Country

In 2023, El Salvador (X tons) represented the key importer of chilies and peppers (green), comprising X% of total imports. Mexico (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Paraguay (X%). Bahamas (X tons), Aruba (X tons), Cayman Islands (X tons) and Trinidad and Tobago (X tons) held a minor share of total imports.

El Salvador experienced a relatively flat trend pattern with regard to volume of imports of chilies and peppers (green). At the same time, Cayman Islands (X%), Paraguay (X%), Bahamas (X%) and Aruba (X%) displayed positive paces of growth. Moreover, Cayman Islands emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. Trinidad and Tobago experienced a relatively flat trend pattern. By contrast, Mexico (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Paraguay, Bahamas, Cayman Islands and Aruba increased by X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest chili and pepper importing markets in Latin America and the Caribbean were El Salvador ($X), Mexico ($X) and Aruba ($X), with a combined X% share of total imports. Bahamas, Cayman Islands, Trinidad and Tobago and Paraguay lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Cayman Islands, with a CAGR of X%, recorded the highest growth rate of the value of imports, 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 2023, with an increase of X% against the previous year. Over the last eleven-year period, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs in 2023 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Aruba ($X per ton), while Paraguay ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform