Latin America and the Caribbean: Sweet Potato Market 2024

Sweet Potato Market Size in Latin America and the Caribbean

The Latin American sweet potato market was estimated at $X in 2023, rising by X% against the previous year. Over the period under review, consumption, however, recorded a noticeable reduction. The level of consumption peaked at $X in 2014; however, from 2015 to 2023, consumption failed to regain momentum.

Sweet Potato Production in Latin America and the Caribbean

In value terms, sweet potato production expanded significantly to $X in 2023 estimated in export price. Overall, production, however, recorded a pronounced slump. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2023, production failed to regain momentum.

Brazil (X tons) constituted the country with the largest volume of sweet potato production, comprising approx. X% of total volume. Moreover, sweet potato production in Brazil exceeded the figures recorded by the second-largest producer, Cuba (X tons), threefold. The third position in this ranking was taken by Peru (X tons), with a X% share.

From 2012 to 2023, the average annual growth rate of volume in Brazil stood at X%. The remaining producing countries recorded the following average annual rates of production growth: Cuba (X% per year) and Peru (X% per year).

In 2023, the average yield of sweet potatoes in Latin America and the Caribbean rose rapidly to X tons per ha, with an increase of X% on 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 only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the sweet potato yield hit record highs 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.

In 2023, the sweet potato harvested area in Latin America and the Caribbean reduced modestly to X ha, falling by X% compared with the previous year's figure. Over the period under review, the harvested area saw a pronounced descent. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to sweet potato production reached the peak figure at X ha in 2012; however, from 2013 to 2023, the harvested area failed to regain momentum.

Sweet Potato Exports

Exports in Latin America and the Caribbean

In 2023, after two years of decline, there was significant growth in overseas shipments of sweet potatoes, when their volume increased by X% to X tons. Overall, exports enjoyed a remarkable increase. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2020; however, from 2021 to 2023, the exports failed to regain momentum.

In value terms, sweet potato exports rose rapidly to $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 decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2013 when exports increased by X%. The level of export peaked at $X in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

Exports by Country

Brazil (X tons), Honduras (X tons) and Peru (X tons) represented roughly X% of total exports in 2023. It was distantly followed by the Dominican Republic (X tons), creating a X% share of total exports. The following exporters - Jamaica (X tons), Costa Rica (X tons) and Argentina (X tons) - together made up X% of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Argentina (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest sweet potato supplying countries in Latin America and the Caribbean were Honduras ($X), Brazil ($X) and the Dominican Republic ($X), together comprising X% of total exports. Peru, Jamaica, Costa Rica and Argentina lagged somewhat behind, together comprising a further X%.

In terms of the main exporting countries, Argentina, with a CAGR of X%, recorded 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 2023, the export price in Latin America and the Caribbean amounted to $X per ton, falling by X% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of X%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2023, the export prices stood at a somewhat lower figure.

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

Sweet Potato Imports

Imports in Latin America and the Caribbean

In 2023, sweet potato imports in Latin America and the Caribbean soared to X tons, increasing by X% compared with the year before. Overall, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, sweet potato imports skyrocketed to $X in 2023. Over the period under review, imports enjoyed a prominent increase. The pace of growth was the most pronounced in 2016 when imports increased by X%. Over the period under review, imports hit record highs in 2023 and are expected to retain growth in years to come.

Imports by Country

In 2023, Argentina (X tons) and Chile (X tons) were the major importers of sweet potatoes in Latin America and the Caribbean, together making up X% of total imports. Paraguay (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Mexico (X%) and Uruguay (X%). Ecuador (X tons) and El Salvador (X tons) held a little share of total imports.

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

In value terms, the largest sweet potato importing markets in Latin America and the Caribbean were Argentina ($X), Mexico ($X) and Uruguay ($X), with a combined X% share of total imports. Chile, Paraguay, Ecuador and El Salvador lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Paraguay, with a CAGR of X%, saw the highest rates of growth with regard to 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

In 2023, the import price in Latin America and the Caribbean amounted to $X per ton, growing by X% against the previous year. Import price indicated a modest 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, sweet potato import price increased by X% against 2018 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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