Latin America and the Caribbean: Frozen Whole Turkey Market 2024

Frozen Whole Turkey Market Size in Latin America and the Caribbean

The Latin American frozen whole turkey market dropped remarkably to $X in 2022, waning by -20.6% against the previous year. In general, consumption saw a mild decrease. As a result, consumption reached the peak level of $X, and then fell remarkably in the following year.

Frozen Whole Turkey Production in Latin America and the Caribbean

In value terms, frozen whole turkey production declined to $X in 2022 estimated in export price. In general, production saw a noticeable downturn. The pace of growth was the most pronounced in 2019 when the production volume increased by 40%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

The country with the largest volume of frozen whole turkey production was Brazil (X tons), accounting for 62% of total volume. Moreover, frozen whole turkey production in Brazil exceeded the figures recorded by the second-largest producer, Argentina (X tons), threefold. The third position in this ranking was taken by Peru (X tons), with a 9.9% share.

In Brazil, frozen whole turkey production expanded at an average annual rate of +3.9% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Argentina (+9.3% per year) and Peru (-7.1% per year).

Frozen Whole Turkey Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of frozen whole turkeys were exported in Latin America and the Caribbean; with a decrease of -34.2% compared with the year before. Over the period under review, exports continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2021 with an increase of 48%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, frozen whole turkey exports shrank notably to $X in 2022. In general, exports recorded a abrupt setback. The pace of growth appeared the most rapid in 2021 when exports increased by 41%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Argentina (X tons) was the key exporter of frozen whole turkeys, mixing up 63% of total exports. Brazil (X tons) held the second position in the ranking, followed by Chile (X tons) and Peru (X tons). All these countries together took near 36% share of total exports.

Argentina was also the fastest-growing in terms of the frozen whole turkeys exports, with a CAGR of +27.0% from 2012 to 2022. Brazil (-14.7%), Chile (-20.6%) and Peru (-27.1%) illustrated a downward trend over the same period. Argentina (+62 p.p.) significantly strengthened its position in terms of the total exports, while Brazil, Chile and Peru saw its share reduced by -3.2%, -14.8% and -44.1% from 2012 to 2022, respectively.

In value terms, Argentina ($X) remains the largest frozen whole turkey supplier in Latin America and the Caribbean, comprising 48% of total exports. The second position in the ranking was taken by Brazil ($X), with a 23% share of total exports. It was followed by Chile, with a 20% share.

From 2012 to 2022, the average annual growth rate of value in Argentina totaled +25.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (-10.9% per year) and Chile (-17.1% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, jumping by 17% against the previous year. In general, the export price, however, recorded a slight reduction. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: 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 2022, the most notable rate of growth in terms of prices was attained by Brazil (+4.5%), while the other leaders experienced mixed trends in the export price figures.

Frozen Whole Turkey Imports

Imports in Latin America and the Caribbean

In 2022, the amount of frozen whole turkeys imported in Latin America and the Caribbean declined significantly to X tons, shrinking by -35.7% on the previous year. Over the period under review, imports continue to indicate a perceptible descent. The most prominent rate of growth was recorded in 2018 when imports increased by 80% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, frozen whole turkey imports dropped sharply to $X in 2022. Overall, imports saw a pronounced reduction. The most prominent rate of growth was recorded in 2018 with an increase of 82%. Over the period under review, imports attained the peak figure at $X in 2021, and then declined dramatically in the following year.

Imports by Country

In 2022, Mexico (X tons) was the largest importer of frozen whole turkeys, comprising 32% of total imports. It was distantly followed by Chile (X tons), Panama (X tons), El Salvador (X tons) and Guatemala (X tons), together making up a 46% share of total imports. Cuba (X tons), Trinidad and Tobago (X tons), Bahamas (X tons), Colombia (X tons) and Honduras (X tons) followed a long way behind the leaders.

Imports into Mexico decreased at an average annual rate of -9.7% from 2012 to 2022. At the same time, Panama (+151.0%), Chile (+24.5%), Bahamas (+7.3%), Trinidad and Tobago (+4.1%) and El Salvador (+3.3%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +151.0% from 2012-2022. Honduras experienced a relatively flat trend pattern. By contrast, Guatemala (-2.0%), Cuba (-12.3%) and Colombia (-15.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Panama, Chile, El Salvador, Trinidad and Tobago and Bahamas increased by +14, +14, +5.3, +2.5 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest frozen whole turkey importing markets in Latin America and the Caribbean were Mexico ($X), Panama ($X) and El Salvador ($X), with a combined 62% share of total imports.

In terms of the main importing countries, Panama, with a CAGR of +164.3%, 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

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, surging by 13% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2015 when the import price increased by 14%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

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 El Salvador ($X per ton), while Trinidad and Tobago ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (+9.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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