Latin America and the Caribbean: Rice Market 2024

Rice Market Size in Latin America and the Caribbean

In 2023, after two years of decline, there was growth in the Latin American rice market, when its value increased by X% to $X. The market value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2023, consumption remained at a lower figure.

Rice Production in Latin America and the Caribbean

In value terms, rice production amounted to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by X%. The level of production peaked at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

The country with the largest volume of rice production was Brazil (X tons), comprising approx. X% of total volume. Moreover, rice production in Brazil exceeded the figures recorded by the second-largest producer, Peru (X tons), threefold. Colombia (X tons) ranked third in terms of total production with a X% share.

In Brazil, rice production remained relatively stable over the period from 2012-2023. In the other countries, the average annual rates were as follows: Peru (X% per year) and Colombia (X% per year).

The average rice yield expanded modestly to X tons per ha in 2023, picking up by X% compared with the previous year. The yield figure increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. The level of yield peaked at X tons per ha in 2021; however, from 2022 to 2023, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2023, the harvested area of rice in Latin America and the Caribbean expanded slightly to X ha, surging by X% against the year before. Over the period under review, the harvested area, however, showed a slight decline. The most prominent rate of growth was recorded in 2017 when the harvested area increased by X%. Over the period under review, the harvested area dedicated to rice production attained the maximum at X ha in 2013; however, from 2014 to 2023, the harvested area failed to regain momentum.

Rice Exports

Exports in Latin America and the Caribbean

In 2023, the amount of rice exported in Latin America and the Caribbean reduced to X tons, which is down by X% compared with the previous year. The total export 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 most prominent rate of growth was recorded in 2022 with an increase of X%. As a result, the exports attained the peak of X tons, and then fell in the following year.

In value terms, rice exports amounted to $X in 2023. Total exports indicated a mild 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, exports increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2022 when exports increased by X%. Over the period under review, the exports reached the peak figure in 2023 and are expected to retain growth in the near future.

Exports by Country

In 2023, Brazil (X tons), Uruguay (X tons) and Paraguay (X tons) represented the main exporter of rice in Latin America and the Caribbean, constituting X% of total export. It was distantly followed by Guyana (X tons) and Argentina (X tons), together comprising a X% share of total exports. Suriname (X tons) held a minor share 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 Paraguay (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest rice supplying countries in Latin America and the Caribbean were Brazil ($X), Uruguay ($X) and Paraguay ($X), together accounting for X% of total exports.

In terms of the main exporting countries, Paraguay, with a CAGR of X%, recorded the highest growth rate of 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

The export price in Latin America and the Caribbean stood at $X per ton in 2023, with an increase of X% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the export price increased by X%. Over the period under review, the export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2023, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Argentina ($X per ton) and Guyana ($X per ton), while Brazil ($X per ton) and Paraguay ($X per ton) were amongst the lowest.

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

Rice Imports

Imports in Latin America and the Caribbean

In 2023, supplies from abroad of rice was finally on the rise to reach X tons after two years of decline. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, imports reached the peak figure at X tons in 2020; however, from 2021 to 2023, imports failed to regain momentum.

In value terms, rice imports surged to $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2020 with an increase of X%. Over the period under review, imports hit record highs in 2023 and are expected to retain growth in the near future.

Imports by Country

In 2023, Brazil (X tons), distantly followed by Venezuela (X tons), Mexico (X tons), Haiti (X tons) and Chile (X tons) represented the key importers of rice, together making up X% of total imports. The following importers - Costa Rica (X tons), Panama (X tons), Peru (X tons), Cuba (X tons), Honduras (X tons), Nicaragua (X tons), Guatemala (X tons) and El Salvador (X tons) - together made up X% of total imports.

From 2012 to 2023, 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, Brazil ($X), Mexico ($X) and Venezuela ($X) were the countries with the highest levels of imports in 2023, with a combined X% share of total imports. Haiti, Chile, Peru, Panama, Cuba, Nicaragua, Costa Rica, Guatemala, Honduras and El Salvador lagged somewhat behind, together comprising a further X%.

Panama, with a CAGR of X%, recorded the highest rates of growth with regard to 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

In 2023, the import price in Latin America and the Caribbean amounted to $X per ton, growing by X% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2023, import prices failed to regain momentum.

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 Peru ($X per ton), while Honduras ($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