Animal Fats and Oils Market in Latin America and the Caribbean - Key Insights - Global Trade Magazine
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  July 29th, 2019 | Written by

Animal Fats and Oils Market in Latin America and the Caribbean – Key Insights

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  • In value terms, Chile ($2M), Guatemala ($1.3M) and Mexico, were the countries with the highest levels of imports in 2018
  • In 2018, approx. 206K tonnes of animal fats and oils were produced in Latin America and the Caribbean.

IndexBox has just published a new report: ‘Latin America and the Caribbean – Animal Fats And Oils – Market Analysis, Forecast, Size, Trends And Insights’. Here is a summary of the report’s key findings.

The revenue of the animal fats market in Latin America and the Caribbean amounted to $770M in 2018, lowering by -7.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). Over the period under review, animal fats consumption continues to indicate a deep reduction. The most prominent rate of growth was recorded in 2016, with an increase of 4.2% against the previous year. The level of animal fats consumption peaked at $1.2B in 2014; however, from 2015 to 2018, consumption remained at a lower figure.

Production in Latin America and the Caribbean

In 2018, approx. 206K tonnes of animal fats and oils were produced in Latin America and the Caribbean; falling by -2.6% against the previous year.

Exports in Latin America and the Caribbean

The exports amounted to 8.9K tonnes in 2018, rising by 49% against the previous year. The total exports indicated a remarkable increase from 2014 to 2018: its volume increased at an average annual rate of +13.9% over the last four years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, the animal fats exports increased by +85.0% against 2016 indices.

In value terms, animal fats exports totaled $45M (IndexBox estimates) in 2018.

Exports by Country

The exports of the three major exporters of animal fats and oils, namely Chile, Peru and El Salvador, represented more than half of total export. Colombia (1K tonnes) ranks next in terms of the total exports with a 12% share, followed by Argentina (11%), Brazil (6.8%) and Honduras (6.2%).

From 2014 to 2018, the most notable rate of growth in terms of exports, amongst the main exporting countries, was attained by Peru (+343.2% per year), while the other leaders experienced more modest paces of growth.

In value terms, Chile ($28M) remains the largest animal fats supplier in Latin America and the Caribbean, comprising 63% of total animal fats exports. The second position in the ranking was occupied by Colombia ($9.1M), with a 20% share of total exports. It was followed by Peru, with a 8.9% share.

Export Prices by Country

The animal fats export price in Latin America and the Caribbean stood at $5,093 per tonne in 2018, approximately mirroring the previous year. Over the period under review, the animal fats export price, however, continues to indicate a deep downturn.

Export prices varied noticeably by the country of origin; the country with the highest export price was Chile ($13,793 per tonne), while Honduras ($433 per tonne) was amongst the lowest.

From 2014 to 2018, the most notable rate of growth in terms of export prices was attained by Chile, while the other leaders experienced mixed trends in the export price figures.

Imports in Latin America and the Caribbean

In 2018, approx. 4K tonnes of animal fats and oils were imported in Latin America and the Caribbean; surging by 14% against the previous year. The total imports indicated a strong increase from 2014 to 2018: its volume increased at an average annual rate of +11.0% over the last four year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, the animal fats imports increased by +51.8% against 2014 indices.

In value terms, animal fats imports amounted to $6.2M (IndexBox estimates) in 2018.

Imports by Country

Guatemala (1.5K tonnes) and Chile (1.4K tonnes) dominates animal fats imports structure, together generating 72% of total imports. El Salvador (342 tonnes) ranks next in terms of the total imports with a 8.5% share, followed by Mexico (6.3%). Belize (153 tonnes), Colombia (87 tonnes) and Guyana (65 tonnes) occupied a little share of total imports.

From 2014 to 2018, the most notable rate of growth in terms of imports, amongst the main importing countries, was attained by Belize (+91.2% per year), while the other leaders experienced more modest paces of growth.

In value terms, Chile ($2M), Guatemala ($1.3M) and Mexico ($580K) were the countries with the highest levels of imports in 2018, together accounting for 63% of total imports. El Salvador, Colombia, Belize and Guyana lagged somewhat behind, together comprising a further 13%.

Import Prices by Country

The animal fats import price in Latin America and the Caribbean stood at $1,539 per tonne in 2018, lowering by -2.1% against the previous year. In general, the animal fats import price continues to indicate a relatively flat trend pattern.

Import prices varied noticeably by the country of destination; the country with the highest import price was Colombia ($3,221 per tonne), while El Salvador ($872 per tonne) was amongst the lowest.

From 2014 to 2018, the most notable rate of growth in terms of import prices was attained by Mexico, while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox AI Platform


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