The Sweet Potato Market in Latin America and the Caribbean Peaked at $3.4B
IndexBox has just published a new report: ‘Latin America and the Caribbean – Sweet Potato – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.
In 2019, the Latin American sweet potato market was finally on the rise to reach $3.4B for the first time since 2016, thus ending a two-year declining trend. The market value increased at an average annual rate of +3.2% over the period from 2013 to 2019; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level in 2019 and is likely to see further growth in years to come.
Consumption by Country
The countries with the highest volumes of sweet potato consumption in 2019 were Haiti (759K tonnes), Brazil (756K tonnes) and Cuba (564K tonnes), together accounting for 68% of total consumption. These countries were followed by Argentina, Peru, Uruguay and Mexico, which together accounted for a further 25% (IndexBox estimates).
From 2013 to 2019, the most notable rate of growth in terms of sweet potato consumption, amongst the key consuming countries, was attained by Mexico, while sweet potato consumption for the other leaders experienced more modest paces of growth.
In value terms, Haiti ($1.4B) led the market, alone. The second position in the ranking was occupied by Cuba ($619M). It was followed by Brazil.
The countries with the highest levels of sweet potato per capita consumption in 2019 were Haiti (67 kg per person), Cuba (49 kg per person) and Uruguay (24 kg per person).
Production in Latin America and the Caribbean
For the seventh year in a row, Latin America and the Caribbean recorded growth in the production of sweet potato, which increased by 4.5% to 3.1M tonnes in 2019. The total output volume increased at an average annual rate of +4.0% from 2013 to 2019; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The generally positive trend in terms of output was largely conditioned by a perceptible increase of the harvested area and a relatively flat trend pattern in yield figures.
Production by Country
The countries with the highest volumes of sweet potato production in 2019 were Brazil (764K tonnes), Haiti (759K tonnes) and Cuba (564K tonnes), together comprising 67% of total production. These countries were followed by Argentina, Peru, Uruguay and Mexico, which together accounted for a further 25%.
From 2013 to 2019, the biggest increases were in Mexico, while sweet potato production for the other leaders experienced more modest paces of growth.
Sweet Potato Harvested Area and Yield
The sweet potato harvested area was estimated at 294K ha in 2019, growing by 1.6% on the year before. The harvested area increased at an average annual rate of +4.3% from 2013 to 2019; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years.
The average sweet potato yield amounted to 11 tonnes per ha in 2019, picking up by 2.8% compared with the previous year’s figure. Overall, the yield, however, showed a relatively flat trend pattern.
Imports in Latin America and the Caribbean
In 2019, approx. 13K tonnes of sweet potato were imported in Latin America and the Caribbean; which is down by -5.9% against 2018. Total imports indicated a buoyant increase from 2013 to 2019: its volume increased at an average annual rate of +9.6% over the last six-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, imports increased by +73.4% against 2013 indices. In value terms, sweet potato imports amounted to $7M (IndexBox estimates) in 2019.
Imports by Country
Mexico was the major importer of sweet potato in Latin America and the Caribbean, with the volume of imports reaching 5.3K tonnes, which was near 42% of total imports in 2019. Argentina (2.3K tonnes) took the second position in the ranking, followed by Ecuador (1,479 tonnes), Uruguay (1,194 tonnes), Paraguay (602 tonnes) and Chile (583 tonnes). All these countries together held approx. 49% share of total imports. Trinidad and Tobago (393 tonnes) followed a long way behind the leaders.
Imports into Mexico increased at an average annual rate of +15.2% from 2013 to 2019. At the same time, Paraguay (+60.8%) displayed positive paces of growth. Moreover, Paraguay emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +60.8% from 2013-2019. Ecuador experienced a relatively flat trend pattern. By contrast, Chile (-4.9%), Uruguay (-5.6%), Argentina (-8.6%) and Trinidad and Tobago (-23.2%) illustrated a downward trend over the same period.
In value terms, Mexico ($3.3M) constitutes the largest market for imported sweet potato in Latin America and the Caribbean, comprising 48% of total imports. The second position in the ranking was occupied by Chile ($772K), with an 11% share of total imports. It was followed by Argentina, with an 8.5% share.
In Mexico, sweet potato imports expanded at an average annual rate of +24.5% over the period from 2013-2019. The remaining importing countries recorded the following average annual rates of imports growth: Chile (+20.8% per year) and Argentina (-11.0% per year).
Import Prices by Country
The sweet potato import price in Latin America and the Caribbean stood at $551 per tonne in 2019, surging by 12% against the previous year. Over the last six-year period, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2017 an increase of 14% against the previous year. The level of imports peaked in 2019 and is expected to retain growth in the immediate term.
Prices varied noticeably by the country of destination; the country with the highest price was Chile ($1,324 per tonne), while Ecuador ($165 per tonne) was amongst the lowest.
From 2013 to 2019, the most notable rate of growth in terms of prices was attained by Chile, while the other leaders experienced more modest paces of growth.
Source: IndexBox AI Platform
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