Latin America and the Caribbean: Maize Market 2024

Maize Market Size in Latin America and the Caribbean

The Latin American maize market reached $X in 2022, growing by X% against the previous year. The total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2012 indices. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in the immediate term.

Maize Production in Latin America and the Caribbean

In value terms, maize production stood at $X in 2022 estimated in export price. Overall, production recorded a prominent expansion. The pace of growth appeared the most rapid in 2017 with an increase of X%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Mexico (X tons) remains the largest maize producing country in Latin America and the Caribbean, accounting for X% of total volume. Moreover, maize production in Mexico exceeded the figures recorded by the second-largest producer, Peru (X tons), twofold. Chile (X tons) ranked third in terms of total production with a X% share.

In Mexico, maize production expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Peru (X% per year) and Chile (X% per year).

In 2022, the average yield of maize (green) in Latin America and the Caribbean rose to X tons per ha, surging by X% on the previous year's figure. The yield figure increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2017 when the yield increased by X% against the previous year. Over the period under review, the maize yield hit record highs in 2022 and is expected to retain growth in the near future. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of maize (green) production in Latin America and the Caribbean stood at X ha, stabilizing at the previous year's figure. The harvested area increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to maize production reached the peak figure in 2022 and is expected to retain growth in the near future.

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Maize Exports

Exports in Latin America and the Caribbean

In 2022, after four years of growth, there was significant decline in overseas shipments of maize (green), when their volume decreased by X% to X tons. Total exports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2015 indices. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons, and then declined in the following year.

In value terms, maize exports amounted to $X in 2022. In general, exports, however, posted a resilient increase. The pace of growth was the most pronounced in 2013 with an increase of X%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

In 2022, Mexico (X tons) represented the main exporter of maize (green), comprising X% of total exports. Honduras (X tons) ranks second in terms of the total exports with a X% share, followed by Costa Rica (X%) and Guatemala (X%). The following exporters - the Dominican Republic (X tons) and Nicaragua (X tons) - together made up X% of total exports.

From 2012 to 2022, average annual rates of growth with regard to maize exports from Mexico stood at X%. At the same time, Honduras (X%), the Dominican Republic (X%) and Nicaragua (X%) displayed positive paces of growth. Moreover, Honduras emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. Costa Rica experienced a relatively flat trend pattern. By contrast, Guatemala (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Honduras and Mexico increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest maize supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Honduras ($X), with a X% share of total exports. It was followed by Costa Rica, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Mexico totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: Honduras (X% per year) and Costa Rica (X% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, rising by X% against the previous year. Over the period under review, the export price continues to indicate resilient growth. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the Dominican Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, 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.

Maize Imports

Imports in Latin America and the Caribbean

In 2022, overseas purchases of maize (green) increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. Total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of X%. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, maize imports rose markedly to $X in 2022. Over the period under review, imports enjoyed a strong expansion. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in years to come.

Imports by Country

In 2022, El Salvador (X tons) represented the main importer of maize (green), comprising X% of total imports. It was distantly followed by Mexico (X tons), Bahamas (X tons), Paraguay (X tons), Cayman Islands (X tons) and Uruguay (X tons), together constituting a X% share of total imports. Costa Rica (X tons), Aruba (X tons), Haiti (X tons), Ecuador (X tons) and Jamaica (X tons) followed a long way behind the leaders.

Imports into El Salvador increased at an average annual rate of X% from 2012 to 2022. At the same time, Bahamas (X%), Paraguay (X%), Jamaica (X%), Costa Rica (X%), Ecuador (X%), Aruba (X%), Cayman Islands (X%), Uruguay (X%) and Mexico (X%) displayed positive paces of growth. Moreover, Bahamas emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Haiti (X%) illustrated a downward trend over the same period. While the share of El Salvador (X p.p.), Bahamas (X p.p.), Paraguay (X p.p.), Costa Rica (X p.p.), Cayman Islands (X p.p.), Aruba (X p.p.), Jamaica (X p.p.) and Ecuador (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Mexico (X p.p.) and Haiti (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest maize importing markets in Latin America and the Caribbean were Mexico ($X), Bahamas ($X) and Cayman Islands ($X), together comprising X% of total imports.

In terms of the main importing countries, Bahamas, with a CAGR of X%, saw 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

The import price in Latin America and the Caribbean stood at $X per ton in 2022, with an increase of X% against the previous year. Import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize import price increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2020 when the import price increased by X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, 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

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