Beef and buffalo meat market in Caribbean

Earlier Report Observations

From 2018 to 2020, the beef and buffalo meat market volume in the Caribbean declined from 247.5 thousand tons to 217.8 thousand tons. This drop coincided with the onset of the COVID-19 pandemic, which disrupted supply chains and altered consumer demand, particularly in the food service sector.

In 2021, the market recovered to 238.2 thousand tons, aided by the easing of COVID-19 restrictions and growth in the global cattle herd. By 2022, volume reached 246.8 thousand tons, partly due to increased exports from the Americas, such as Brazil and Argentina, which boosted meat availability on the global market. However, global inflation in raw material and energy prices led to higher costs, reflected in the market value rising to $1 396 million.

In 2023, market volume fell to 235.3 thousand tons despite sustained high prices, resulting in a market value of $1 418 million. This decline in physical terms occurred against a backdrop of a looser global market due to recovering exports from Australia, Argentina, and India, alongside ongoing inflationary pressure on costs.

Production beef and buffalo meat in Caribbean

In kind, 2017-2020, K t

Top producers of beef and buffalo meat, 2017-2020

World map of production of beef and buffalo meat, 2017-2020

Caribbean beef and buffalo meat production declined for the second consecutive year. In 2020, the region produced 191.1 K t, which represents a 3.1% decrease compared to 2019. Over the 2017-2020 period, production fell by 5.9%, with an average annual decline of 2.0%. The highest production level was recorded in 2018 at 214.5 K t, which marked a 5.6% increase from the previous year. The most significant drop occurred in 2019, when production decreased by 8.1%.

Annual dynamics of production in Caribbean in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Caribbean beef and buffalo meat production declined for the third consecutive year. In 2020, the output was valued at 844 M $ US, representing a 3.5% decrease compared to the previous year. Between 2017 and 2020, production value fell by 38.4%, which translates to an average annual decline of 14.9%.

Annual dynamics of production in Caribbean in value, 2017-2020, M $ US

Exports beef and buffalo meat from Caribbean

Exports in kind, t

The market showed an unstable trend throughout the period. Exports reached their lowest point in 2017 and peaked in 2019, with a 2.1-fold difference between these years. In 2020, beef and buffalo meat shipments from the Caribbean reached 825 t, marking a 5.2% decline compared to 2019. The highest export volume was recorded in 2019 at 871 t, which represented an 88.6% increase from the previous year.

Annual dynamics of product's exports from Caribbean in kind, 2017-2020, t

From 2017 to 2020, El Salvador (43.1% of exports in kind), Guatemala (16.6%), and Bunkers (5.2%) were the main buyers of Caribbean beef and buffalo meat, together accounting for 64.8% of total exports in kind.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Caribbean in kind, 2017-2020

Exports in value, M $ US

In 2020, the value of beef and buffalo meat exports from the Caribbean stood at 3.6 M $ US, down 5.6% from the previous year. Between 2017 and 2020, export value increased by 33.1%, representing an average annual growth rate of 10.0%. The lowest value was recorded in 2018 at 2.6 M $ US, while the highest was in 2019 at 3.9 M $ US, marking a 46.0% increase from 2018.

Annual dynamics of product's exports from Caribbean in value, 2017-2020, M $ US

From 2017 to 2020, El Salvador (40.7% of exports in value terms), Guatemala (12.2%), and Bunkers (8.9%) were the leading buyers of Caribbean beef and buffalo meat, together representing 61.8% of total export value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Caribbean in value, 2017-2020

Imports beef and buffalo meat to Caribbean

Imports in kind, t

After increasing for two consecutive years, Caribbean beef and buffalo meat imports declined in 2020. Imports reached 27 506 t, reflecting a significant 20.9% decrease compared to 2019. Between 2017 and 2020, imports fell by 13.3%, equating to an average annual decline of 4.7%. The highest import volume was recorded in 2019 at 34 754 t, following a 5.4% increase in 2018.

Annual dynamics of product's imports to Caribbean in kind, 2017-2020, t

From 2017 to 2020, the United States (58.1% of imports in kind), Uruguay (11.1%), and Brazil (9.8%) formed the core group of suppliers for Caribbean beef and buffalo meat imports, together accounting for 79.1% of total import volume.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Caribbean in kind, 2017-2020

Imports in value, M $ US

After two years of growth, Caribbean beef and buffalo meat imports declined in 2020. Import value reached 161.2 M $ US, reflecting a 31.4% decrease compared to 2019. Between 2017 and 2020, import value fell by 22.1%, representing an average annual decline of 8.0%. The highest import value was recorded in 2019 at 234.9 M $ US, which marked an 8.1% increase from the previous year.

Annual dynamics of product's imports to Caribbean in value, 2017-2020, M $ US

From 2017 to 2020, the United States (69.0% of imports in value terms), Uruguay (7.7%), and Brazil (7.6%) led the structure of Caribbean beef and buffalo meat imports, together accounting for 84.3% of total import value.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Caribbean in value, 2017-2020