Beef and buffalo meat market in Latin America and the Caribbean

Earlier Report Observations

Between 2018 and 2021, the beef and buffalo meat market volume in Latin America and the Caribbean contracted from 14.8 million tons to 13.7 million tons. This decline was primarily driven by strong export demand, especially from China following the African swine fever outbreak, which redirected production abroad. High domestic prices further discouraged local consumption, shrinking the internal market.

From 2022 onward, market volume recovered, reaching 15.2 million tons in 2023. Record beef production, fueled by sustained investments in genetics, nutrition, and feedlot expansion, boosted supply. Simultaneously, updated meat inspection regulations and growing marketing efforts for buffalo meat began diversifying the market structure, while price volatility influenced trade and consumption patterns.

Production beef and buffalo meat in Latin America and the 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

Beef and buffalo meat production in Latin America and the Caribbean saw growth for two consecutive years before declining. In 2020, production reached 16 943 K t, marking a 2.4% decrease from the previous year. Over the 2017-2020 period, production increased by 2.5%, with an average annual growth rate of 0.8%. The highest production level was recorded in 2019 at 17 351 K t, while the largest year-over-year increase occurred in 2018 at 3.1%.

Annual dynamics of production in Latin America and the Caribbean in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Following two years of growth, the value of beef and buffalo meat production in Latin America and the Caribbean declined. In 2020, production was valued at 78 605 M $ US, representing a 9.1% decrease compared to 2019. The peak value was recorded in 2019 at 86 437 M $ US, which also saw the largest annual increase of 5.5%.

Annual dynamics of production in Latin America and the Caribbean in value, 2017-2020, M $ US

Exports beef and buffalo meat from Latin America and the Caribbean

Exports in kind, K t

Beef and buffalo meat exports from Latin America and the Caribbean increased for the third consecutive year. In 2020, exports totaled 3 306 K t, showing a substantial 12.9% growth compared to the previous year. Over the 2017-2020 period, exports grew by 45.9%, with an average annual growth rate of 13.4%.

Annual dynamics of product's exports from Latin America and the Caribbean in kind, 2017-2020, K t

From 2017 to 2020, China, the United States, and Hong Kong consistently led as the top destinations for beef and buffalo meat exports from Latin America and the Caribbean. China accounted for 34.2% of exports in volume, the United States for 11.5%, and Hong Kong for 8.5%. Together, these three markets represented 54.2% of total export flows.

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

World map of product's exports from Latin America and the Caribbean in kind, 2017-2020

Exports in value, M $ US

The value of beef and buffalo meat exports from Latin America and the Caribbean rose for the third year in a row. In 2020, exports were valued at 15 337 M $ US, reflecting a 5.2% increase from the previous year. Between 2017 and 2020, export value grew by 42%, equivalent to an average annual growth rate of 12.4%.

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

During the 2017-2020 period, China, the United States, and Hong Kong were the primary markets for beef and buffalo meat exports from Latin America and the Caribbean in value terms. China accounted for 33.9% of export value, the United States for 13.4%, and Hong Kong for 7.1%. Collectively, these three destinations absorbed 54.3% of total export value.

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

World map of product's exports from Latin America and the Caribbean in value, 2017-2020

Imports beef and buffalo meat to Latin America and the Caribbean

Imports in kind, K t

After two years of growth, beef and buffalo meat imports into Latin America and the Caribbean declined. In 2020, imports totaled 252 K t, reflecting a sharp 33.9% decrease compared to 2019. Over the 2017-2020 period, imports decreased by 27.7%, with an average annual decline of 10.3%. The highest import volume was recorded in 2019 at 252 K t, while the largest increase occurred in 2018 at 9.2%.

Annual dynamics of product's imports to Latin America and the Caribbean in kind, 2017-2020, K t

From 2017 to 2020, the United States and Canada together accounted for the largest share of beef and buffalo meat imports into Latin America and the Caribbean, representing 26.8% of total import volume.

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

World map of product's imports to Latin America and the Caribbean in kind, 2017-2020

Imports in value, M $ US

Following two years of growth, the value of beef and buffalo meat imports into Latin America and the Caribbean declined. In 2020, imports were valued at 2 613 M $ US, marking a 10.3% decrease from the previous year. The peak import value was recorded in 2019 at 2 914 M $ US, while the largest annual increase occurred in 2018 at 7.6%.

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

Between 2017 and 2020, the United States, Canada, and Australia were the main sources of beef and buffalo meat imports into Latin America and the Caribbean in value terms, together accounting for 38.7% of total import value.

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

World map of product's imports to Latin America and the Caribbean in value, 2017-2020