Beef and buffalo meat market in Nicaragua

Earlier Report Observations

From 2018 to 2023, the Nicaraguan beef and buffalo meat market saw its volume grow from 25.0 thousand tonnes to 36.6 thousand tonnes in physical terms, while its value more than doubled from 107.9 million US dollars to 218.2 million US dollars. Production increased steadily until 2021, reaching 167.4 thousand tonnes, before a slight contraction and subsequent stabilization in 2022-2023.

In 2023, production remained stable at 152.2 thousand tonnes. Adverse climatic factors, particularly drought, along with high input costs and legal insecurity in the country, constrained output growth. Furthermore, new international regulations, especially the European Union's 'zero deforestation' import rules and campaigns against Nicaraguan beef over environmental concerns, created additional hurdles for exports.

The market outlook improved in 2024, with national beef production reported to have grown by 6.9% to 7.8%. This increase was driven by a higher number of slaughtered cattle and a rise in their average weight. A significant new opportunity emerged from the restoration of diplomatic relations with China and the signing of a free trade agreement, opening a major export channel for Nicaraguan beef producers.

Production beef and buffalo meat in Nicaragua

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

Nicaragua's beef and buffalo meat production increased for the second consecutive year. In 2020, the country produced 152.9 thousand tons, marking a 3.0% year-over-year advance. Over the period from 2017 to 2020, production grew by 3.5%, with a compound annual growth rate of 1.1%. The lowest production volume was recorded in 2018 at 136.9 thousand tons, which represented the largest decline of 7.3%. The following year, in 2019, production saw the largest increase of 8.4%.

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

In value, 2017-2020, M $ US

Nicaragua's beef and buffalo meat production value also rose for the second consecutive year. In 2020, the output was valued at 673.1 million US dollars, indicating a 1.8% year-over-year increase. The minimum value was recorded in 2018 at 588.2 million US dollars, which saw the largest decline of 13.1%. In 2019, the value rebounded with the largest increase of 12.4%.

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

Exports beef and buffalo meat from Nicaragua

Exports in kind, K t

Nicaragua's beef and buffalo meat export volume increased for the third consecutive year. In 2020, the country exported 123.0 thousand tons, constituting a limited gain of 4.9% compared to 2019. Between 2017 and 2020, exports grew by 11%, equating to an annualized rate of 3.5%.

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

From 2017 to 2020, the United States, El Salvador, and Mexico continued to be the main buyers of beef and buffalo meat from Nicaragua. The United States accounted for 50.3% of exports in kind, El Salvador for 17.9%, and Mexico for 11.4%. Together, these three countries formed 79.6% of total exports in kind.

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

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

Exports in value, M $ US

Nicaragua's beef and buffalo meat export value increased for the second consecutive year. In 2020, exports reached 541.7 million US dollars, which is 3.7% higher than the previous year. Over the period from 2017 to 2020, exports grew by 6.7%, with a compound annual growth rate of 2.2%. The minimum value was recorded in 2018 at 481.0 million US dollars, which saw the largest decline of 5.2%. In 2019, the value increased by 8.6%, marking the largest rise.

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

From 2017 to 2020, the leading destinations for beef and buffalo meat exports from Nicaragua in value terms were the United States, El Salvador, and Mexico. The United States accounted for 50.2% of exports in value terms, El Salvador for 18.5%, and Mexico for 9.5%. Collectively, these three countries accounted for 78.2% of total export flows.

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

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

Imports beef and buffalo meat to Nicaragua

Imports in kind, K t

Cross-border shipments of beef and buffalo meat to Nicaragua declined for the third consecutive year. In 2020, imports amounted to 0.0 thousand tons, showing a controlled decrease of 7.3% from the previous year. Between 2017 and 2020, imports decreased by 75.7%, equating to an annualized rate of 37.6%.

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

Throughout 2017 to 2020, the country structure of imports in kind was primarily shaped by the United States and Guatemala, which together accounted for 93.6% of total flows. Other markets contributed to the remaining volume, forming a long tail.

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

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

Imports in value, M $ US

Foreign beef and buffalo meat supplies to Nicaragua declined for the third consecutive year. In 2020, imports totaled 0.4 million US dollars, showing a robust reduction of 11.5% compared to the previous year. Between 2017 and 2020, imports decreased by 65.3%, equating to an annualized rate of 29.8%.

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

From 2017 to 2020, the United States remained the main source of beef and buffalo meat imports to Nicaragua, accounting for 80.3% of total imports in value terms. The remaining volume was distributed among other countries.

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

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