Beef, sheep or goat fat market in Caribbean

Earlier Report Observations

The market volume for beef, sheep or goat fat in the Caribbean fell sharply from 21 913 t in 2018 to 8 290 t in 2023, a contraction of over 60%. This decline was predominantly caused by a collapse in imports, which dropped from 14 618 t to 1 405 t over these years. Exports remained minimal, having no material impact on the overall market size.

Domestic production fluctuated during the period, reaching a high of 7 437 t in 2021 before decreasing to 6 885 t in 2023. By 2024, import volumes had fallen further to 130 t, with exports at 61 t, continuing the trend of very low international trade activity for this product in the region.

Production beef, sheep or goat fat in Caribbean

In kind, 2017-2020, t

Top producers of beef, sheep or goat fat, 2017-2020

World map of production of beef, sheep or goat fat, 2017-2020

Caribbean production of beef, sheep, or goat fat has declined for the second year in a row. In 2020, the region produced 6 698 tonnes, marking a 2.7% decrease from the previous year. Looking at the period from 2017 to 2020, overall production fell by 4.3%, with an average annual decline of 1.5%. The highest output was recorded in 2018 at 7 368 tonnes, which saw a 5.3% increase that year. However, the largest drop occurred in 2019, with a 6.6% decrease.

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

Exports beef, sheep or goat fat from Caribbean

Exports in kind, t

Exports of beef, sheep, or goat fat from the Caribbean have fallen for the second consecutive year. In 2020, exports amounted to just 2 tonnes, representing a sharp decline of 96.9% compared to 2019. Over the three-year span from 2018 to 2020, exports plummeted by 97.9%, with an average annual decrease of 72.5%.

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

From 2017 to 2020, Guatemala consistently served as the primary and most stable destination for exports in kind, accounting for 16.2% of total flows.

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, K $ US

The market exhibited significant volatility during the observed period. In 2020, the value of foreign beef, sheep, or goat fat supplies from the Caribbean was recorded at 1 000 US dollars, down 98.7% from the prior year. The peak value occurred in 2019 at 104 000 US dollars, which saw a 49.6% increase that year. Overall, there was a 75-fold variation between the maximum in 2019 and the minimum in 2020.

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

Throughout 2017 to 2020, the country structure of exports in value terms was largely dominated by Guatemala and Guyana, which together accounted for 41.8% of total flows.

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, sheep or goat fat to Caribbean

Imports in kind, t

Imports of beef, sheep, or goat fat into the Caribbean have declined for the second year in a row. In 2020, imports stood at 2 077 tonnes, reflecting a substantial drop of 55.4% compared to 2019. Over the period from 2017 to 2020, imports decreased by 78.9%, with an average annual decline of 40.5%. The highest import volume was in 2018 at 14 618 tonnes, which experienced a 48.4% increase that year. The largest decrease occurred in 2019, with a 68.2% fall.

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

From 2017 to 2020, the United States remained the dominant source for imports in kind, holding an 80.2% share of total flows, while the remainder was fragmented across other markets.

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, K $ US

Foreign supplies of beef, sheep, or goat fat to the Caribbean have decreased for the second consecutive year. In 2020, imports totaled 1 929 000 US dollars, down 54.8% from the previous year. Over the 2017-2020 period, imports fell by 78.6%, with an average annual decrease of 40.2%. The peak value was recorded in 2018 at 13 568 000 US dollars, which saw a 50.5% increase that year. The largest decline occurred in 2019, with a 68.5% drop.

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

From 2017 to 2020, the United States absorbed 76.2% of total imports in value terms for beef, sheep, or goat fat into the Caribbean, with the balance distributed across a wide range of smaller destinations.

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

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