Beef, sheep or goat fat market in Latin America and the Caribbean

Earlier Report Observations

Between 2018 and 2021, the market volume for beef, sheep and goat fat in Latin America and the Caribbean increased from 2 315 thousand tonnes to 2 484 thousand tonnes, with a peak of 2 636 thousand tonnes in 2020. In value terms, the market grew steadily from 2 559 million USD to 4 271 million USD over the same period.

From 2022, the market volume contracted to 2 194 thousand tonnes and further to 2 126 thousand tonnes in 2023. This decline coincided with heightened international competition and increased exports from key producers like Mexico, which maintained comparative advantages. Concurrently, rising global demand for animal fats in biofuel production and for specific food applications encouraged higher exports, reaching 504 thousand tonnes in 2023, reducing domestic availability. In 2024, trade flows remained active, supported by policy incentives for renewable diesel and shifting consumer preferences towards natural fats.

Production beef, sheep or goat fat in Latin America and the Caribbean

In kind, 2017-2020, K t

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

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

Following two years of growth, beef, sheep, and goat fat production in Latin America and the Caribbean declined. In 2020, production remained relatively stable year-over-year at 2 449 thousand tonnes. Over the 2017-2020 period, production increased by 13.3%, representing a compound annual growth rate of 4.3%. The peak was recorded in 2019 at 2 452 thousand tonnes, while the largest annual increase occurred in 2018 at 8.4%.

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

In value, 2017-2020, M $ US

Beef, sheep, and goat fat production in Latin America and the Caribbean increased for the second consecutive year. In 2020, output was valued at 1 871 million US dollars, marking a notable gain of 10.6% compared to the previous year. Between 2017 and 2020, production rose by 19.1%, equating to an annualized growth rate of 6.0%. The lowest value was recorded in 2018 at 1 542 million US dollars, which also saw the largest decline of 1.8%.

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

Exports beef, sheep or goat fat from Latin America and the Caribbean

Exports in kind, K t

Foreign supplies of beef, sheep, and goat fat from Latin America and the Caribbean increased for the second year in a row. In 2020, exports amounted to 154.0 thousand tonnes, representing a significant gain of 21.2% over the past year. Between 2017 and 2020, exports grew by 16.2%, with an annualized rate of 5.1%. The minimum value was recorded in 2018 at 126.8 thousand tonnes, which also experienced the largest decline of 4.3%.

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

From 2017 to 2020, the Netherlands (15.3% of exports in kind), Nigeria (5.4%), and South Africa (4.9%) were among the largest buyers of beef, sheep, and goat fat from Latin America and the Caribbean. However, even combined, they accounted for just 25.6% of total exports in kind, indicating a broadly diversified partner base.

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

Latin America and the Caribbean's beef, sheep, and goat fat exports increased for the second consecutive year. In 2020, exports reached 117.6 million US dollars, reflecting a sharp gain of 34.2% compared to 2019. Over the 2017-2020 period, exports rose by 22.1%, with a compound annual growth rate of 6.9%. The minimum value was recorded in 2018 at 83.5 million US dollars, which also saw the largest decline of 13.3%.

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

During 2017-2020, the Netherlands (13.8% of exports in value terms), China (5.9%), and South Africa (5.0%) were important buyers of beef, sheep, and goat fat from Latin America and the Caribbean. Their combined share reached only 24.8% of total exports in value terms, with the remaining 75.2% distributed among many other partners.

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, sheep or goat fat to Latin America and the Caribbean

Imports in kind, K t

There were noticeable fluctuations in market performance during the period. Import volumes fell to a trough in 2019 and peaked in 2020, with a 4.8-fold difference between these years. In 2020, cross-border shipments of beef, sheep, and goat fat to Latin America and the Caribbean amounted to 340.7 thousand tonnes, reflecting an abrupt increase of 377.0% year-over-year. The minimum value was recorded in 2019 at 71.4 thousand tonnes, which also saw the largest decline of 28.3%.

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

Throughout 2017-2020, the United States and Canada formed the main group of markets for imports in kind, together accounting for 53.3% of total flows.

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

The data reveals irregular changes, indicating a volatile market environment. A 4.4-fold variation was registered between the minimum in 2019 and the maximum in 2020. In 2020, Latin America and the Caribbean's volume of beef, sheep, and goat fat imports totalled 275.9 million US dollars, equivalent to an advance of 337.3% year-over-year. The minimum value was recorded in 2019 at 63.1 million US dollars, which also experienced the largest decline of 22.1%.

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

In 2017-2020, two markets — the United States and Canada — were the primary destinations for imports in value terms of beef, sheep, and goat fat to Latin America and the Caribbean, with a combined share of 58.7% of total flows.

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