Frozen potatoes market in Latin America and the Caribbean

Earlier Report Observations

The Latin American frozen potato market entered the period under the influence of regional trade agreements such as NAFTA and Mercosur, which lowered tariffs and facilitated imports, particularly of pre-fried frozen potatoes for the foodservice industry in Brazil and Mexico. Market volume stood at 308 thousand tons in 2018 before declining to 295 thousand tons in 2019.

From 2020, a noticeable shift in consumer preferences towards convenient, ready-to-eat foods boosted demand for frozen french fries, especially in Chile and Mexico, lifting market volume to 311 thousand tons. The trend continued in 2021 as the hash browns segment expanded and leading companies aggressively launched new products, driving volume to a peak of 331 thousand tons.

Despite a contraction to 312 thousand tons in 2022 and 281 thousand tons in 2023, the market witnessed significant long-term investments. Nestlé established an R&D center for frozen food innovation, while Lamb Weston began constructing a large processing plant in Argentina. McCain Foods consolidated its production capacity in Colombia through acquisitions. Concurrently, improvements in cold chain infrastructure, rising imports in Mexico, and growing consumer interest in healthier, traceable options laid the groundwork for future market evolution.

Production frozen potatoes in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of frozen potatoes, 2017-2020

World map of production of frozen potatoes, 2017-2020

Following a two-year decline, frozen potato production in Latin America and the Caribbean rebounded in 2020. That year, the region produced 306.9 thousand tons of frozen potatoes, marking a 5.0% increase compared to 2019. However, looking at the broader period from 2017 to 2020, overall production fell by 8.7%, with a compound annual growth rate of -3.0%. The lowest production level was recorded in 2019 at 292.3 thousand tons, while the steepest annual drop occurred in 2018, when output decreased by 9.0%.

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

In value, 2017-2020, M $ US

The value of frozen potato production in Latin America and the Caribbean declined for the third consecutive year in 2020. Output was valued at 613.1 million US dollars, representing a 2.3% decrease from the previous year. Over the 2017-2020 period, production value contracted by 21.2%, with a compound annual growth rate of -7.6%.

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

Exports frozen potatoes from Latin America and the Caribbean

Exports in kind, t

Frozen potato exports from Latin America and the Caribbean grew for the second year in a row in 2020. Export volume reached 1 240 tons, showing a modest 3.2% increase compared to 2019. From 2017 to 2020, exports rose by 2.7%, with a compound annual growth rate of 0.9%. The lowest export volume was recorded in 2018 at 979 tons, which also saw the largest decline of 18.8%. In contrast, 2019 experienced the most significant increase, with exports jumping by 22.6%.

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

Between 2017 and 2020, the United States, Japan, and Spain remained the top buyers of frozen potatoes from Latin America and the Caribbean in volume terms. The United States accounted for 59.1% of exports, Japan for 13.9%, and Spain for 5.8%. Together, these three markets represented 78.8% of total export volume.

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, K $ US

In 2020, Latin America and the Caribbean exported frozen potatoes worth 2 476 thousand US dollars, reflecting a gradual 4.0% year-over-year decline. Over the 2017-2020 period, export value decreased by 11.3%, with a compound annual growth rate of -3.9%. The lowest value was recorded in 2018 at 2 271 thousand US dollars, which also saw the largest decline of 18.6%. The most significant increase occurred in 2019, with a 13.6% rise.

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

From 2017 to 2020, the United States, Japan, and Spain were the leading buyers of frozen potatoes from Latin America and the Caribbean in value terms. The United States held 60.9% of export value, Japan 17.4%, and Spain 6.2%. Collectively, these three countries accounted for 84.5% 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 frozen potatoes to Latin America and the Caribbean

Imports in kind, t

Frozen potato imports into Latin America and the Caribbean increased for the second consecutive year in 2020. Import volume amounted to 5 068 tons, a substantial 26.5% rise compared to the previous year. Between 2017 and 2020, imports surged by 47%, equating to a compound annual growth rate of 13.7%. The lowest import volume was recorded in 2018 at 3 259 tons, which also experienced a decline of 5.5%.

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

During the 2017-2020 period, the United States, Belgium, and Canada consistently served as the primary sources for frozen potato imports into Latin America and the Caribbean in volume terms. The United States supplied 36.6% of imports, Belgium 22.6%, and Canada 16.4%. Together, these three countries accounted for 75.6% 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, K $ US

In 2020, the value of frozen potato imports into Latin America and the Caribbean reached 5 793 thousand US dollars, representing a sharp 25.4% drop from the prior year. Over the 2017-2020 period, import value decreased by 42%, with a compound annual growth rate of -16.6%. The largest decline occurred in 2018, with a 26.9% decrease, while 2019 saw the most significant increase at 6.5%.

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

Throughout 2017-2020, the United States, Canada, and Belgium remained the key markets for frozen potato imports into Latin America and the Caribbean in value terms. The United States accounted for 41.9% of import value, Canada for 30.2%, and Belgium for 15.3%. Collectively, these three countries represented 87.5% 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