In-shell almonds market in Latin America and the Caribbean

Earlier Report Observations

The market volume for in-shell almonds in Latin America and the Caribbean grew from 41,896 t in 2018 to 50,150 t in 2021. This expansion was initially driven by increased production capacity, including the acquisition of 477 acres by the North State Hulling cooperative, and efforts to open new export markets. Technological advancements in precision irrigation improved water efficiency in 2019, supporting sustainable output. Despite the onset of the COVID-19 pandemic and trade disputes in 2020, which disrupted supply chains, record almond yields from high per-acre output ensured continued growth in available supply.

Market growth continued into 2021, reaching 50,150 t, as persistent container shipping disruptions suppressed almond exports, making more product available for domestic consumption. By 2022, the market volume stabilized at 50,253 t. During this period, a shift in consumer preference toward packaged almond products for freshness and hygiene emerged, supported by promotional campaigns that highlighted almonds as healthy snacks. However, water policy challenges began to pose concerns for long-term production sustainability.

In 2023, the market volume declined to 48,050 t. This contraction was primarily due to increasing production costs stemming from labor shortages, high energy prices, and rising fertilizer expenses. Global supply chain disruptions and climatic variability in major producing regions further constrained the market. Factors such as investments in digital platforms for distribution and regulatory focus on water management continue to shape the market environment.

Production in-shell almonds in Latin America and the Caribbean

In kind, 2017-2020, t

Top producers of in-shell almonds, 2017-2020

World map of production of in-shell almonds, 2017-2020

In-shell almond production in Latin America and the Caribbean has increased for the third consecutive year. In 2020, the region produced 46 003 tonnes of in-shell almonds, marking a gradual rise of 6.2% compared to 2019. Over the period from 2017 to 2020, production grew by 23.2%, with a compound annual growth rate of 7.2%.

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

In value, 2017-2020, M $ US

In 2020, the output of in-shell almonds in Latin America and the Caribbean was valued at 241.0 million US dollars, representing a 2.6% increase compared to 2019. Between 2017 and 2020, production value rose by 17.2%, equating to an annualized growth rate of 5.4%. The highest value was recorded in 2018 at 242.2 million US dollars, while the largest decline occurred in 2019 with a 3.0% drop. The most significant increase was seen in 2018, with a 17.8% rise.

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

Exports in-shell almonds from Latin America and the Caribbean

Exports in kind, t

The data reveals irregular changes, indicating a volatile market environment. Import levels fluctuated significantly, with a 2.6-fold difference between the low of 2020 and the high of 2019. In 2020, Latin America and the Caribbean exported 93.4 tonnes of in-shell almonds, down by 61.1% compared to the previous year. The maximum volume was recorded in 2019 at 240.0 tonnes, and the largest increase occurred in 2018 with an 83.6% rise.

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

From 2017 to 2020, Italy, Spain, and India were the principal destinations for in-shell almond exports in kind. Italy accounted for 31.4% of exports, Spain for 15.1%, and India for 10.5%, jointly representing 57.1% 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, K $ US

There were noticeable fluctuations in market performance during this period. Exports varied by 2.7 times, from a low in 2020 to a high in 2019. In 2020, the value of in-shell almond exports from Latin America and the Caribbean stood at 490 thousand US dollars, which is 62.4% less compared to 2019. The maximum value was recorded in 2019 at 1 301 thousand US dollars, and the largest increase was in 2018 with a 94.6% rise.

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

Over the period from 2017 to 2020, Italy, Spain, and India remained the leading destinations for in-shell almond exports in value terms. Italy held a 29.3% share, Spain 14.0%, and India 9.6%, together accounting for 52.9% of total export flows.

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 in-shell almonds to Latin America and the Caribbean

Imports in kind, t

In-shell almond deliveries to Latin America and the Caribbean declined for the third consecutive year. In 2020, imports were recorded at 420.1 tonnes, which is 16.5% less compared to the previous year. Over the period from 2017 to 2020, imports decreased by 34.7%, with a compound annual decline rate of 13.3%.

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

From 2017 to 2020, the United States, Portugal, and Spain continued to be the main suppliers of in-shell almonds to Latin America and the Caribbean. The United States accounted for 34.3% of imports in kind, Portugal for 4.4%, and Spain for 1.4%, jointly forming 40.1% of total imports.

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

Cross-border shipments of in-shell almonds to Latin America and the Caribbean declined for the third consecutive year. In 2020, imports stood at 1 995 thousand US dollars, showing a dramatic decline of 27.7% compared to 2019. Between 2017 and 2020, imports decreased by 43.4%, equating to an annualized decline rate of 17.3%.

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

In the period from 2017 to 2020, the country structure of in-shell almond imports in value terms was strongly focused on the United States, whose share reached 70.9% of total flows, with other partners accounting for the remaining volume.

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