Oil seeds and oleaginous fruits market in Latin America and the Caribbean

Earlier Report Observations

From 2018 to 2021, the market for oil seeds and oleaginous fruits in Latin America and the Caribbean experienced overall growth. Production increased from 121.9 thousand tons in 2018 to 128.1 thousand tons in 2021, while market volume expanded from 83.8 thousand tons to 91.2 thousand tons. This period was supported by the expansion of cultivable area in Brazil aimed at boosting oilseed exports and by improved logistics infrastructure, such as the paving of highway BR163, which facilitated the movement of goods to ports.

In 2022, production fell sharply to 85.6 thousand tons and market volume dropped to 39.5 thousand tons. A recovery followed in 2023, with production rising to 113.9 thousand tons and market volume reaching 58.8 thousand tons. The rebound was aided by the introduction of new high-yield soybean seed varieties with advanced weed-control technology, such as BASF's Enlist E3, and by growth in sales from key players like Sementes Oilema, particularly in sorghum cultivation driven by domestic and export demand.

For 2024, industry focus remains on technological advances and seed quality to sustain growth. Discussions at events like the Brazilian Seeds Congress highlighted genetic gains in adapted cultivars and strategic planning, even as regional factors like climate and pests pose challenges to soybean production. Brazilian agribusiness exports, where oilseeds play a prominent role, continue to be a major economic driver.

Production oil seeds and oleaginous fruits in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of oil seeds and oleaginous fruits, 2017-2020

World map of production of oil seeds and oleaginous fruits, 2017-2020

Latin America and the Caribbean saw their production of oil seeds and oleaginous fruits grow for the third year in a row. In 2020, the region produced 122.4 K t, showing little change from 2019. Looking at the period from 2017 to 2020, production rose by 3.4%, which translates to an average annual growth rate of 1.1%.

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 oil seeds and oleaginous fruits production in Latin America and the Caribbean fell for the second consecutive year. In 2020, output was valued at 261.5 M $ US, marking a 17.9% decrease compared to the previous year. From 2017 to 2020, production dropped by 15.7%, with a compound annual growth rate of -5.5%. The peak value occurred in 2018 at 330.7 M $ US, which also saw the largest annual increase of 6.6%.

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

Exports oil seeds and oleaginous fruits from Latin America and the Caribbean

Exports in kind, t

Following a two-year decline, Latin America and the Caribbean's exports of oil seeds and oleaginous fruits by volume rebounded. In 2020, exports reached 51 745 t, up 16.4% from the year before. Over the 2017-2020 period, exports grew by 6.8%, averaging 2.2% per year. The lowest volume was recorded in 2019 at 44 462 t, while the largest drop happened in 2018 with a 5.5% decrease.

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

From 2017 to 2020, the export structure by volume remained highly diversified. The top three destinations—the United States (31.5% of exports), Germany (9.2%), and the Netherlands (7.5%)—collectively accounted for just 48.3% of total flows. The remaining 51.7% was spread across a wide range of smaller markets.

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 exports of oil seeds and oleaginous fruits by value declined for the third year in a row. In 2020, exports totaled 110.5 M $ US, down 4.7% from the previous year. Between 2017 and 2020, exports fell by 12.9%, equivalent to an average annual decrease of 4.5%.

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

During 2017-2020, the United States (36.5% of exports by value), Germany (10.7%), and the Netherlands (7.9%) consistently served as the main export destinations. Together, they made up 55.0% 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 oil seeds and oleaginous fruits to Latin America and the Caribbean

Imports in kind, t

Imports of oil seeds and oleaginous fruits into Latin America and the Caribbean decreased for the second consecutive year. In 2020, imports stood at 6 134 t, a 14.7% drop year-on-year. From 2017 to 2020, imports fell by 19.5%, averaging a 7.0% annual decline. The highest volume was in 2018 at 7 633 t, which also saw a modest increase of 0.2%.

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

In the 2017-2020 period, China (13.4% of imports by volume), Bulgaria (5.6%), and India (3.4%) played notable but not dominant roles as suppliers to Latin America and the Caribbean. Their combined share reached only 22.4% 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, M $ US

Latin America and the Caribbean imported 23.2 M $ US worth of oil seeds and oleaginous fruits in 2020, reflecting a significant 17.6% increase from the year before. However, over the 2017-2020 span, imports decreased by 17.7%, with an average annual decline of 6.3%. The lowest value was in 2019 at 19.7 M $ US, while the peak occurred in 2018 at 29.8 M $ US. The sharpest drop was in 2019, with a 33.7% decrease.

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

The import structure by value from 2017 to 2020 indicates a diversified set of trading partners. China (21.6% of imports by value), Bulgaria (8.8%), and the United States (7.1%) together accounted for just 37.6% of total flows. The remaining 62.4% was distributed among numerous smaller markets.

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