Pork market in Latin America and the Caribbean

Earlier Report Observations

The pork market volume in Latin America and the Caribbean increased from 8.3 million tons in 2018 to 8.4 million tons in 2019, supported by the expansion of retail networks and greater availability of packaged pork. Growing consumption of frozen pork also bolstered the market as consumers increasingly turned to frozen products. However, in 2020, market volume declined to 8.2 million tons, coinciding with shifts in trade flows, while demand for frozen and chilled pork continued to rise due to urban population growth and the expansion of online retail.

A sharp rebound occurred in 2021, with market volume reaching 9.5 million tons and value hitting USD 28.2 billion. This surge was partly linked to international trade dynamics, as Asian and European importers increased purchases, affecting the regional market. Growth continued in 2022 to 10.3 million tons, fueled by further retail expansion and rapid growth in frozen pork consumption. By 2023, the market stabilized at 10.4 million tons, showing maturity after several years of expansion.

By 2024, a key factor was the significant growth in Brazilian pork exports, reflecting the region's strengthening position in the global market. Sector innovations, such as meat quality contests and the adoption of natural labeling, helped raise standards. The frozen and chilled meat segments, which expanded by 22% since 2020, continued to drive the market, alongside growing consumer preference for branded and packaged products.

Production pork in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of pork, 2017-2020

World map of production of pork, 2017-2020

Pork production in Latin America and the Caribbean has increased for the third consecutive year. In 2020, the region produced 8 863 thousand tons of pork, marking a 4.5% gain compared to the previous year. From 2017 to 2020, production grew by 13.4%, which translates to an annualized growth rate of 4.3%.

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

In value, 2017-2020, M $ US

Following two years of growth, pork production in Latin America and the Caribbean experienced a decline. In 2020, the value of pork output was 23 229 million US dollars, showing a modest 4.3% decrease from 2019. Over the period from 2017 to 2020, production value increased by 13.9%, corresponding to an annualized rate of 4.4%. The peak value was recorded in 2019 at 24 278 million US dollars, with the largest annual increase of 12.9% also occurring that year.

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

Exports pork from Latin America and the Caribbean

Exports in kind, K t

Exported pork volumes from Latin America and the Caribbean have risen for the second year in a row. In 2020, exports reached 1 459 thousand tons, representing a substantial 52.8% increase compared to the previous year. Between 2017 and 2020, exports grew by 60.5%, equating to an annualized growth rate of 17.1%. The lowest volume was recorded in 2018 at 788 thousand tons, which also saw the largest decline of 13.4%.

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

From 2017 to 2020, China, Japan, and Hong Kong remained the primary buyers of pork from Latin America and the Caribbean in volume terms. China accounted for 32.8% of exports, Japan for 18.0%, and Hong Kong for 9.7%. Together, these three markets constituted 60.5% of total pork exports by 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, M $ US

Pork exports from Latin America and the Caribbean have increased for the second consecutive year. In 2020, export value reached 3 825 million US dollars, reflecting a sharp 39.9% rise compared to 2019. Over the 2017-2020 period, exports grew by 61.2%, with a compound annual growth rate (CAGR) of 17.2%. The lowest value was recorded in 2018 at 2 077 million US dollars, which also experienced the largest decline of 12.5%.

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

Throughout 2017-2020, China, Japan, and Russia formed the core of pork exports from Latin America and the Caribbean in value terms. China held a 31.2% share, Japan 22.1%, and Russia 9.3%. Collectively, these three countries accounted for 62.6% 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 pork to Latin America and the Caribbean

Imports in kind, K t

After two years of growth, pork imports into Latin America and the Caribbean declined. In 2020, imports stood at 836 thousand tons, which is 8.5% lower than the previous year. The highest volume was recorded in 2019 at 914 thousand tons, with the largest annual increase of 5.1% occurring in 2018.

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

From 2017 to 2020, the United States remained the dominant source for pork imports into Latin America and the Caribbean by volume, capturing 72.9% of total imports. The remaining volume was distributed among numerous other countries.

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

In 2020, Latin America and the Caribbean imported approximately 2 297 million US dollars worth of pork, indicating a significant 11.0% decrease compared to 2019. The lowest value was recorded in 2018 at 2 284 million US dollars, while the peak was in 2019 at 2 582 million US dollars. The largest annual increase of 13.0% occurred in 2019.

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

Throughout 2017-2020, the United States clearly dominated pork imports into Latin America and the Caribbean in value terms, accounting for 75.4% of total import value. Other countries each held substantially smaller shares of the market.

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