Potato market in Latin America and the Caribbean

Earlier Report Observations

From 2018 to 2020, production and market volume of fresh or chilled potatoes in Latin America and the Caribbean increased steadily. This growth was supported by the entry of new players like McCain, whose acquisitions and capacity expansions in the frozen potato segment stimulated regional investment and demand. Rising consumption from the restaurant and fast-food sectors, along with stable demand for potatoes as a staple food during the pandemic, further bolstered the market.

Between 2021 and 2023, production plateaued and then declined. Market volume stabilized in 2021, supported by ongoing innovation in potato products and expanded cold-chain infrastructure. However, production fell in 2022 and 2023, partly due to persistent agronomic and climatic factors that affected fresh potato yields in key countries like Brazil and Mexico. Global inflationary pressures and supply chain disruptions also contributed to higher costs and impacted availability.

In value terms, the market saw significant growth after 2020, with the market size rising from $8.6 billion in 2020 to $14.5 billion in 2023. This increase reflected higher prices driven by inflation and shifting consumer preferences toward more convenient and processed potato options, as well as regulatory changes like nutritional labeling that influenced product development.

Production potato in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of potato, 2017-2020

World map of production of potato, 2017-2020

Potato production in Latin America and the Caribbean has increased for the second consecutive year. In 2020, the region produced 21 305 thousand tons of potatoes, marking a 2.1% rise compared to 2019. Looking at the period from 2017 to 2020, production grew by 2.8%, which translates to an annualized rate of 0.9%. The lowest production level was recorded in 2018 at 20 266 thousand tons, representing the largest decline of 2.2% during this timeframe. Conversely, the largest increase occurred in 2019 with a 3.0% growth.

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

In value, 2017-2020, M $ US

Potato production in Latin America and the Caribbean has declined for the second consecutive year in value terms. In 2020, the output was valued at 8 481 million US dollars, down by 15.1% from the previous year. Over the period from 2017 to 2020, production value decreased by 7%, equating to an annualized decline of 2.4%. The highest value was recorded in 2018 at 10 144 million US dollars, which also saw the largest increase of 11.2% during these years.

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

Exports potato from Latin America and the Caribbean

Exports in kind, K t

Potato exports from Latin America and the Caribbean have increased for the second consecutive year. In 2020, exports totaled 74.4 thousand tons, up by 14.8% compared to 2019. From 2017 to 2020, exports grew by 48.9%, with a compound annual growth rate (CAGR) of 14.2%. The lowest export volume was recorded in 2018 at 38.5 thousand tons, which also experienced the largest decline of 22.9%. The largest increase occurred in 2019 with a 68.3% rise.

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

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

In 2020, potato exports from Latin America and the Caribbean amounted to 29.6 million US dollars, showing a moderate reduction of 4.5% compared to 2019. Between 2017 and 2020, export value increased by 34.6%, equating to an annualized growth rate of 10.4%. The lowest value was recorded in 2018 at 19.3 million US dollars, while the highest was in 2019 at 31.0 million US dollars. The largest decline occurred in 2018 with a 12.4% drop, and the largest increase was in 2019 with a 60.9% surge.

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

From 2017 to 2020, the United States was the main buyer of potatoes from Latin America and the Caribbean, accounting for 2.2% of total exports in value terms.

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 potato to Latin America and the Caribbean

Imports in kind, K t

The market exhibited volatility during these years. The lowest import volume was recorded in 2018 at 152.4 thousand tons, while the highest occurred in 2019 at 340.8 thousand tons, representing a peak-to-trough ratio of 2.2 times. In 2020, potato imports to Latin America and the Caribbean stood at 327.5 thousand tons, down by 3.9% year-over-year. The largest decline was in 2018 with a 20.4% drop, and the largest increase was in 2019 with a 123.6% rise.

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 (27.0% of imports in kind), the Netherlands (21.0% of imports in kind), and Canada (4.8% of imports in kind) were the main sources in the geographical breakdown of potato imports to Latin America and the Caribbean, together accounting for 52.7% 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 market showed an unstable trend throughout this period. The lowest import value was recorded in 2018 at 109.5 million US dollars, while the highest was in 2019 at 187.6 million US dollars, reflecting a 1.7-fold gap. In 2020, Latin America and the Caribbean imported potatoes worth 29.6 million US dollars, down by 4.5% compared to 2019. The largest increase occurred in 2019 with a 71.3% rise.

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

Over the period from 2017 to 2020, the United States (41.9% of imports in value terms), the Netherlands (26.6% of imports in value terms), and Canada (7.1% of imports in value terms) remained the leading sources in the country structure of potato imports by value, with a combined share of 75.6% 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