Prepared or preserved beef and offal market in Latin America and the Caribbean

Earlier Report Observations

The prepared beef market in Latin America and the Caribbean expanded from 55.8 thousand tons in 2018 to 77.4 thousand tons in 2019, supported by government initiatives in Brazil that promoted pasture improvement and technological adoption in cattle farming. However, the market contracted to 63.0 thousand tons in 2020 as the COVID-19 pandemic disrupted supply chains and reduced consumer demand across the region.

Recovery began in 2021, with market volume returning to 77.4 thousand tons, though high beef prices in Brazil limited domestic consumption. By 2022, the market grew to 88.9 thousand tons, aided by regulatory adjustments in Argentina that facilitated retail sales of smaller beef cuts. The most significant surge occurred in 2023, when the market reached 125.8 thousand tons, driven by improved production margins in Brazil and a strong rebound in domestic demand in Mexico, where beef exports also hit record levels.

Production prepared or preserved beef and offal in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of prepared or preserved beef and offal, 2017-2020

World map of production of prepared or preserved beef and offal, 2017-2020

Latin America and the Caribbean's production of prepared or preserved beef and offal declined after two years of growth. In 2019, output reached its peak at 197.3 thousand tons, but in 2020 it remained broadly stable at 196.5 thousand tons. Over the 2017-2020 period, production increased by 12.7%, with an average annual growth rate of 4.1%. The largest year-on-year increase occurred in 2019, when production rose by 11.8%.

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

In value, 2017-2020, M $ US

After two consecutive years of growth, the production value of prepared or preserved beef and offal in Latin America and the Caribbean declined. In 2019, output reached its highest value at 1 090 million US dollars, but in 2020 it decreased by 8.7% to 995 million US dollars. Over the 2017-2020 period, production value increased by 10%, with an average annual growth rate of 3.2%. The largest year-on-year increase was recorded in 2019 at 16.2%.

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

Exports prepared or preserved beef and offal from Latin America and the Caribbean

Exports in kind, K t

In 2020, Latin America and the Caribbean exported 153.3 thousand tons of prepared or preserved beef and offal, representing a strong increase of 10.8% compared to 2019. Over the 2017-2020 period, exports grew by 22.3%, with an average annual growth rate of 6.9%. The largest decline occurred in 2019 at 0.6%, while the most significant increase was recorded in 2018 at 11.0%.

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

Between 2017 and 2020, the United States, Hong Kong, and the United Kingdom were the main destinations for prepared or preserved beef and offal exports from Latin America and the Caribbean. The United States accounted for 28.5% of exports in volume, Hong Kong for 18.6%, and the United Kingdom for 15.3%. Together, these three markets absorbed 62.4% of total export volumes.

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

Exports of prepared or preserved beef and offal from Latin America and the Caribbean increased for the third consecutive year. In 2020, export value reached 776.3 million US dollars, showing a slight gain of 1.5% compared to 2019. Over the 2017-2020 period, exports grew by 19.3%, with an average annual growth rate of 6.1%.

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, the United Kingdom, and Hong Kong were the primary destinations for prepared or preserved beef and offal exports from Latin America and the Caribbean in value terms. The United States accounted for 46.2% of export value, the United Kingdom for 13.1%, and Hong Kong for 10.5%. Together, these three markets represented 69.9% 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 prepared or preserved beef and offal to Latin America and the Caribbean

Imports in kind, K t

In 2020, Latin America and the Caribbean imported 19.8 thousand tons of prepared or preserved beef and offal, which was 6.7% higher than in 2019. Over the 2017-2020 period, imports increased by 48.6%, with an average annual growth rate of 14.1%. The largest decline occurred in 2019 at 0.4%, while the most significant increase was recorded in 2018 at 39.8%.

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

Between 2017 and 2020, the United States, Italy, and Spain were important suppliers of prepared or preserved beef and offal to Latin America and the Caribbean. The United States accounted for 22.1% of import volume, Italy for 6.8%, and Spain for 1.7%. However, their combined share reached only 30.6% of total imports, with the remaining 69.4% distributed among numerous other trading partners.

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

After two years of growth, imports of prepared or preserved beef and offal into Latin America and the Caribbean declined. In 2019, import value peaked at 104.3 million US dollars, but in 2020 it decreased by 7.2% to 96.7 million US dollars. Over the 2017-2020 period, imports increased by 21.9%, with an average annual growth rate of 6.8%. The largest year-on-year increase occurred in 2019 at 16.2%.

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

The partner structure for imports of prepared or preserved beef and offal into Latin America and the Caribbean remained fragmented between 2017 and 2020. The United States accounted for 29.2% of import value, Italy for 3.0%, and Spain for 1.6%. Together, these three countries represented only 33.8% of total import flows, with no single country achieving a dominant share.

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