Raw bovine and equine hides and skins market in Latin America and the Caribbean

Earlier Report Observations

The market for raw bovine and equine hides in Latin America and the Caribbean grew from 2.12 million tons in 2018 to 2.17 million tons in 2019. This expansion was primarily fueled by government support programs in Brazil, such as subsidized credit for pasture improvement and crossbreeding initiatives, which increased cattle slaughter rates and consequently raised hide production.

Market volume fell to 2.03 million tons in 2020 and further to 1.94 million tons in 2021, largely due to the widespread disruption caused by the COVID-19 pandemic, which reduced beef processing activity and demand across the region. Recovery began in 2022, with volume reaching 2.13 million tons, aided by tariff adjustments in Mexico that permitted higher import volumes and strengthened domestic supply.

Growth continued in 2023, with the market reaching 2.19 million tons. This coincided with a historic peak in global beef production, where Brazil maintained its position as the world's second-largest producer, supplying more hides to the regional market.

Production raw bovine and equine hides and skins in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of raw bovine and equine hides and skins, 2017-2020

World map of production of raw bovine and equine hides and skins, 2017-2020

Latin America and the Caribbean's production of raw bovine and equine hides and skins declined after two years of growth. In 2020, the region produced 2,096 thousand tonnes, marking a 1.9% decrease from the previous year. Looking at the period from 2017 to 2020, production overall increased by 2.7%, which translates to an average annual growth rate of 0.9%. The peak was reached in 2019 with 2,137 thousand tonnes, while the most significant year-on-year increase occurred in 2018 at 3.1%.

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

Exports raw bovine and equine hides and skins from Latin America and the Caribbean

Exports in kind, K t

The market exhibited notable volatility during these years. Export volumes fluctuated significantly, dropping to a low of 68.1 thousand tonnes in 2019 and then surging to 161.7 thousand tonnes in 2020—a 2.4-fold increase between these two years. In 2020, exports from Latin America and the Caribbean rose sharply by 137.3% compared to 2019. The largest decline was recorded in 2019 at 13.2%.

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

From 2017 to 2020, the main destinations for raw bovine and equine hides and skins exports from Latin America and the Caribbean were China, Thailand, and Turkey. China accounted for 36.6% of exports in volume, Thailand for 7.5%, and Turkey for 6.8%. Together, these three countries represented 50.9% 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

After two years of decline, the value of raw bovine and equine hides and skins exports from Latin America and the Caribbean rebounded. In 2020, exports totaled 54.6 million US dollars, up 35.3% from the previous year. Over the 2017–2020 period, however, export value decreased by 45.9%, averaging an annual decline of 18.5%. The lowest point was in 2019 at 40.3 million US dollars, with the steepest drop that year at 50.4%.

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

Between 2017 and 2020, the primary markets for exports in value terms were China, Hong Kong, and Thailand. China held a 35.2% share, Hong Kong 16.2%, and Thailand 8.1%. Collectively, these three destinations accounted for 59.5% 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 raw bovine and equine hides and skins to Latin America and the Caribbean

Imports in kind, K t

Following two years of growth, imports of raw bovine and equine hides and skins into Latin America and the Caribbean declined. In 2020, the region imported approximately 95.9 thousand tonnes, down 7.5% from the previous year. From 2017 to 2020, imports increased by 23.6% overall, with an average annual growth rate of 7.3%. The highest volume was recorded in 2019 at 103.7 thousand tonnes, and the largest increase occurred in 2018 at 27.3%.

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

During 2017–2020, the United States dominated imports in volume, capturing 72.8% of total flows. Other markets contributed smaller shares, forming a fragmented remainder.

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

Imports of raw bovine and equine hides and skins into Latin America and the Caribbean fell for the second consecutive year. In 2020, imports amounted to 92.8 million US dollars, a 30.3% year-on-year decrease. Over the 2017–2020 span, import value dropped by 41.8%, averaging an annual decline of 16.5%. The peak was in 2018 at 175.5 million US dollars, with the most notable increase that year at 10.0%.

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

From 2017 to 2020, the United States was the central partner for imports in value terms, accounting for 84.7% of total flows. Other markets played a more limited role, forming a less significant portion of imports.

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