Latin America

Edible oils is expected to register a slight decrease in volume sales in 2023. That being said, consumers have not been exposed to the same global inflationary pressures for edible oils as many other countries arising both from the war in Ukraine and…

To secure an adequate domestic supply of edible oils and keep prices for consumers at affordable levels, early in 2023 the Argentinian government renewed its subsidy agreement with members of industry representative group CIARA (Chamber of the Oil…

Ecuador will experience population growth between 2021-2040, driven by positive natural change, as net migration declines. Rising life expectancy and a drop in the population under 30 years will drive ongoing ageing, with 65+ citizens impacting…

Guayaquil will remain Ecuador's most populous city in 2027. Quito's strong internet connectivity makes it appealing for online businesses. Guayaquil will continue as the largest consumer market. Manta saw the highest inflation in 2022. Quito had the…

The report examines the economic landscape of Venezuela and provides information on major monetary indicators, foreign trade and government finance. The economy expanded in real terms in 2023, driven by private consumption, government spending,…

The report examines the economic landscape of Uruguay and provides information on major monetary indicators, foreign trade and government finance. The economy expanded in real terms in 2023, driven by private consumption, government spending.…

In 2022, Peru’s economy grew slower than the Latin American average due to the political turmoil and global challenges affecting trade. Private spending and gross fixed capital formation sustained the economy throughout the year. Consumer and…

The report examines the economic landscape of Paraguay and provides information on major monetary indicators, foreign trade and government finance. The economy expanded in real terms in 2023, driven by exports, private consumption, government…

The report examines the economic landscape of Panama and provides information on major monetary indicators, foreign trade and government finance. The economy expanded in real terms in 2023, driven by private consumption, government spending,…

Despite an economic slowdown in 2023, Mexico’s economy outperformed the Latin American average, supported by relatively strong domestic demand and ongoing nearshoring investments. However, a further deceleration is anticipated in 2024, owing to a…

The report examines the economic landscape of Honduras and provides information on major monetary indicators, foreign trade and government finance. The economy expanded in real terms in 2023, driven by private consumption, government spending.…

The report examines the economic landscape of Guatemala and provides information on major monetary indicators, foreign trade and government finance. The economy expanded in real terms in 2023, driven by private consumption, government spending,…

The report examines the economic landscape of El Salvador and provides information on major monetary indicators, foreign trade and government finance. The economy expanded in real terms in 2023, driven by private consumption, government spending.…

Ecuador’s GDP grew by 1.5% in real terms in 2023. Among positive developments, private and public spending increased, supporting economic activity in the country. However, the economy was hindered by sluggish gross fixed capital formation and…

The report examines economic landscape of Dominican Republic and provides information on major monetary indicators, foreign trade, investments and government finance. The economy in Dominican Republic expanded in real terms in 2022, driven by…

The report examines the economic landscape of Costa Rica and provides information on major monetary indicators, foreign trade and government finance. The economy expanded in real terms in 2023, driven by exports, private consumption, government…

Colombia’s GDP growth slowed to 1.3% in real terms in 2023, due to a decline in investment and exports, although private and public spending increased. Colombia’s trade sector experienced a downturn during the year, with both exports and imports…

In 2023, Chile’s economy contracted by 0.3%, due to sluggish private spending, gross fixed capital formation (GFCF) and exports, despite a rise in public consumption. However, projections for 2024 are for GDP growth of 1.7%, driven by robust exports,…

In 2023, Brazil’s GDP growth decelerated slightly, to 2.9%, but outperformed the Latin American average, driven by robust domestic demand. Furthermore, the country’s inflation rate fell to 4.6%, due to high interest rates and lower commodity prices.…

The report examines the economic landscape of Bolivia and provides information on major monetary indicators, foreign trade and government finance. The economy expanded in real terms in 2023, driven by private consumption. However global economic…

Argentina’s economy contracted in 2023, as a result of sluggish private spending, hyperinflation and high interest rates, leading to a rise in poverty. The country’s inflation rate surged, largely due to currency depreciation and the removal of price…

E-commerce continued to see positive growth in Latin America in 2022, in spite of the recent massive sales spike already seen in 2020 due to COVID-19 restrictions. Further growth is also expected in the coming years, given the now expanded customer…

After a decline in supply in 2022, improved milk production is pushing retail volume sales back into growth in 2023. Conflict between the leader supplier Cooperativa Nacional de Productores de Leche (Conaprole) and trade unions reduced the supply of…

Shelf stable milk continues to benefit from the decline in consumption of evaporated milk. Consumers are increasingly switching to shelf stable milk, as it is healthier and the range is also increasing, in terms of packaging formats, as well as…

The consumption of milk has decreased for the third year in a row in 2023. This is explained, in part, by the evolution of the demographics in the country. The population of children (aged 0 to 14 years old) has been declining consistently and this…

Though milk power is losing ground to shelf stable UHT milk, it still accounts for most volume sales. Milk powder is an important dairy product for many Guatemalan families because it is affordable and offers a source of nutrition and also has a…

In 2022, milk consumption in Ecuador was limited by the national strike that took place in the middle of the year, which complicated the logistics chain. With no national strikes in 2023, consumption returned to normal; however, category growth in…

Drinking milk is expected to register moderate current value and volume growth. However, inflation is still an issue and consumers are expected to continue to be highly price sensitive and prioritise value for money. Flavoured milk drinks is expected…

While current value sales are expected to increase, volume sales are expected to register a marginal fall, as rising prices, as well as lower local production, has an impact. Increased costs for feed, fertilisers and fuel has forced some dairy…

The cow’s milk segment continues to see significant price increase in 2023 driven by the rising cost of production, including fertiliser and utility prices, distribution and inflation. Milk products have been amongst the most impacted within the…

The dairy products and alternatives industry continues to experience significant increases, including rising costs for animal feed, consequently creating a worrying situation for dairy farmers and how they operate. As the expenses associated with…

As inflation impacted the Brazilian economy, the price of milk experienced a significant increase, leading to up to an 80% hike. This surge in prices put pressure on the disposable incomes of Brazilian consumers, making milk unaffordable for many…

In 2023, Bolivian society again resumed daily life as it was before the pandemic, with people out and about more, as a result. This is expected to result in less drinking milk being consumed at home and this is expected to dampen volume sales,…

In 2022, the government replaced the national programme Precios Cuidados with Precios Justos; an agreement between the government and leading companies to provide lower-price alternatives to consumers. The main difference between Precios Cuidados…

Population expansion in the Dominican Republic will be driven by natural increase in 2021-2040. Ageing will be swift, impacting consumer trends and putting increased pressure on state resources to some extent. Fast urbanisation will result in over…

Dog food in Peru is projected to record a modestly improved result in total current value growth terms in 2024, while total volume sales are set to tip back into positive territory following a marginal decline in 2023. This is largely explained by…

Given the economic situation in the country following the pandemic and the inflation levels seen in 2022, dog food in Mexico has become polarised. There is a significant group of consumers looking to save money, opting for more economical brands of…

Coronavirus (COVID-19) resulted in improved performances for dog food in many of the region’s countries, with consumers spending a lot more time at home with their pets than usual. The forecast period is expected to see generally higher annual growth…

In 2024 current value sales for dog food in Colombia remain strong but are dramatically slower than in 2023, while volume sales are rising slightly. However, volume sales have been relatively low for much of the review period, largely attributed to…

Inflation's impact on the performance of premium dog food brands in Chile is multifaceted, affecting both operational costs and consumer purchasing behaviour. As inflation escalates, the cost of importing high-quality ingredients, which are often a…

Dog food in Brazil is set to maintain its growth trajectory in both retail volume and current value terms in 2024, driven mainly by product innovation across various categories, offering diverse attributes for different types of dogs. At the end of…

In 2023, dog food sales in Argentina registered positive growth in retail volume terms and a similar trend is expected in 2024 but at a lower rate due to the complex economic situation. As a result of the decline in purchasing power, many dog owners…

As with home care products in general, cross-border shopping led to a decline in volume sales. Although inflation has soared in Argentina, the depreciation rate against the Uruguayan peso has made dishwashing products purchased in Argentina much…

During the pandemic, demand for dishwashing rocketed as hygiene concerns increased and people spent more time on average at home, thereby creating more dishes to clean. As expected, once the wave of infections and respective health restrictions…

Dishwashing maintained retail volume and current value growth in 2023, with rises seen for both hand dishwashing, and all categories within automatic dishwashing. While pandemic-related restrictions on movement had been lifted, the continued…

Within hand dishwashing, consumers are shifting from the bar format to the cream/paste format. As more households seek the convenience of an effective grease-remover for their dishes that tends to last longer and is softer on skin, the cream/paste…