Canada: Frozen Cuttlefishes Market 2024

Frozen Cuttlefishes Market Size in Canada

The Canadian frozen cuttlefishes market declined sharply to $X in 2021, reducing by -48.8% against the previous year. Over the period under review, consumption continues to indicate a precipitous shrinkage. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Frozen Cuttlefishes Production in Canada

In value terms, frozen cuttlefishes production declined sharply to $X in 2021 estimated in export price. In general, production showed a dramatic descent. Frozen cuttlefishes production peaked at $X in 2020, and then reduced remarkably in the following year.

Frozen Cuttlefishes Exports

Exports from Canada

In 2021, after three years of growth, there was significant decline in overseas shipments of frozen cuttlefishes, when their volume decreased by -6.7% to X tons. Over the period under review, exports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2018 with an increase of 598% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2020, and then declined in the following year.

In value terms, frozen cuttlefishes exports dropped sharply to $X in 2021. In general, exports, however, recorded a prominent increase. The growth pace was the most rapid in 2018 with an increase of 946% against the previous year. The exports peaked at $X in 2020, and then contracted rapidly in the following year.

Exports by Country

Japan (X tons), the United States (X tons) and South Korea (X tons) were the main destinations of frozen cuttlefishes exports from Canada.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +910.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), the United States ($X) and South Korea ($X) were the largest markets for frozen cuttlefishes exported from Canada worldwide.

Among the main countries of destination, South Korea, with a CAGR of +692.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average frozen cuttlefishes export price amounted to $X per ton, falling by -9.6% against the previous year. Overall, the export price recorded a pronounced setback. The most prominent rate of growth was recorded in 2016 when the average export price increased by 98% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+0.5%), while the prices for the other major destinations experienced a decline.

Frozen Cuttlefishes Imports

Imports into Canada

In 2021, frozen cuttlefishes imports into Canada was estimated at X tons, picking up by 8.3% against the year before. Over the period under review, imports, however, continue to indicate a precipitous descent. The pace of growth was the most pronounced in 2019 when imports increased by 24%. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, frozen cuttlefishes imports skyrocketed to $X in 2021. In general, imports, however, faced a precipitous shrinkage. The pace of growth appeared the most rapid in 2019 with an increase of 40%. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Sri Lanka (X tons) constituted the largest frozen cuttlefishes supplier to Canada, accounting for a 55% share of total imports. Moreover, frozen cuttlefishes imports from Sri Lanka exceeded the figures recorded by the second-largest supplier, India (X tons), fourfold. The third position in this ranking was taken by Portugal (X tons), with a 5.4% share.

From 2012 to 2021, the average annual growth rate of volume from Sri Lanka stood at +20.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-19.9% per year) and Portugal (+25.2% per year).

In value terms, Sri Lanka ($X) constituted the largest supplier of frozen cuttlefishes to Canada, comprising 44% of total imports. The second position in the ranking was taken by India ($X), with an 11% share of total imports. It was followed by Hong Kong SAR, with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Sri Lanka totaled +24.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-15.5% per year) and Hong Kong SAR (-13.8% per year).

Import Prices by Country

The average frozen cuttlefishes import price stood at $X per ton in 2021, with an increase of 15% against the previous year. Over the period under review, the import price recorded a buoyant expansion. The most prominent rate of growth was recorded in 2017 when the average import price increased by 34% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was China ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+40.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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