Cuba: Frozen Crustaceans Market 2024

Frozen Crustaceans Market Size in Cuba

The Cuban frozen crustaceans market was finally on the rise to reach $X in 2021, after two years of decline. Overall, the total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -5.4% against 2018 indices. Frozen crustaceans consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Frozen Crustaceans Production in Cuba

In value terms, frozen crustaceans production expanded significantly to $X in 2021 estimated in export price. In general, the total production indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -9.7% against 2018 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 58% against the previous year. Frozen crustaceans production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Frozen Crustaceans Exports

Exports from Cuba

In 2021, shipments abroad of frozen crustaceans was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2015 when exports increased by 61%. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, frozen crustaceans exports skyrocketed to $X in 2021. Over the period under review, total exports indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -13.1% against 2018 indices. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Spain (X tons), China (X tons) and Italy (X tons) were the main destinations of frozen crustaceans exports from Cuba, with a combined 86% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +29.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for frozen crustaceans exported from Cuba were China ($X), Spain ($X) and France ($X), with a combined 89% share of total exports. Italy and Belgium lagged somewhat behind, together comprising a further 4.8%.

Among the main countries of destination, Italy, with a CAGR of +25.2%, recorded the highest rates of growth with regard to 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 crustaceans export price amounted to $X per ton, increasing by 19% against the previous year. Overall, the export price, however, saw a noticeable reduction. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was China ($X per ton), while the average price for exports to Belgium ($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 China (+2.3%), while the prices for the other major destinations experienced a decline.

Frozen Crustaceans Imports

Imports into Cuba

For the third consecutive year, Cuba recorded decline in overseas purchases of frozen crustaceans, which decreased by -61.6% to X tons in 2021. In general, imports recorded a deep contraction. The most prominent rate of growth was recorded in 2015 with an increase of 113%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, frozen crustaceans imports shrank significantly to $X in 2021. Over the period under review, imports showed a abrupt setback. The pace of growth appeared the most rapid in 2015 with an increase of 127%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Spain (X tons) and China (X tons) were the main suppliers of frozen crustaceans imports to Cuba.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +4.9%).

In value terms, Spain ($X) constituted the largest supplier of frozen crustaceans to Cuba, comprising 89% of total imports. The second position in the ranking was taken by China ($X), with a 10% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain totaled -8.1%.

Import Prices by Country

In 2021, the average frozen crustaceans import price amounted to $X per ton, picking up by 2.1% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 41%. As a result, import price attained the peak level of $X per ton. From 2018 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Spain ($X per ton), while the price for China stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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