Cuba: Market for Frozen Fish And Seafood 2024

Market Size for Frozen Fish And Seafood in Cuba

In 2021, the Cuban frozen fish and seafood market decreased by -24.5% to $X, falling for the second consecutive year after three years of growth. In general, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Frozen Fish And Seafood in Cuba

In value terms, frozen fish and seafood production expanded notably to $X in 2021 estimated in export price. In general, the total production indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +7.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -6.8% against 2018 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 54% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Exports of Frozen Fish And Seafood

Exports from Cuba

After two years of decline, overseas shipments of frozen fish and seafood increased by 76% to X tons in 2021. Over the period under review, exports enjoyed a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, frozen fish and seafood exports skyrocketed to $X in 2021. In general, total exports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Spain (X tons), China (X tons) and Italy (X tons) were the main destinations of frozen fish and seafood exports from Cuba, together comprising 25% 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 fish and seafood exported from Cuba were China ($X), Spain ($X) and France ($X), with a combined 31% share of total exports. These countries were followed by Italy, Taiwan (Chinese), the Dominican Republic and Belgium, which together accounted for a further 2.1%.

Among the main countries of destination, Italy, with a CAGR of +25.2%, 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

The average frozen fish and seafood export price stood at $X per ton in 2021, rising by 8.3% against the previous year. Overall, the export price, however, recorded a slight decline. The growth pace was the most rapid in 2017 an increase of 15% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the Dominican Republic ($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 (+5.0%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Frozen Fish And Seafood

Imports into Cuba

Frozen fish and seafood imports into Cuba contracted markedly to X tons in 2021, declining by -64.6% compared with the previous year. Overall, imports faced a deep slump. The most prominent rate of growth was recorded in 2019 when imports increased by 117%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, frozen fish and seafood imports reduced to $X in 2021. In general, imports saw a deep slump. The most prominent rate of growth was recorded in 2019 when imports increased by 36%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Spain (X tons) constituted the largest frozen fish and seafood supplier to Cuba, accounting for a 15% share of total imports. Moreover, frozen fish and seafood imports from Spain exceeded the figures recorded by the second-largest supplier, Chile (X tons), twofold. The third position in this ranking was taken by China (X tons), with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Spain totaled -15.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (-17.6% per year) and China (-16.0% per year).

In value terms, Spain ($X) constituted the largest supplier of frozen fish and seafood to Cuba, comprising 18% of total imports. The second position in the ranking was held by China ($X), with a 4.6% share of total imports. It was followed by Iceland, with a 2.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain amounted to -12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-17.1% per year) and Iceland (-0.1% per year).

Import Prices by Country

In 2021, the average frozen fish and seafood import price amounted to $X per ton, increasing by 154% against the previous year. In general, the import price saw notable growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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