Cuba: Frozen Whole Fish Market 2024

Frozen Whole Fish Market Size in Cuba

The Cuban frozen whole fish market contracted dramatically to $X in 2021, dropping by -21.3% against the previous year. Over the period under review, consumption showed a abrupt descent. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Frozen Whole Fish Production in Cuba

In value terms, frozen whole fish production fell to $X in 2021 estimated in export price. In general, production saw a deep slump. The growth pace was the most rapid in 2013 with an increase of 64% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Frozen Whole Fish Exports

Exports from Cuba

In 2021, frozen whole fish exports from Cuba reduced rapidly to X tons, waning by -28% against the year before. Over the period under review, exports, however, showed a measured expansion. The pace of growth was the most pronounced in 2017 when exports increased by 91%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, frozen whole fish exports fell rapidly to $X in 2021. In general, exports recorded a noticeable descent. The growth pace was the most rapid in 2020 with an increase of 72% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Spain (X tons), the Dominican Republic (X tons) and Hong Kong SAR (X tons) were the main destinations of frozen whole fish exports from Cuba, with a combined 99.9% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of +58.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Dominican Republic ($X), Spain ($X) and Hong Kong SAR ($X) appeared to be the largest markets for frozen whole fish exported from Cuba worldwide, with a combined 100% share of total exports.

Spain, with a CAGR of +33.5%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average frozen whole fish export price amounted to $X per ton, leveling off at the previous year. In general, the export price, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2013 when the average export price increased by 68% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Spain ($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 Hong Kong SAR (+12.1%), while the prices for the other major destinations experienced a decline.

Frozen Whole Fish Imports

Imports into Cuba

In 2021, frozen whole fish imports into Cuba reduced dramatically to X tons, falling by -74.5% on the previous year. In general, imports showed a abrupt downturn. The most prominent rate of growth was recorded in 2019 when imports increased by 177% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, frozen whole fish imports dropped remarkably to $X in 2021. Over the period under review, imports faced a sharp shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 147%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Argentina (X tons) constituted the largest frozen whole fish supplier to Cuba, accounting for a 77% share of total imports. Moreover, frozen whole fish imports from Argentina exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), more than tenfold. Peru (X tons) ranked third in terms of total imports with a 5.9% share.

From 2012 to 2021, the average annual growth rate of volume from Argentina stood at -9.2%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (-1.0% per year) and Peru (-29.7% per year).

In value terms, Argentina ($X) constituted the largest supplier of frozen whole fish to Cuba, comprising 72% of total imports. The second position in the ranking was taken by Spain ($X), with a 4.4% share of total imports. It was followed by Chile, with a 4.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Argentina amounted to -7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-33.2% per year) and Chile (-33.3% per year).

Import Prices by Country

The average frozen whole fish import price stood at $X per ton in 2021, growing by 13% against the previous year. Overall, the import price, however, saw a perceptible contraction. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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