Latin America and the Caribbean: Market for Caviar (Salmon) And Caviar Substitutes 2024

Market Size for Caviar (Salmon) And Caviar Substitutes in Latin America and the Caribbean

After five years of decline, the Latin American market for caviar (salmon) and caviar substitutes increased by 1.3% to $X in 2021. Overall, consumption, however, showed a perceptible setback. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Caviar (Salmon) And Caviar Substitutes in Latin America and the Caribbean

In value terms, caviar (salmon) and caviar substitutes production reached $X in 2021 estimated in export price. Overall, production, however, recorded a perceptible decline. The most prominent rate of growth was recorded in 2015 when the production volume increased by 2.2% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Caviar (Salmon) And Caviar Substitutes

Exports in Latin America and the Caribbean

In 2021, after three years of decline, there was significant growth in overseas shipments of caviar (salmon) and caviar substitutes, when their volume increased by 148% to X tons. Over the period under review, exports, however, saw a pronounced shrinkage. The growth pace was the most rapid in 2017 when exports increased by 230%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, caviar (salmon) and caviar substitutes exports surged to $X in 2021. In general, exports, however, continue to indicate a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Peru prevails in exports structure, finishing at X tons, which was near 90% of total exports in 2021. It was distantly followed by the Dominican Republic (X tons), making up a 6% share of total exports. Chile (X tons) held a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to caviar (salmon) and caviar substitutes exports from Peru stood at -4.3%. At the same time, Chile (+24.3%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +24.3% from 2012-2021. The Dominican Republic experienced a relatively flat trend pattern. The Dominican Republic (+6 p.p.) and Chile (+3.6 p.p.) significantly strengthened its position in terms of the total exports, while Peru saw its share reduced by -9.4% from 2012 to 2021, respectively.

In value terms, Peru ($X) remains the largest caviar (salmon) and caviar substitutes supplier in Latin America and the Caribbean, comprising 93% of total exports. The second position in the ranking was taken by Chile ($X), with a 6.8% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Peru totaled -1.4%. In the other countries, the average annual rates were as follows: Chile (+18.0% per year) and the Dominican Republic (0.0% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, jumping by 15% against the previous year. Export price indicated pronounced growth from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, caviar (salmon) and caviar substitutes export price increased by +91.7% against 2017 indices. The pace of growth appeared the most rapid in 2020 an increase of 28%. Over the period under review, the export prices reached the peak figure in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably country of origin: the country with the highest price was Chile ($X per ton), while the Dominican Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Peru (+3.0%).

Imports of Caviar (Salmon) And Caviar Substitutes

Imports in Latin America and the Caribbean

In 2021, overseas purchases of caviar (salmon) and caviar substitutes were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -22.2% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 61%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, caviar (salmon) and caviar substitutes imports surged to $X in 2021. Total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -8.1% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 57%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

Mexico was the major importing country with an import of around X tons, which recorded 50% of total imports. It was distantly followed by Colombia (X tons), Panama (X tons), Chile (X tons) and Ecuador (X tons), together constituting a 37% share of total imports. Brazil (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to caviar (salmon) and caviar substitutes imports into Mexico stood at +2.1%. At the same time, Panama (+86.5%), Chile (+34.2%), Brazil (+29.6%), Colombia (+20.8%) and Ecuador (+2.1%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +86.5% from 2012-2021. While the share of Colombia (+13 p.p.), Panama (+8.6 p.p.), Chile (+4.6 p.p.) and Brazil (+3.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ecuador (-1.6 p.p.) and Mexico (-17.7 p.p.) displayed negative dynamics.

In value terms, Mexico ($X) constitutes the largest market for imported caviar (salmon) and caviar substitutes in Latin America and the Caribbean, comprising 55% of total imports. The second position in the ranking was taken by Colombia ($X), with an 18% share of total imports. It was followed by Brazil, with a 5.4% share.

From 2012 to 2021, the average annual growth rate of value in Mexico totaled +7.5%. In the other countries, the average annual rates were as follows: Colombia (+20.5% per year) and Brazil (+30.6% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, picking up by 20% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. Over the period under review, import prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Brazil ($X per ton), while Panama ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+6.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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