Latin America and the Caribbean: Market for Crabs and Crab Meat 2024

Market Size for Crabs and Crab Meat in Latin America and the Caribbean

In 2021, after nine years of growth, there was decline in the Latin American crab and crab meat market, when its value decreased by -4.4% to $X. Over the period under review, consumption, however, enjoyed a resilient expansion. Over the period under review, the market hit record highs at $X in 2020, and then declined modestly in the following year.

Production of Crabs and Crab Meat in Latin America and the Caribbean

In value terms, crab and crab meat production expanded to $X in 2021 estimated in export price. In general, production, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by 74%. The level of production peaked at $X in 2018; afterwards, it flattened through to 2021.

Exports of Crabs and Crab Meat

Exports in Latin America and the Caribbean

In 2021, the amount of crabs and crab meat exported in Latin America and the Caribbean soared to X tons, with an increase of 40% against 2020 figures. Overall, exports showed a relatively flat trend pattern. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, crab and crab meat exports soared to $X in 2021. Total exports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -11.2% against 2018 indices. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Chile (X tons) and Mexico (X tons) were the major exporters of crabs and crab meat in Latin America and the Caribbean, together finishing at near 82% of total exports. Argentina (X tons) ranks next in terms of the total exports with a 10% share, followed by Uruguay (6.6%).

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Mexico (with a CAGR of +6.8%), while the other leaders experienced more modest paces of growth.

In value terms, Chile ($X) remains the largest crab and crab meat supplier in Latin America and the Caribbean, comprising 69% of total exports. The second position in the ranking was held by Argentina ($X), with a 14% share of total exports. It was followed by Mexico, with a 13% share.

In Chile, crab and crab meat exports expanded at an average annual rate of +8.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Argentina (-1.0% per year) and Mexico (+7.1% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, with an increase of 3.3% against the previous year. Export price indicated a perceptible increase from 2012 to 2021: its price increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, crab and crab meat export price decreased by -15.6% against 2018 indices. The most prominent rate of growth was recorded in 2018 when the export price increased by 19% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Chile ($X per ton), while Mexico ($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 (+9.8%), while the other leaders experienced more modest paces of growth.

Imports of Crabs and Crab Meat

Imports in Latin America and the Caribbean

In 2021, purchases abroad of crabs and crab meat was finally on the rise to reach X tons after two years of decline. Total imports indicated a slight increase from 2012 to 2021: its volume increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when imports increased by 36% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, crab and crab meat imports surged to $X in 2021. Over the period under review, imports continue to indicate a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico represented the main importing country with an import of about X tons, which amounted to 33% of total imports. It was distantly followed by Aruba (X tons), Honduras (X tons), Guatemala (X tons), the Dominican Republic (X tons) and Brazil (X tons), together comprising a 32% share of total imports. Peru (X tons), Cayman Islands (X tons), Costa Rica (X tons), Curacao (X tons), Panama (X tons), Jamaica (X tons) and Trinidad and Tobago (X tons) held a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to crab and crab meat imports into Mexico stood at +6.8%. At the same time, Panama (+110.5%), Guatemala (+31.6%), Cayman Islands (+27.0%), Peru (+26.4%), Costa Rica (+15.9%), Curacao (+8.6%), Honduras (+8.4%), Jamaica (+6.0%), the Dominican Republic (+2.1%) and Brazil (+1.1%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +110.5% from 2012-2021. By contrast, Aruba (-2.3%) and Trinidad and Tobago (-9.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mexico, Guatemala, Peru, Cayman Islands, Costa Rica, Honduras and Panama increased by +12, +5.6, +3.9, +3.8, +3.1, +3 and +2.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported crabs and crab meat in Latin America and the Caribbean, comprising 34% of total imports. The second position in the ranking was taken by Brazil ($X), with a 12% share of total imports. It was followed by Aruba, with a 9.8% share.

In Mexico, crab and crab meat imports plunged by an average annual rate of -1.8% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+4.2% per year) and Aruba (+2.9% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, rising by 40% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Curacao (+11.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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