Latin America and the Caribbean: Frozen Crustaceans Market 2024

Frozen Crustaceans Market Size in Latin America and the Caribbean

The Latin American frozen crustaceans market declined slightly to $X in 2022, dropping by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Frozen Crustaceans Production in Latin America and the Caribbean

In value terms, frozen crustaceans production dropped modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when the production volume increased by X%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Frozen Crustaceans Exports

Exports in Latin America and the Caribbean

In 2022, the amount of frozen crustaceans exported in Latin America and the Caribbean totaled X tons, increasing by X% on the previous year's figure. In general, exports recorded a remarkable increase. The most prominent rate of growth was recorded in 2014 when exports increased by X%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the near future.

In value terms, frozen crustaceans exports amounted to $X in 2022. Over the period under review, exports saw strong growth. The pace of growth was the most pronounced in 2021 when exports increased by X%. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Exports by Country

Ecuador was the main exporting country with an export of about X tons, which resulted at X% of total exports. Argentina (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Venezuela (X%). Peru (X tons), Nicaragua (X tons), Mexico (X tons) and Honduras (X tons) held a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to frozen crustaceans exports from Ecuador stood at X%. At the same time, Venezuela (X%), Peru (X%), Argentina (X%), Mexico (X%) and Nicaragua (X%) displayed positive paces of growth. Moreover, Venezuela emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Honduras (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ecuador and Venezuela increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ecuador ($X) remains the largest frozen crustaceans supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Argentina ($X), with an X% share of total exports. It was followed by Venezuela, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Ecuador stood at X%. In the other countries, the average annual rates were as follows: Argentina (X% per year) and Venezuela (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the export price increased by X%. Over the period under review, the export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Honduras (X%), while the other leaders experienced more modest paces of growth.

Frozen Crustaceans Imports

Imports in Latin America and the Caribbean

In 2022, after two years of growth, there was significant decline in overseas purchases of frozen crustaceans, when their volume decreased by X% to X tons. Over the period under review, imports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then contracted in the following year.

In value terms, frozen crustaceans imports declined to $X in 2022. In general, imports, however, recorded a strong expansion. The pace of growth appeared the most rapid in 2014 when imports increased by X%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Guatemala (X tons) and Colombia (X tons) represented the main importers of frozen crustaceans in Latin America and the Caribbean, together achieving X% of total imports. It was distantly followed by Peru (X tons), Chile (X tons), the Dominican Republic (X tons) and Mexico (X tons), together achieving a X% share of total imports. Costa Rica (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen crustaceans importing markets in Latin America and the Caribbean were Colombia ($X), Guatemala ($X) and Peru ($X), with a combined X% share of total imports.

In terms of the main importing countries, Peru, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of X% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Costa Rica ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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