Latin America and the Caribbean: Market for Dried Or Smoked Fish 2024

Market Size for Dried Or Smoked Fish in Latin America and the Caribbean

The Latin American dried or smoked fish market dropped modestly to $X in 2021, waning by -1.6% against the previous year. Over the period under review, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Production of Dried Or Smoked Fish in Latin America and the Caribbean

In value terms, dried or smoked fish production fell modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.4% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2014 when the production volume increased by 8%. The level of production peaked at $X in 2020, and then dropped modestly in the following year.

Exports of Dried Or Smoked Fish

Exports in Latin America and the Caribbean

In 2021, overseas shipments of dried or smoked fish were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports, however, showed a abrupt descent. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, dried or smoked fish exports surged to $X in 2021. Overall, exports, however, showed a slight slump. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Peru represented the main exporting country with an export of about X tons, which accounted for 47% of total exports. It was distantly followed by Chile (X tons), the Dominican Republic (X tons), Argentina (X tons) and Brazil (X tons), together creating a 38% share of total exports. Ecuador (X tons), Mexico (X tons) and Costa Rica (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to dried or smoked fish exports from Peru stood at +6.2%. At the same time, Ecuador (+10.9%), Brazil (+9.9%) and Costa Rica (+7.5%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +10.9% from 2012-2021. By contrast, the Dominican Republic (-4.5%), Mexico (-7.9%), Chile (-9.5%) and Argentina (-21.3%) illustrated a downward trend over the same period. While the share of Peru (+30 p.p.), Brazil (+3.6 p.p.) and Ecuador (+2.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Chile (-9.6 p.p.) and Argentina (-28.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Peru ($X), Chile ($X) and Brazil ($X) were the countries with the highest levels of exports in 2021, with a combined 78% share of total exports. Ecuador, Mexico, the Dominican Republic, Costa Rica and Argentina lagged somewhat behind, together accounting for a further 15%.

Ecuador, with a CAGR of +16.1%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, surging by 9.4% against the previous year. Over the last nine years, it increased at an average annual rate of +3.8%. The pace of growth appeared the most rapid in 2020 when the export price increased by 13% against the previous year. Over the period under review, the export prices hit record highs in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Brazil ($X per ton), while Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+6.1%), while the other leaders experienced more modest paces of growth.

Imports of Dried Or Smoked Fish

Imports in Latin America and the Caribbean

For the fourth consecutive year, LatAmerica and the Caribbean recorded decline in overseas purchases of dried or smoked fish, which decreased by -4% to X tons in 2021. Over the period under review, imports saw a pronounced curtailment. The pace of growth appeared the most rapid in 2017 when imports increased by 9.8% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, dried or smoked fish imports amounted to $X in 2021. In general, imports recorded a noticeable shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 13%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Brazil (X tons) and the Dominican Republic (X tons) represented the major importers of dried or smoked fish in 2021, resulting at near 35% and 34% of total imports, respectively. Haiti (X tons) took a 12% share (based on physical terms) of total imports, which put it in second place, followed by Jamaica (8.2%). Trinidad and Tobago (X tons) held a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Haiti (with a CAGR of +5.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest dried or smoked fish importing markets in Latin America and the Caribbean were Brazil ($X), the Dominican Republic ($X) and Jamaica ($X), with a combined 77% share of total imports.

In terms of the main importing countries, the Dominican Republic, with a CAGR of +4.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, increasing by 7.4% against the previous year. Over the period under review, the import price, however, showed a pronounced curtailment. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+0.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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