Latin America and the Caribbean: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Latin America and the Caribbean

The Latin American fish fat and oil market rose rapidly to $X in 2022, increasing by 5.2% against the previous year. The total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +72.5% against 2012 indices. The level of consumption peaked in 2022 and is likely to see gradual growth in years to come.

Production of Fish Fats And Oils in Latin America and the Caribbean

In value terms, fish fat and oil production reached $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by 13%. Over the period under review, production reached the peak level at $X in 2020; afterwards, it flattened through to 2022.

Exports of Fish Fats And Oils

Exports in Latin America and the Caribbean

Fish fat and oil exports shrank to X tons in 2022, declining by -12.3% compared with 2021 figures. Overall, exports saw a perceptible slump. The pace of growth appeared the most rapid in 2017 when exports increased by 28% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, fish fat and oil exports soared to $X in 2022. Over the period under review, exports, however, posted notable growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Peru was the main exporting country with an export of about X tons, which amounted to 64% of total exports. It was distantly followed by Chile (X tons), comprising a 31% share of total exports. Mexico (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to fish fat and oil exports from Peru stood at -4.0%. At the same time, Chile (+3.7%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +3.7% from 2012-2022. By contrast, Mexico (-14.2%) illustrated a downward trend over the same period. Chile (+15 p.p.) significantly strengthened its position in terms of the total exports, while Mexico and Peru saw its share reduced by -5.9% and -7.5% from 2012 to 2022, respectively.

In value terms, Peru ($X) remains the largest fish fat and oil supplier in Latin America and the Caribbean, comprising 77% of total exports. The second position in the ranking was held by Chile ($X), with a 20% share of total exports.

In Peru, fish fat and oil exports expanded at an average annual rate of +3.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Chile (+6.2% per year) and Mexico (-9.6% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, rising by 52% against the previous year. Export price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fish fat and oil export price increased by +57.5% against 2019 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Peru ($X per ton), while Chile ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+7.6%), while the other leaders experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports in Latin America and the Caribbean

After three years of decline, supplies from abroad of fish fats and oils increased by 32% to X tons in 2022. Total imports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 37% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, fish fat and oil imports soared to $X in 2022. Overall, imports continue to indicate a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Chile represented the largest importer of fish fats and oils in Latin America and the Caribbean, with the volume of imports amounting to X tons, which was near 62% of total imports in 2022. Peru (X tons) took the second position in the ranking, distantly followed by Ecuador (X tons) and Brazil (X tons). All these countries together held approx. 30% share of total imports. Colombia (X tons) followed a long way behind the leaders.

Chile experienced a relatively flat trend pattern with regard to volume of imports of fish fats and oils. At the same time, Ecuador (+48.0%), Peru (+23.3%) and Brazil (+7.6%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +48.0% from 2012-2022. Colombia experienced a relatively flat trend pattern. From 2012 to 2022, the share of Peru, Ecuador and Brazil increased by +16, +5.8 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) constitutes the largest market for imported fish fats and oils in Latin America and the Caribbean, comprising 59% of total imports. The second position in the ranking was held by Peru ($X), with a 22% share of total imports. It was followed by Brazil, with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Chile stood at +5.4%. In the other countries, the average annual rates were as follows: Peru (+32.6% per year) and Brazil (+12.3% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, growing by 51% against the previous year. Import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fish fat and oil import price increased by +77.0% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+7.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :