Latin America and the Caribbean: Fish Parts Market 2024

Fish Parts Market Size in Latin America and the Caribbean

The Latin American fish parts market rose to $X in 2022, with an increase of 3.6% against the previous year. The market value increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Fish Parts Production in Latin America and the Caribbean

In value terms, fish parts production fell to $X in 2022 estimated in export price. The total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -15.9% against 2017 indices. The most prominent rate of growth was recorded in 2017 with an increase of 92%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Fish Parts Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of fish heads, tails and maws increased by 7.4% to X tons for the first time since 2019, thus ending a two-year declining trend. Total exports indicated a modest expansion from 2012 to 2022: its volume increased at an average annual rate of +1.5% 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 with an increase of 43% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, fish parts exports rose rapidly to $X in 2022. Total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +7.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +10.4% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 36% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Brazil (X tons), Ecuador (X tons) and Peru (X tons) represented roughly 76% of total exports in 2022. It was distantly followed by Mexico (X tons), committing a 6.8% share of total exports. Costa Rica (X tons), Venezuela (X tons) and Guatemala (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Costa Rica (with a CAGR of +26.3%), while the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Peru ($X) and Ecuador ($X) constituted the countries with the highest levels of exports in 2022, together comprising 79% of total exports. Costa Rica, Mexico, Venezuela and Guatemala lagged somewhat behind, together comprising a further 15%.

Costa Rica, with a CAGR of +32.8%, recorded the highest growth rate of the value of exports, among 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

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, with an increase of 3.5% against the previous year. Over the period under review, the export price continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2018 an increase of 112% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, 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 Ecuador (+15.7%), while the other leaders experienced more modest paces of growth.

Fish Parts Imports

Imports in Latin America and the Caribbean

In 2022, fish parts imports in Latin America and the Caribbean soared to X tons, surging by 51% compared with the year before. In general, imports showed a tangible increase. The pace of growth appeared the most rapid in 2014 with an increase of 137%. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, fish parts imports rose slightly to $X in 2022. Overall, imports saw significant growth. The pace of growth was the most pronounced in 2021 when imports increased by 135%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

Imports by Country

Colombia (X tons) and Peru (X tons) represented the largest importers of fish heads, tails and maws in 2022, accounting for approx. 38% and 32% of total imports, respectively. Nicaragua (X tons) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by Suriname (5.1%). The following importers - Honduras (X tons), Bahamas (X tons) and Brazil (X tons) - each recorded a 6.6% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Bahamas (with a CAGR of +33.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Peru ($X) constitutes the largest market for imported fish heads, tails and maws in Latin America and the Caribbean, comprising 87% of total imports. The second position in the ranking was taken by Nicaragua ($X), with a 4.3% share of total imports. It was followed by Suriname, with a 2.8% share.

From 2012 to 2022, the average annual growth rate of value in Peru totaled +29.3%. In the other countries, the average annual rates were as follows: Nicaragua (+5.5% per year) and Suriname (+20.4% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, declining by -31% against the previous year. In general, the import price, however, saw buoyant growth. The pace of growth was the most pronounced in 2018 an increase of 325%. The level of import peaked at $X per ton in 2021, and then plummeted in the following year.

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 Peru ($X per ton), while Colombia ($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 (+18.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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