Latin America and the Caribbean: Fresh Fish Fillet Market 2024

Fresh Fish Fillet Market Size in Latin America and the Caribbean

In 2021, the Latin American fresh fish fillet market decreased by -1.2% to $X for the first time since 2013, thus ending a seven-year rising trend. The market value increased at an average annual rate of +3.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2020, and then dropped modestly in the following year.

Fresh Fish Fillet Production in Latin America and the Caribbean

In value terms, fresh fish fillet production reduced slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 14%. The level of production peaked at $X in 2020, and then dropped in the following year.

Fresh Fish Fillet Exports

Exports in Latin America and the Caribbean

In 2021, shipments abroad of fresh or chilled fish fillets increased by 4.8% to X tons, rising for the fourth consecutive year after two years of decline. The total export volume increased at an average annual rate of +5.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 when exports increased by 20% against the previous year. The volume of export peaked in 2021 and is likely to continue growth in years to come.

In value terms, fresh fish fillet exports skyrocketed to $X in 2021. Total exports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +9.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 40%. The level of export peaked in 2021 and is likely to see steady growth in the immediate term.

Exports by Country

Chile prevails in exports structure, amounting to X tons, which was near 85% of total exports in 2021. It was distantly followed by Colombia (X tons) and Honduras (X tons), together comprising a 10% share of total exports. Costa Rica (X tons) followed a long way behind the leaders.

Exports from Chile increased at an average annual rate of +7.1% from 2012 to 2021. At the same time, Costa Rica (+18.5%), Colombia (+14.3%) and Honduras (+9.6%) displayed positive paces of growth. Moreover, Costa Rica emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +18.5% from 2012-2021. Chile (+10 p.p.) and Colombia (+2.7 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) remains the largest fresh fish fillet supplier in Latin America and the Caribbean, comprising 89% of total exports. The second position in the ranking was held by Colombia ($X), with a 4.2% share of total exports. It was followed by Honduras, with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Chile amounted to +11.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Colombia (+14.0% per year) and Honduras (+4.9% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, picking up by 27% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.7%. The level of export peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+4.3%), while the other leaders experienced a decline in the export price figures.

Fresh Fish Fillet Imports

Imports in Latin America and the Caribbean

In 2021, overseas purchases of fresh or chilled fish fillets increased by 51% to X tons for the first time since 2017, thus ending a three-year declining trend. Total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +6.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, fresh fish fillet imports skyrocketed to $X in 2021. Total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +8.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of import peaked at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Colombia (X tons), distantly followed by the Dominican Republic (X tons), Uruguay (X tons), Mexico (X tons), Bahamas (X tons), Peru (X tons) and Brazil (X tons) were the key importers of fresh or chilled fish fillets, together creating 69% of total imports. The following importers - Aruba (X tons), Chile (X tons), Argentina (X tons), El Salvador (X tons), Jamaica (X tons) and Honduras (X tons) - together made up 21% of total imports.

From 2012 to 2021, the biggest increases were recorded for Bahamas (with a CAGR of +54.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest fresh fish fillet importing markets in Latin America and the Caribbean were Colombia ($X), Mexico ($X) and Uruguay ($X), together accounting for 46% of total imports. The Dominican Republic, Brazil, Peru, Aruba, Argentina, Chile, Bahamas, Jamaica, El Salvador and Honduras lagged somewhat behind, together comprising a further 42%.

Bahamas, with a CAGR of +41.4%, recorded the highest growth rate of the value of imports, among the main importing countries 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 2021, jumping by 17% against the previous year. Over the last nine years, it increased at an average annual rate of +1.8%. Over the period under review, import prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Mexico ($X per ton), while El Salvador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+7.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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