Latin America and the Caribbean: Frozen Whole Fish Market 2024

Frozen Whole Fish Market Size in Latin America and the Caribbean

In 2021, the Latin American frozen whole fish market was finally on the rise to reach $X after three years of decline. Over the period under review, consumption, however, continues to indicate a noticeable downturn. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Frozen Whole Fish Production in Latin America and the Caribbean

In value terms, frozen whole fish production expanded markedly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 31%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Frozen Whole Fish Exports

Exports in Latin America and the Caribbean

In 2021, shipments abroad of frozen whole fish increased by 9.2% to X tons, rising for the fifth year in a row after two years of decline. The total export volume increased at an average annual rate of +1.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 when exports increased by 14% against the previous year. The volume of export peaked in 2021 and is likely to continue growth in years to come.

In value terms, frozen whole fish exports rose to $X in 2021. Overall, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 17%. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Chile (X tons) was the major exporter of frozen whole fish, comprising 48% of total exports. It was distantly followed by Peru (X tons), Ecuador (X tons), Argentina (X tons) and Uruguay (X tons), together mixing up a 39% share of total exports. The following exporters - Brazil (X tons) and Venezuela (X tons) - each reached a 6% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to frozen whole fish exports from Chile stood at +3.7%. At the same time, Venezuela (+19.4%), Peru (+9.3%) and Ecuador (+8.3%) displayed positive paces of growth. Moreover, Venezuela emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +19.4% from 2012-2021. Brazil experienced a relatively flat trend pattern. By contrast, Uruguay (-3.6%) and Argentina (-7.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Chile, Peru, Ecuador and Venezuela increased by +8.3, +7.2, +5 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) remains the largest frozen whole fish supplier in Latin America and the Caribbean, comprising 64% of total exports. The second position in the ranking was held by Ecuador ($X), with a 6.1% share of total exports. It was followed by Peru, with a 5.6% share.

From 2012 to 2021, the average annual growth rate of value in Chile totaled +2.3%. In the other countries, the average annual rates were as follows: Ecuador (+5.9% per year) and Peru (+1.0% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, waning by -5% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 12% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Peru ($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 (+3.4%), while the other leaders experienced a decline in the export price figures.

Frozen Whole Fish Imports

Imports in Latin America and the Caribbean

In 2021, supplies from abroad of frozen whole fish was finally on the rise to reach X tons after three years of decline. The total import volume increased at an average annual rate of +3.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, frozen whole fish imports surged to $X in 2021. The total import value increased at an average annual rate of +1.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Ecuador (X tons) and Brazil (X tons) represented roughly 51% of total imports in 2021. Colombia (X tons) took the next position in the ranking, distantly followed by Peru (X tons), Mexico (X tons) and Guatemala (X tons). All these countries together took near 34% share of total imports. Jamaica (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Jamaica (with a CAGR of +18.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Ecuador ($X) and Colombia ($X) were the countries with the highest levels of imports in 2021, together comprising 61% of total imports. These countries were followed by Mexico, Guatemala, Peru and Jamaica, which together accounted for a further 23%.

Jamaica, with a CAGR of +21.4%, recorded the highest rates of growth with regard to 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

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, picking up by 2.6% against the previous year. Over the period under review, the import price, however, recorded a noticeable descent. The pace of growth was the most pronounced in 2017 an increase of 7.4% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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 Jamaica ($X per ton), while Peru ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Jamaica (+2.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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