Latin America and the Caribbean: Preserved Herring Market 2024

Preserved Herring Market Size in Latin America and the Caribbean

The Latin American preserved herring market declined rapidly to $X in 2021, shrinking by -60.7% against the previous year. In general, consumption, however, continues to indicate prominent growth. As a result, consumption reached the peak level of $X, and then declined markedly in the following year.

Preserved Herring Production in Latin America and the Caribbean

In value terms, preserved herring production fell sharply to $X in 2021 estimated in export price. The total production indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +31.5% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 91%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Preserved Herring Exports

Exports in Latin America and the Caribbean

In 2021, after three years of growth, there was significant decline in overseas shipments of herrings (prepared or preserved), when their volume decreased by -19.8% to X tons. Over the period under review, exports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2020 with an increase of 162% against the previous year. As a result, the exports attained the peak of X tons, and then declined notably in the following year.

In value terms, preserved herring exports contracted to $X in 2021. In general, exports, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 69%. Over the period under review, the exports attained the peak figure at $X in 2020, and then dropped in the following year.

Exports by Country

In 2021, Argentina (X tons) was the major exporter of herrings (prepared or preserved), generating 64% of total exports. It was distantly followed by Costa Rica (X tons), the Dominican Republic (X tons) and Ecuador (X tons), together mixing up a 35% share of total exports.

Argentina was also the fastest-growing in terms of the herrings (prepared or preserved) exports, with a CAGR of +34.8% from 2012 to 2021. At the same time, Costa Rica (+19.1%) and the Dominican Republic (+17.8%) displayed positive paces of growth. By contrast, Ecuador (-9.0%) illustrated a downward trend over the same period. While the share of Argentina (+53 p.p.), Costa Rica (+7.7 p.p.) and the Dominican Republic (+4.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ecuador (-41.8 p.p.) displayed negative dynamics.

In value terms, the largest preserved herring supplying countries in Latin America and the Caribbean were Argentina ($X), Costa Rica ($X) and the Dominican Republic ($X), together accounting for 91% of total exports.

Costa Rica, with a CAGR of +27.0%, recorded the highest rates of growth with regard to 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

The export price in Latin America and the Caribbean stood at $X per ton in 2021, surging by 13% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the export price increased by 64% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Costa Rica (+6.7%), while the other leaders experienced more modest paces of growth.

Preserved Herring Imports

Imports in Latin America and the Caribbean

In 2021, approx. X tons of herrings (prepared or preserved) were imported in Latin America and the Caribbean; jumping by 123% compared with the year before. In general, imports continue to indicate a resilient increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, preserved herring imports skyrocketed to $X in 2021. Overall, imports saw a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Jamaica was the key importing country with an import of about X tons, which finished at 45% of total imports. The Dominican Republic (X tons) ranks second in terms of the total imports with a 19% share, followed by Trinidad and Tobago (10%) and Panama (9.8%). Guatemala (X tons), Uruguay (X tons) and Chile (X tons) took a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to preserved herring imports into Jamaica stood at +60.6%. At the same time, Panama (+113.2%), Guatemala (+37.8%) and the Dominican Republic (+32.3%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +113.2% from 2012-2021. Uruguay experienced a relatively flat trend pattern. By contrast, Trinidad and Tobago (-1.8%) and Chile (-8.1%) illustrated a downward trend over the same period. Jamaica (+44 p.p.), the Dominican Republic (+14 p.p.), Panama (+9.8 p.p.) and Guatemala (+3.4 p.p.) significantly strengthened its position in terms of the total imports, while Uruguay, Chile and Trinidad and Tobago saw its share reduced by -5%, -9.1% and -25% from 2012 to 2021, respectively.

In value terms, Jamaica ($X) constitutes the largest market for imported herrings (prepared or preserved) in Latin America and the Caribbean, comprising 57% of total imports. The second position in the ranking was held by the Dominican Republic ($X), with a 13% share of total imports. It was followed by Panama, with a 6.6% share.

From 2012 to 2021, the average annual growth rate of value in Jamaica totaled +60.9%. In the other countries, the average annual rates were as follows: the Dominican Republic (+32.8% per year) and Panama (+120.0% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, with a decrease of -3.6% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 7.4% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 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 Chile ($X per ton), while Trinidad and Tobago ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+3.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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