Latin America and the Caribbean: Frozen Norway Lobster Market 2024

Frozen Norway Lobster Market Size in Latin America and the Caribbean

The Latin American frozen norway lobster market fell modestly to $X in 2022, remaining stable against the previous year. Overall, consumption, however, continues to indicate a slight slump. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Frozen Norway Lobster Production in Latin America and the Caribbean

In value terms, frozen norway lobster production stood at $X in 2022 estimated in export price. Overall, production, however, continues to indicate a mild curtailment. The pace of growth was the most pronounced in 2014 with an increase of 35% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Frozen Norway Lobster Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of frozen norway lobsters decreased by -9.5% to X tons, falling for the second consecutive year after two years of growth. In general, exports, however, showed a buoyant increase. The pace of growth appeared the most rapid in 2013 when exports increased by 576%. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, frozen norway lobster exports reached $X in 2022. Overall, exports, however, enjoyed prominent growth. The pace of growth appeared the most rapid in 2013 when exports increased by 1,286%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Argentina was the key exporting country with an export of about X tons, which recorded 70% of total exports. It was distantly followed by Venezuela (X tons), comprising a 26% share of total exports. Brazil (X kg) followed a long way behind the leaders.

Exports from Argentina increased at an average annual rate of +6.1% from 2012 to 2022. At the same time, Venezuela (+42.6%) and Brazil (+29.1%) displayed positive paces of growth. Moreover, Venezuela emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +42.6% from 2012-2022. From 2012 to 2022, the share of Venezuela and Brazil increased by +24 and +4.1 percentage points, respectively.

In value terms, Argentina ($X) remains the largest frozen norway lobster supplier in Latin America and the Caribbean, comprising 76% of total exports. The second position in the ranking was taken by Venezuela ($X), with a 16% share of total exports.

In Argentina, frozen norway lobster exports expanded at an average annual rate of +9.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Venezuela (+43.8% per year) and Brazil (+21.0% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, growing by 11% against the previous year. Over the period under review, the export price continues to indicate a tangible increase. The most prominent rate of growth was recorded in 2013 when the export price increased by 105%. Over the period under review, the export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+2.9%), while the other leaders experienced mixed trends in the export price figures.

Frozen Norway Lobster Imports

Imports in Latin America and the Caribbean

For the fifth year in a row, LatAmerica and the Caribbean recorded decline in supplies from abroad of frozen norway lobsters, which decreased by -12% to X tons in 2022. Overall, imports showed a drastic downturn. The pace of growth appeared the most rapid in 2013 when imports increased by 606% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, frozen norway lobster imports totaled $X in 2022. Over the period under review, imports, however, posted buoyant growth. The pace of growth was the most pronounced in 2013 with an increase of 860% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Aruba represented the largest importing country with an import of about X tons, which accounted for 51% of total imports. It was distantly followed by Panama (X tons), Costa Rica (X tons), Cuba (X tons), the Dominican Republic (X tons) and Barbados (X tons), together comprising a 37% share of total imports. Uruguay (X kg) held a minor share of total imports.

Imports into Aruba decreased at an average annual rate of -6.5% from 2012 to 2022. At the same time, Panama (+23.1%), Costa Rica (+16.9%), Uruguay (+8.0%), Cuba (+4.2%) and the Dominican Republic (+1.5%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +23.1% from 2012-2022. Barbados experienced a relatively flat trend pattern. From 2012 to 2022, the share of Panama, Costa Rica, Aruba, Barbados, Cuba, Uruguay and the Dominican Republic increased by +11, +9.2, +8.1, +4.5, +4.2, +3.4 and +2.9 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Aruba ($X) constitutes the largest market for imported frozen norway lobsters in Latin America and the Caribbean, comprising 68% of total imports. The second position in the ranking was held by Panama ($X), with a 7% share of total imports. It was followed by Barbados, with a 5.5% share.

From 2012 to 2022, the average annual growth rate of value in Aruba amounted to +8.5%. In the other countries, the average annual rates were as follows: Panama (+25.5% per year) and Barbados (0.0% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, rising by 14% against the previous year. Overall, the import price saw a prominent increase. The pace of growth was the most pronounced in 2015 an increase of 54%. The level of import peaked in 2022 and is likely to continue growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Aruba (+16.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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