Latin America and the Caribbean: Market for Prepared Or Preserved Crab Meat 2024

Market Size for Prepared Or Preserved Crab Meat in Latin America and the Caribbean

For the third year in a row, the Latin American market for prepared or preserved crab meat recorded decline in sales value, which decreased by -2.2% to $X in 2021. Over the period under review, consumption, however, saw a deep reduction. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Prepared Or Preserved Crab Meat in Latin America and the Caribbean

In value terms, prepared or preserved crab meat production amounted to $X in 2021 estimated in export price. Overall, production, however, showed a mild decrease. The pace of growth appeared the most rapid in 2014 when the production volume increased by 121% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Exports of Prepared Or Preserved Crab Meat

Exports in Latin America and the Caribbean

After two years of growth, shipments abroad of prepared or preserved crab meat decreased by -13.9% to X tons in 2021. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 34% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, prepared or preserved crab meat exports soared to $X in 2021. Total exports indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +70.8% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 33%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

Exports by Country

Venezuela was the largest exporter of prepared or preserved crab meat in Latin America and the Caribbean, with the volume of exports reaching X tons, which was approx. 57% of total exports in 2021. It was distantly followed by Mexico (X tons), Colombia (X tons), Chile (X tons), Argentina (X tons) and Nicaragua (X tons), together achieving a 42% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to prepared or preserved crab meat exports from Venezuela stood at +7.2%. At the same time, Nicaragua (+29.7%) displayed positive paces of growth. Moreover, Nicaragua emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +29.7% from 2012-2021. Colombia experienced a relatively flat trend pattern. By contrast, Argentina (-6.6%), Mexico (-7.2%) and Chile (-11.3%) illustrated a downward trend over the same period. Venezuela (+27 p.p.) and Nicaragua (+5.4 p.p.) significantly strengthened its position in terms of the total exports, while Argentina, Chile and Mexico saw its share reduced by -5.1%, -12.5% and -14.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Venezuela ($X) remains the largest prepared or preserved crab meat supplier in Latin America and the Caribbean, comprising 59% of total exports. The second position in the ranking was held by Mexico ($X), with a 21% share of total exports. It was followed by Colombia, with an 8.6% share.

In Venezuela, prepared or preserved crab meat exports increased at an average annual rate of +15.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Mexico (-1.8% per year) and Colombia (+4.7% 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 49% against the previous year. Export price indicated moderate growth from 2012 to 2021: its price increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, prepared or preserved crab meat export price increased by +40.7% against 2018 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Venezuela (+7.2%), while the other leaders experienced more modest paces of growth.

Imports of Prepared Or Preserved Crab Meat

Imports in Latin America and the Caribbean

In 2021, overseas purchases of prepared or preserved crab meat increased by 45% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, saw a mild shrinkage. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, prepared or preserved crab meat imports soared to $X in 2021. In general, imports, however, recorded a perceptible slump. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Ecuador (X tons), Panama (X tons), El Salvador (X tons), Chile (X tons), Bahamas (X tons), Colombia (X tons) and Trinidad and Tobago (X tons) was the largest importer of prepared or preserved crab meat in Latin America and the Caribbean, generating 84% of total import.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Panama (with a CAGR of +41.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ecuador ($X), Bahamas ($X) and Colombia ($X) constituted the countries with the highest levels of imports in 2021, with a combined 42% share of total imports. These countries were followed by El Salvador, Panama, Trinidad and Tobago and Chile, which together accounted for a further 29%.

Among the main importing countries, Panama, with a CAGR of +35.2%, recorded the highest growth rate of the value of imports, 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, which is down by -11.5% against the previous year. Over the period under review, the import price saw a perceptible reduction. The pace of growth was the most pronounced in 2014 an increase of 31% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahamas (+6.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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