Latin America and the Caribbean: Preserved Salmon Market 2024

Preserved Salmon Market Size in Latin America and the Caribbean

After two years of decline, the Latin American preserved salmon market increased by 35% to $X in 2021. Overall, consumption, however, continues to indicate a mild downturn. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Preserved Salmon Production in Latin America and the Caribbean

In value terms, preserved salmon production stood at $X in 2021 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 48% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Preserved Salmon Exports

Exports in Latin America and the Caribbean

In 2021, shipments abroad of salmon (prepared or preserved) decreased by -26.9% to X tons for the first time since 2016, thus ending a four-year rising trend. Over the period under review, exports, however, recorded noticeable growth. The most prominent rate of growth was recorded in 2018 when exports increased by 259%. Over the period under review, the exports hit record highs at X tons in 2020, and then reduced sharply in the following year.

In value terms, preserved salmon exports dropped markedly to $X in 2021. In general, exports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 319%. Over the period under review, the exports reached the peak figure at $X in 2020, and then dropped markedly in the following year.

Exports by Country

Chile was the largest exporter of salmon (prepared or preserved) in Latin America and the Caribbean, with the volume of exports recording X tons, which was near 86% of total exports in 2021. It was distantly followed by Panama (X tons), making up an 11% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to preserved salmon exports from Chile stood at +2.9%. At the same time, Panama (+213.3%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +213.3% from 2012-2021. From 2012 to 2021, the share of Panama and Chile increased by +11 and +3.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) remains the largest preserved salmon supplier in Latin America and the Caribbean, comprising 84% of total exports. The second position in the ranking was held by Panama ($X), with a 13% share of total exports.

In Chile, preserved salmon exports expanded at an average annual rate of +5.8% over the period from 2012-2021.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, growing by 4.6% against the previous year. Export price indicated measured 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. The pace of growth was the most pronounced in 2017 when the export price increased by 22% against the previous year. Over the period under review, the export prices reached the maximum in 2021 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Panama ($X per ton), while Chile totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+12.6%).

Preserved Salmon Imports

Imports in Latin America and the Caribbean

In 2021, after three years of growth, there was significant decline in overseas purchases of salmon (prepared or preserved), when their volume decreased by -32.2% to X tons. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 33%. The volume of import peaked at X tons in 2020, and then shrank rapidly in the following year.

In value terms, preserved salmon imports contracted sharply to $X in 2021. Total imports indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when imports increased by 43% against the previous year. The level of import peaked at $X in 2020, and then dropped rapidly in the following year.

Imports by Country

Jamaica (X tons) and Trinidad and Tobago (X tons) represented roughly 45% of total imports in 2021. Bahamas (X tons) ranks next in terms of the total imports with a 9.3% share, followed by Colombia (7.6%), Barbados (7.6%), Costa Rica (6%) and the Dominican Republic (5.7%).

From 2012 to 2021, the biggest increases were recorded for Colombia (with a CAGR of +24.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest preserved salmon importing markets in Latin America and the Caribbean were Jamaica ($X), Trinidad and Tobago ($X) and Costa Rica ($X), with a combined 53% share of total imports.

In terms of the main importing countries, Jamaica, with a CAGR of +32.4%, 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

The import price in Latin America and the Caribbean stood at $X per ton in 2021, increasing by 8.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Costa Rica (+12.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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