Latin America and the Caribbean: Smoked Salmon Market 2024

Smoked Salmon Market Size in Latin America and the Caribbean

The Latin American smoked salmon market shrank modestly to $X in 2022, with a decrease of -1.6% against the previous year. The market value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Smoked Salmon Production in Latin America and the Caribbean

In value terms, smoked salmon production reduced to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.8% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 21% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Smoked Salmon Exports

Exports in Latin America and the Caribbean

In 2022, the amount of smoked pacific, atlantic and danube salmon exported in Latin America and the Caribbean expanded notably to X tons, with an increase of 9.4% compared with the previous year. Over the period under review, exports, however, continue to indicate a perceptible curtailment. The growth pace was the most rapid in 2018 when exports increased by 29%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, smoked salmon exports skyrocketed to $X in 2022. Total exports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +18.5% against 2018 indices. The growth pace was the most rapid in 2017 with an increase of 41% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the immediate term.

Exports by Country

The biggest shipments were from Chile (X tons), together accounting for 99% of total export.

Chile was also the fastest-growing in terms of the smoked pacific, atlantic and danube salmon exports, with a CAGR of -1.9% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) also remains the largest smoked salmon supplier in Latin America and the Caribbean.

From 2012 to 2022, the average annual rate of growth in terms of value in Chile stood at +2.6%.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, increasing by 9.6% against the previous year. Over the last decade, it increased at an average annual rate of +4.7%. The pace of growth appeared the most rapid in 2017 an increase of 17% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the near future.

As there is only one major export destination, the average price level is determined by prices for Chile.

From 2012 to 2022, the rate of growth in terms of prices for Chile amounted to +4.7% per year.

Smoked Salmon Imports

Imports in Latin America and the Caribbean

In 2022, after two years of decline, there was significant growth in supplies from abroad of smoked pacific, atlantic and danube salmon, when their volume increased by 16% to X tons. Over the period under review, imports, however, saw a perceptible reduction. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, smoked salmon imports soared to $X in 2022. Overall, imports, however, continue to indicate a perceptible decline. The growth pace was the most rapid in 2017 when imports increased by 25%. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the Dominican Republic (X tons), distantly followed by Curacao (X tons), Colombia (X tons), Guatemala (X tons), Cuba (X tons), Bahamas (X tons) and Barbados (X tons) were the largest importers of smoked pacific, atlantic and danube salmon, together achieving 65% of total imports. The following importers - Jamaica (X tons), Mexico (X tons), Uruguay (X tons), Panama (X tons), Argentina (X tons) and Saint Maarten (Dutch part) (X tons) - together made up 19% of total imports.

Imports into the Dominican Republic increased at an average annual rate of +3.4% from 2012 to 2022. At the same time, Curacao (+25.6%), Saint Maarten (Dutch part) (+20.6%), Guatemala (+18.0%), Panama (+15.7%), Barbados (+5.3%) and Uruguay (+1.7%) displayed positive paces of growth. Moreover, Curacao emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +25.6% from 2012-2022. By contrast, Colombia (-1.8%), Bahamas (-4.4%), Cuba (-4.4%), Jamaica (-7.9%), Argentina (-8.5%) and Mexico (-19.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Dominican Republic, Curacao, Guatemala, Barbados, Panama, Colombia, Uruguay and Saint Maarten (Dutch part) increased by +11, +8.8, +5.7, +3.3, +2.8, +1.9, +1.7 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Dominican Republic ($X) constitutes the largest market for imported smoked pacific, atlantic and danube salmon in Latin America and the Caribbean, comprising 24% of total imports. The second position in the ranking was held by Colombia ($X), with a 10% share of total imports. It was followed by Guatemala, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the Dominican Republic stood at +4.8%. The remaining importing countries recorded the following average annual rates of imports growth: Colombia (-1.8% per year) and Guatemala (+26.7% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by 6.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2017 when the import price increased by 19% against the previous year. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Argentina ($X per ton), while Curacao ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+7.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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