Latin America and the Caribbean: Preserved Tuna Market 2024

Preserved Tuna Market Size in Latin America and the Caribbean

The Latin American preserved tuna market was finally on the rise to reach $X in 2021, after two years of decline. The market value increased at an average annual rate of +1.8% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Preserved Tuna Production in Latin America and the Caribbean

In value terms, preserved tuna production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the production volume increased by 19% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Preserved Tuna Exports

Exports in Latin America and the Caribbean

For the sixth consecutive year, LatAmerica and the Caribbean recorded growth in shipments abroad of tuna (prepared or preserved), which increased by 1.8% to X tons in 2021. Total exports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +51.6% against 2015 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 28% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, preserved tuna exports expanded remarkably to $X in 2021. Total exports indicated a notable expansion 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 +8.6% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 50%. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

Ecuador prevails in exports structure, reaching X tons, which was approx. 82% of total exports in 2021. It was distantly followed by El Salvador (X tons), comprising a 5.2% share of total exports. Mexico (X tons), Guatemala (X tons), Costa Rica (X tons) and Peru (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to preserved tuna exports from Ecuador stood at +5.9%. At the same time, Peru (+23.3%), Mexico (+16.1%), Guatemala (+10.8%) and Costa Rica (+7.7%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +23.3% from 2012-2021. El Salvador experienced a relatively flat trend pattern. From 2012 to 2021, the share of Mexico and Peru increased by +2.4 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ecuador ($X) remains the largest preserved tuna supplier in Latin America and the Caribbean, comprising 81% of total exports. The second position in the ranking was taken by El Salvador ($X), with a 5.7% share of total exports. It was followed by Mexico, with a 3.3% share.

From 2012 to 2021, the average annual growth rate of value in Ecuador stood at +3.5%. In the other countries, the average annual rates were as follows: El Salvador (-2.1% per year) and Mexico (+14.5% 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 3.7% against the previous year. In general, the export price, however, recorded a perceptible descent. The most prominent rate of growth was recorded in 2017 when the export price increased by 17% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 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 Guatemala ($X per ton), while Mexico ($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 (+1.0%), while the other leaders experienced a decline in the export price figures.

Preserved Tuna Imports

Imports in Latin America and the Caribbean

In 2021, the amount of tuna (prepared or preserved) imported in Latin America and the Caribbean fell to X tons, with a decrease of -10.9% compared with 2020. Total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +14.8% against 2019 indices. The pace of growth was the most pronounced in 2020 when imports increased by 29% against the previous year. As a result, imports attained the peak of X tons, and then shrank in the following year.

In value terms, preserved tuna imports shrank to $X in 2021. The total import value increased at an average annual rate of +2.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when imports increased by 26%. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Colombia (X tons), distantly followed by Chile (X tons), Peru (X tons), Argentina (X tons), Panama (X tons) and Mexico (X tons) represented the major importers of tuna (prepared or preserved), together comprising 75% of total imports. The Dominican Republic (X tons), Costa Rica (X tons), Venezuela (X tons), Trinidad and Tobago (X tons) and Barbados (X tons) held a relatively small share of total imports.

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 +119.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest preserved tuna importing markets in Latin America and the Caribbean were Colombia ($X), Chile ($X) and Peru ($X), with a combined 53% share of total imports. Argentina, Panama, Mexico, the Dominican Republic, Costa Rica, Venezuela, Trinidad and Tobago and Barbados lagged somewhat behind, together accounting for a further 35%.

Panama, with a CAGR of +111.2%, saw the highest growth rate of the value of imports, among the main importing countries 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, growing by 4.5% against the previous year. Overall, the import price, however, continues to indicate a noticeable decline. The most prominent rate of growth was recorded in 2017 an increase of 7.4% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 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 Panama ($X per ton), while Barbados ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+0.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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