Mexico: Market for Frozen Fish And Seafood 2024

Market Size for Frozen Fish And Seafood in Mexico

In 2022, the Mexican frozen fish and seafood market increased by X% to $X, rising for the third consecutive year after two years of decline. In general, the total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Production of Frozen Fish And Seafood in Mexico

In value terms, frozen fish and seafood production declined slightly to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed buoyant growth. The growth pace was the most rapid in 2015 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Exports of Frozen Fish And Seafood

Exports from Mexico

In 2022, approx. X tons of frozen fish and seafood were exported from Mexico; shrinking by X% compared with the previous year's figure. Overall, exports recorded a drastic downturn. The most prominent rate of growth was recorded in 2019 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, frozen fish and seafood exports reached $X in 2022. Over the period under review, exports continue to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for frozen fish and seafood exports from Mexico, accounting for a X% share of total exports. Moreover, frozen fish and seafood exports to the United States exceeded the volume sent to the second major destination, China (X tons), more than tenfold. The third position in this ranking was held by South Korea (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and South Korea (X% per year).

In value terms, the United States ($X) remains the key foreign market for frozen fish and seafood exports from Mexico, comprising X% of total exports. The second position in the ranking was held by South Korea ($X), with a X% share of total exports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (X% per year) and China (X% per year).

Export Prices by Country

In 2022, the average frozen fish and seafood export price amounted to $X per ton, with an increase of X% against the previous year. Overall, export price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen fish and seafood export price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2018 an increase of X%. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Fish And Seafood

Imports into Mexico

In 2022, overseas purchases of frozen fish and seafood decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, total imports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of X%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, frozen fish and seafood imports totaled $X in 2022. In general, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2013 when imports increased by X%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Vietnam (X tons) and the United States (X tons) were the main suppliers of frozen fish and seafood imports to Mexico, with a combined X% share of total imports. Chile and Peru lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen fish and seafood suppliers to Mexico were China ($X), Chile ($X) and Vietnam ($X), with a combined X% share of total imports.

Chile, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average frozen fish and seafood import price stood at $X per ton in 2022, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 when the average import price increased by X%. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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