Pakistan: Frozen Cuttlefishes Market 2024

Frozen Cuttlefishes Market Size in Pakistan

In 2021, the Pakistani frozen cuttlefishes market decreased by -4.8% to $X, falling for the third year in a row after two years of growth. Over the period under review, consumption, however, posted a resilient expansion. Frozen cuttlefishes consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Frozen Cuttlefishes Production in Pakistan

In value terms, frozen cuttlefishes production expanded markedly to $X in 2021 estimated in export price. In general, the total production indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -11.2% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of 31%. Frozen cuttlefishes production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Frozen Cuttlefishes Exports

Exports from Pakistan

Frozen cuttlefishes exports from Pakistan skyrocketed to X tons in 2021, increasing by 82% compared with the year before. Overall, exports, however, showed a perceptible contraction. The pace of growth appeared the most rapid in 2015 when exports increased by 1,417%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, frozen cuttlefishes exports skyrocketed to $X in 2021. In general, exports saw a modest expansion. The growth pace was the most rapid in 2015 when exports increased by 989%. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons), the United Arab Emirates (X tons) and China (X tons) were the main destinations of frozen cuttlefishes exports from Pakistan, together comprising 74% of total exports. The United States, Thailand, Spain, Singapore and Malaysia lagged somewhat behind, together comprising a further 17%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +74.9%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Vietnam ($X) and the United States ($X) were the largest markets for frozen cuttlefishes exported from Pakistan worldwide, together comprising 64% of total exports.

The United States, with a CAGR of +96.6%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average frozen cuttlefishes export price stood at $X per ton in 2021, growing by 7.6% against the previous year. Overall, export price indicated a tangible increase from 2012 to 2021: its price increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, frozen cuttlefishes export price decreased by -22.7% against 2018 indices. The pace of growth appeared the most rapid in 2018 an increase of 34%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+12.4%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Cuttlefishes Imports

Imports into Pakistan

For the third consecutive year, Pakistan recorded decline in overseas purchases of frozen cuttlefishes, which decreased by -12.4% to X tons in 2021. Over the period under review, imports, however, saw a strong increase. The most prominent rate of growth was recorded in 2013 when imports increased by 164%. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, frozen cuttlefishes imports reached $X in 2021. In general, imports, however, posted a strong expansion. The pace of growth was the most pronounced in 2013 with an increase of 207%. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Sri Lanka (X tons), China (X tons) and the United Arab Emirates (X tons) were the main suppliers of frozen cuttlefishes imports to Pakistan, together accounting for 99.9% of total imports.

From 2012 to 2021, the biggest increases were recorded for Sri Lanka (with a CAGR of +91.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United Arab Emirates ($X) and Sri Lanka ($X) constituted the largest frozen cuttlefishes suppliers to Pakistan, with a combined 100% share of total imports.

Sri Lanka, with a CAGR of +61.7%, recorded the highest rates of growth with regard to the value of imports, among 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 cuttlefishes import price stood at $X per ton in 2021, rising by 18% against the previous year. Over the period under review, import price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, frozen cuttlefishes import price increased by +65.3% against 2018 indices. The most prominent rate of growth was recorded in 2015 an increase of 21%. The import price peaked in 2021 and is likely to continue growth in years to come.

Prices varied noticeably country of origin: the country with the highest price was the United Arab Emirates ($X per ton), while the price for Sri Lanka ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+20.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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