Peru: Fresh Fish Fillet Market 2024

Fresh Fish Fillet Market Size in Peru

In 2021, the Peruvian fresh fish fillet market decreased by -2.5% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +10.0% against 2017 indices. Fresh fish fillet consumption peaked at $X in 2020, and then dropped in the following year.

Fresh Fish Fillet Production in Peru

In value terms, fresh fish fillet production dropped to $X in 2021 estimated in export price. Overall, the total production indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +6.9% against 2019 indices. The pace of growth appeared the most rapid in 2015 when the production volume increased by 35%. Over the period under review, production hit record highs at $X in 2020, and then contracted in the following year.

Fresh Fish Fillet Exports

Exports from Peru

Fresh fish fillet exports from Peru declined markedly to X tons in 2021, dropping by -39.2% on the year before. In general, exports, however, saw noticeable growth. The pace of growth was the most pronounced in 2015 with an increase of 74%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, fresh fish fillet exports fell notably to $X in 2021. Overall, exports, however, showed a measured increase. The pace of growth was the most pronounced in 2015 with an increase of 127% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for fresh fish fillet exports from Peru, with a 69% share of total exports. Moreover, fresh fish fillet exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), fourfold. South Korea (X tons) ranked third in terms of total exports with a 2.9% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +10.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+19.0% per year) and South Korea (+7.9% per year).

In value terms, the United States ($X) remains the key foreign market for fresh or chilled fish fillets exports from Peru, comprising 67% of total exports. The second position in the ranking was held by Canada ($X), with a 26% share of total exports. It was followed by Italy, with a 1.6% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +7.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+19.2% per year) and Italy (+9.0% per year).

Export Prices by Country

In 2021, the average fresh fish fillet export price amounted to $X per ton, rising by 13% against the previous year. Over the period under review, export price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when the average export price increased by 31% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to South Korea ($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 Spain (+10.6%), while the prices for the other major destinations experienced more modest paces of growth.

Fresh Fish Fillet Imports

Imports into Peru

In 2021, supplies from abroad of fresh or chilled fish fillets was finally on the rise to reach X tons after two years of decline. In general, total imports indicated a noticeable increase from 2012 to 2021: its volume increased at an average annual rate of +4.7% 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 decreased by -23.6% against 2018 indices. The growth pace was the most rapid in 2013 when imports increased by 54%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, fresh fish fillet imports surged to $X in 2021. Over the period under review, total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +7.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -4.3% against 2019 indices. The growth pace was the most rapid in 2017 when imports increased by 34% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Chile (X tons), Colombia (X tons) and Ecuador (X tons) were the main suppliers of fresh fish fillet imports to Peru, together comprising 90% of total imports.

From 2012 to 2021, the biggest increases were recorded for Colombia (with a CAGR of +42.2%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Chile ($X) constituted the largest supplier of fresh or chilled fish fillets to Peru, comprising 59% of total imports. The second position in the ranking was held by Colombia ($X), with a 27% share of total imports. It was followed by Ecuador, with a 7.6% share.

From 2012 to 2021, the average annual growth rate of value from Chile totaled +37.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+36.1% per year) and Ecuador (-15.8% per year).

Import Prices by Country

The average fresh fish fillet import price stood at $X per ton in 2021, jumping by 16% against the previous year. Over the last nine years, it increased at an average annual rate of +2.7%. The growth pace was the most rapid in 2019 when the average import price increased by 27% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Ecuador ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ecuador (+1.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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