Peru: Frozen Cuttlefishes Market 2024

Frozen Cuttlefishes Market Size in Peru

In 2021, the Peruvian frozen cuttlefishes market increased by 6.9% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption, however, continues to indicate significant growth. Frozen cuttlefishes consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Frozen Cuttlefishes Production in Peru

In value terms, frozen cuttlefishes production rose notably to $X in 2021 estimated in export price. Over the period under review, the total production indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +4.9% 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 -16.6% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 34%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Frozen Cuttlefishes Exports

Exports from Peru

In 2021, approx. X tons of frozen cuttlefishes were exported from Peru; rising by 70% on 2020 figures. Overall, exports, however, continue to indicate a precipitous decrease. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, frozen cuttlefishes exports soared to $X in 2021. In general, exports, however, recorded a sharp downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 75%. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Colombia (X tons), the Netherlands (X tons) and South Africa (X tons) were the main destinations of frozen cuttlefishes exports from Peru, together accounting for 31% of total exports.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +0.3%), while shipments for the other leaders experienced a decline.

In value terms, the Netherlands ($X), the United States ($X) and South Africa ($X) appeared to be the largest markets for frozen cuttlefishes exported from Peru worldwide, with a combined 30% share of total exports.

The Netherlands, with a CAGR of +0.3%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average frozen cuttlefishes export price stood at $X per ton in 2021, falling by -12.5% against the previous year. Overall, the export price, however, showed notable growth. The growth pace was the most rapid in 2018 when the average export price increased by 41% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Ecuador ($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 Thailand (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Cuttlefishes Imports

Imports into Peru

In 2021, purchases abroad of frozen cuttlefishes increased by 140% to X tons for the first time since 2016, thus ending a four-year declining trend. In general, imports, however, recorded a abrupt setback. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, frozen cuttlefishes imports skyrocketed to $X in 2021. Overall, imports, however, saw a deep downturn. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Taiwan (Chinese) (X tons) constituted the largest supplier of frozen cuttlefishes to Peru, with a 36% share of total imports. Moreover, frozen cuttlefishes imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. Argentina (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Taiwan (Chinese) totaled +11.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-27.6% per year) and Argentina (+0.4% per year).

In value terms, the United States ($X), Argentina ($X) and Taiwan (Chinese) ($X) constituted the largest frozen cuttlefishes suppliers to Peru, with a combined 61% share of total imports. South Korea, Chile and Ecuador lagged somewhat behind, together comprising a further 28%.

In terms of the main suppliers, South Korea, with a CAGR of +46.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average frozen cuttlefishes import price amounted to $X per ton, rising by 59% against the previous year. Over the period under review, the import price enjoyed a remarkable increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was South Korea ($X per ton), while the price for Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+26.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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