Uruguay: Frozen Whole Fish Market 2024

Frozen Whole Fish Market Size in Uruguay

After three years of decline, the Uruguayan frozen whole fish market increased by 123% to $X in 2021. In general, consumption showed tangible growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Frozen Whole Fish Production in Uruguay

In value terms, frozen whole fish production rose notably to $X in 2021 estimated in export price. In general, production, however, recorded a pronounced descent. The most prominent rate of growth was recorded in 2017 with an increase of 67%. Frozen whole fish production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Frozen Whole Fish Exports

Exports from Uruguay

In 2021, shipments abroad of frozen whole fish decreased by -7.2% to X tons, falling for the second year in a row after three years of growth. Over the period under review, exports showed a pronounced contraction. The most prominent rate of growth was recorded in 2014 with an increase of 21%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, frozen whole fish exports rose to $X in 2021. Overall, exports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 28%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Colombia (X tons), Brazil (X tons) and Nigeria (X tons) were the main destinations of frozen whole fish exports from Uruguay, together comprising 41% of total exports. These countries were followed by Cameroon, Gabon, Russia, Cote d'Ivoire, Israel, China, Congo, Bangladesh, the United States and Angola, which together accounted for a further 46%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +37.1%), while the other leaders experienced more modest paces of growth.

In value terms, Colombia ($X), Brazil ($X) and Nigeria ($X) appeared to be the largest markets for frozen whole fish exported from Uruguay worldwide, together comprising 40% of total exports. These countries were followed by the United States, Cameroon, Gabon, Russia, Cote d'Ivoire, China, Congo, Israel, Bangladesh and Angola, which together accounted for a further 48%.

Russia, with a CAGR of +35.3%, recorded the highest rates of growth with regard to 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 whole fish export price stood at $X per ton in 2021, rising by 10% against the previous year. Overall, the export price, however, continues to indicate a pronounced decline. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

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 the United States ($X per ton), while the average price for exports to Bangladesh ($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 (+3.9%), while the prices for the other major destinations experienced a decline.

Frozen Whole Fish Imports

Imports into Uruguay

In 2021, imports of frozen whole fish into Uruguay fell to X tons, which is down by -11.2% compared with 2020 figures. Overall, imports continue to indicate a pronounced decline. The pace of growth appeared the most rapid in 2016 with an increase of 58%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, frozen whole fish imports contracted to $X in 2021. In general, imports saw a mild decline. The pace of growth was the most pronounced in 2016 when imports increased by 51% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Taiwan (Chinese) (X tons) constituted the largest supplier of frozen whole fish to Uruguay, with a 73% share of total imports. Moreover, frozen whole fish imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, China (X tons), ninefold. Japan (X tons) ranked third in terms of total imports with a 7.2% share.

From 2012 to 2021, the average annual growth rate of volume from Taiwan (Chinese) was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (-0.9% per year) and Japan (+83.8% per year).

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of frozen whole fish to Uruguay, comprising 65% of total imports. The second position in the ranking was taken by China ($X), with a 22% share of total imports. It was followed by Japan, with a 4.9% share.

From 2012 to 2021, the average annual growth rate of value from Taiwan (Chinese) amounted to +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-4.1% per year) and Japan (+87.0% per year).

Import Prices by Country

In 2021, the average frozen whole fish import price amounted to $X per ton, therefore, remained relatively stable against the previous year. In general, import price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.2% 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 whole fish import price decreased by -1.8% against 2019 indices. The pace of growth was the most pronounced in 2014 when the average import price increased by 31% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2019; afterwards, it flattened through to 2021.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+13.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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