Latin America and the Caribbean: Frozen Crustaceans Market 2024

Frozen Crustaceans Market Size in Latin America and the Caribbean

The Latin American frozen crustaceans market expanded modestly to $X in 2023, increasing by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2017 to 2023, the growth of the market failed to regain momentum.

Frozen Crustaceans Production in Latin America and the Caribbean

In value terms, frozen crustaceans production expanded modestly to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when the production volume increased by X%. Over the period under review, production reached the maximum level at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

Frozen Crustaceans Exports

Exports in Latin America and the Caribbean

After two years of growth, overseas shipments of frozen crustaceans decreased by X% to X tons in 2023. Over the period under review, exports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2022 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons, and then shrank in the following year.

In value terms, frozen crustaceans exports declined notably to $X in 2023. Overall, exports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2022, and then contracted markedly in the following year.

Exports by Country

In 2023, Ecuador (X tons) represented the main exporter of frozen crustaceans, comprising X% of total exports. It was distantly followed by Argentina (X tons), mixing up an X% share of total exports. The following exporters - Peru (X tons), Venezuela (X tons), Honduras (X tons) and Nicaragua (X tons) - together made up X% of total exports.

Exports from Ecuador increased at an average annual rate of X% from 2012 to 2023. At the same time, Venezuela (X%), Peru (X%) and Argentina (X%) displayed positive paces of growth. Moreover, Venezuela emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. By contrast, Honduras (X%) and Nicaragua (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Ecuador increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ecuador ($X) remains the largest frozen crustaceans supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Argentina ($X), with a X% share of total exports. It was followed by Honduras, with a X% share.

In Ecuador, frozen crustaceans exports increased at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Argentina (X% per year) and Honduras (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of X%. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Honduras ($X per ton), while Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Honduras (X%), while the other leaders experienced more modest paces of growth.

Frozen Crustaceans Imports

Imports in Latin America and the Caribbean

Frozen crustaceans imports amounted to X tons in 2023, growing by X% against the previous year's figure. In general, imports showed strong growth. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, frozen crustaceans imports totaled $X in 2023. Over the period under review, imports enjoyed buoyant growth. The growth pace was the most rapid in 2013 with an increase of X%. Over the period under review, imports reached the peak figure in 2023 and are expected to retain growth in the near future.

Imports by Country

Guatemala (X tons), Colombia (X tons), Peru (X tons), Chile (X tons), the Dominican Republic (X tons) and Mexico (X tons) represented roughly X% of total imports in 2023. Costa Rica (X tons) took a little share of total imports.

From 2012 to 2023, the biggest increases were recorded for Peru (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen crustaceans importing markets in Latin America and the Caribbean were Peru ($X), Guatemala ($X) and Colombia ($X), with a combined X% share of total imports.

Among the main importing countries, Peru, with a CAGR of X%, recorded 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 2023, the import price in Latin America and the Caribbean amounted to $X per ton, falling by X% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of X%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Peru ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Costa Rica (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform