Latin America and the Caribbean: Frozen Whole Fish Market 2024

Frozen Whole Fish Market Size in Latin America and the Caribbean

The Latin American frozen whole fish market fell to $X in 2023, flattening at the previous year. In general, consumption recorded noticeable growth. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2023, consumption remained at a lower figure.

Frozen Whole Fish Production in Latin America and the Caribbean

In value terms, frozen whole fish production stood at $X in 2023 estimated in export price. The total production indicated a notable increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2023, production remained at a lower figure.

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Frozen Whole Fish Exports

Exports in Latin America and the Caribbean

In 2023, after six years of growth, there was significant decline in shipments abroad of frozen whole fish, when their volume decreased by X% to X tons. The total export volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2019 with an increase of X%. Over the period under review, the exports attained the maximum at X tons in 2022, and then declined in the following year.

In value terms, frozen whole fish exports contracted to $X in 2023. The total export value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2022 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X, and then shrank in the following year.

Exports by Country

In 2023, Chile (X tons) was the main exporter of frozen whole fish, comprising X% of total exports. It was distantly followed by Peru (X tons), Argentina (X tons) and Ecuador (X tons), together constituting a X% share of total exports. Uruguay (X tons), Brazil (X tons) and Venezuela (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to frozen whole fish exports from Chile stood at X%. At the same time, Venezuela (X%), Ecuador (X%), Peru (X%) and Brazil (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, Uruguay (X%) and Argentina (X%) illustrated a downward trend over the same period. While the share of Chile (X p.p.), Ecuador (X p.p.), Peru (X p.p.) and Venezuela (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Uruguay (X p.p.) and Argentina (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Chile, frozen whole fish exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Argentina (X% per year) and Peru (X% per year).

Export Prices by Country

In 2023, the export price in Latin America and the Caribbean amounted to $X per ton, waning by X% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2018; however, from 2019 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Chile ($X per ton), while Peru ($X per ton) was amongst the lowest.

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

Frozen Whole Fish Imports

Imports in Latin America and the Caribbean

In 2023, approx. X tons of frozen whole fish were imported in Latin America and the Caribbean; waning by X% compared with 2022 figures. Over the period under review, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2023, imports failed to regain momentum.

In value terms, frozen whole fish imports declined to $X in 2023. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by X%. The level of import peaked at $X in 2022, and then declined in the following year.

Imports by Country

Ecuador (X tons), Colombia (X tons) and Brazil (X tons) represented roughly X% of total imports in 2023. Peru (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Mexico (X%), the Dominican Republic (X%) and Guatemala (X%).

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the Dominican Republic (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Ecuador ($X) and Colombia ($X) constituted the countries with the highest levels of imports in 2023, together comprising X% of total imports. The Dominican Republic, Peru, Mexico and Guatemala lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, the Dominican Republic, with a CAGR of X%, recorded the highest rates of growth with regard to 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

The import price in Latin America and the Caribbean stood at $X per ton in 2023, picking up by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 an increase of X%. The level of import peaked in 2023 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Brazil ($X per ton), while Peru ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform