MERCOSUR: Frozen Lobster Market 2024

Frozen Lobster Market Size in MERCOSUR

The MERCOSUR frozen lobster market skyrocketed to $X in 2022, jumping by 18% against the previous year. The total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +92.5% against 2017 indices. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in the immediate term.

Frozen Lobster Production in MERCOSUR

In value terms, frozen lobster production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2020 when the production volume increased by 40% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Frozen Lobster Exports

Exports in MERCOSUR

In 2022, frozen lobster exports in MERCOSUR contracted significantly to X tons, with a decrease of -82.8% compared with the previous year. In general, exports continue to indicate a significant decline. The most prominent rate of growth was recorded in 2017 with an increase of 229%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, frozen lobster exports reduced notably to $X in 2022. Over the period under review, exports continue to indicate a precipitous decline. The most prominent rate of growth was recorded in 2020 with an increase of 393% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Colombia represented the main exporting country with an export of about X tons, which amounted to 56% of total exports. Venezuela (X tons) ranks second in terms of the total exports with a 33% share, followed by Ecuador (6.2%). Suriname (X kg) held a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Venezuela (with a CAGR of +37.6%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest frozen lobster supplying countries in MERCOSUR were Colombia ($X), Venezuela ($X) and Ecuador ($X), with a combined 97% share of total exports.

In terms of the main exporting countries, Venezuela, with a CAGR of +43.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in MERCOSUR stood at $X per ton in 2022, dropping by -32.7% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the export price increased by 92% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2021, and then fell notably in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Venezuela (+4.2%), while the other leaders experienced mixed trends in the export price figures.

Frozen Lobster Imports

Imports in MERCOSUR

In 2022, overseas purchases of frozen lobster increased by 24% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 113%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, frozen lobster imports expanded markedly to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 87% against the previous year. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Guyana represented the largest importer of frozen lobster in MERCOSUR, with the volume of imports recording X tons, which was approx. 54% of total imports in 2022. Uruguay (X tons) took a 20% share (based on physical terms) of total imports, which put it in second place, followed by Peru (8.6%) and Argentina (7.6%). Colombia (X kg), Chile (X kg) and Suriname (X kg) followed a long way behind the leaders.

Guyana was also the fastest-growing in terms of the frozen lobster imports, with a CAGR of +72.2% from 2012 to 2022. At the same time, Argentina (+18.3%) and Colombia (+11.8%) displayed positive paces of growth. Peru and Uruguay experienced a relatively flat trend pattern. By contrast, Suriname (-10.1%) and Chile (-25.6%) illustrated a downward trend over the same period. While the share of Guyana (+53 p.p.), Argentina (+6.1 p.p.) and Colombia (+2.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Uruguay (-2.8 p.p.), Suriname (-5.5 p.p.) and Chile (-54.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest frozen lobster importing markets in MERCOSUR were Guyana ($X), Uruguay ($X) and Argentina ($X), together accounting for 83% of total imports.

Guyana, with a CAGR of +78.2%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in MERCOSUR amounted to $X per ton, shrinking by -7.6% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the import price increased by 36% against the previous year. The level of import peaked at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Argentina ($X per ton), while Chile ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guyana (+3.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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