Mexico: Market for Frozen Fish and Seafood 2024

Market Size for Frozen Fish and Seafood in Mexico

The Mexican frozen fish and seafood market reduced to $X in 2023, waning by X% against the previous year. Over the period under review, consumption, however, recorded a strong expansion. Frozen fish and seafood consumption peaked at $X in 2017; however, from 2018 to 2023, consumption stood at a somewhat lower figure.

Production of Frozen Fish and Seafood in Mexico

In value terms, frozen fish and seafood production reduced to $X in 2023 estimated in export price. Overall, production, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Frozen fish and seafood production peaked at $X in 2018; however, from 2019 to 2023, production remained at a lower figure.

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Exports of Frozen Fish and Seafood

Exports from Mexico

For the fourth consecutive year, Mexico recorded decline in shipments abroad of frozen fish and seafood, which decreased by X% to X tons in 2023. Over the period under review, exports showed a drastic downturn. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, frozen fish and seafood exports contracted markedly to $X in 2023. Overall, exports showed a abrupt descent. The pace of growth appeared the most rapid in 2013 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for frozen fish and seafood exports from Mexico, accounting for a X% share of total exports. Moreover, frozen fish and seafood exports to the United States exceeded the volume sent to the second major destination, Ghana (X tons), tenfold. The third position in this ranking was held by Togo (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (X.5% per year) and Togo (X.7% per year).

In value terms, the United States ($X) remains the key foreign market for frozen fish and seafood exports from Mexico, comprising X% of total exports. The second position in the ranking was taken by Japan ($X), with a X% share of total exports. It was followed by Italy, with a X% share.

From 2012 to 2023, the average annual growth rate of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and Italy (X% per year).

Export Prices by Country

The average frozen fish and seafood export price stood at $X per ton in 2023, with a decrease of X% against the previous year. Overall, the export price, however, continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. The export price peaked at $X per ton in 2022, and then fell modestly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Guinea ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Fish and Seafood

Imports into Mexico

In 2023, supplies from abroad of frozen fish and seafood decreased by X% to X tons, falling for the second year in a row after two years of growth. Overall, total imports indicated a pronounced expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2013 when imports increased by X% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2023, imports stood at a somewhat lower figure.

In value terms, frozen fish and seafood imports reduced to $X in 2023. Over the period under review, total imports indicated strong growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, China (X tons) constituted the largest supplier of frozen fish and seafood to Mexico, accounting for a X% share of total imports. Moreover, frozen fish and seafood imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), twofold. The third position in this ranking was held by Chile (X tons), with an X% share.

From 2012 to 2023, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Chile (X% per year).

In value terms, the largest frozen fish and seafood suppliers to Mexico were China ($X), Chile ($X) and Vietnam ($X), with a combined X% share of total imports.

In terms of the main suppliers, Chile, 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 average frozen fish and seafood import price stood at $X per ton in 2023, shrinking by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2013 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2023, import prices stood at a somewhat lower figure.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Chile (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform