Uruguay: Market for Fish Fillets and Other Fish Meat 2024

Market Size for Fish Fillets and Other Fish Meat in Uruguay

The Uruguayan market for fish fillets and other fish meat amounted to $X in 2022, picking up by 2.5% against the previous year. The market value increased at an average annual rate of +5.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Consumption of peaked in 2022 and is expected to retain growth in years to come.

Production of Fish Fillets and Other Fish Meat in Uruguay

In value terms, production of fish fillets and other fish meat expanded slightly to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 19% against the previous year. Over the period under review, production of attained the peak level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Exports of Fish Fillets and Other Fish Meat

Exports from Uruguay

For the third consecutive year, Uruguay recorded decline in overseas shipments of fish fillets and other fish meat, which decreased by -13% to X tons in 2022. Over the period under review, exports faced a sharp descent. The pace of growth appeared the most rapid in 2019 with an increase of 37%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of fish fillets and other fish meat dropped dramatically to $X in 2022. Overall, exports recorded a sharp descent. The most prominent rate of growth was recorded in 2019 when exports increased by 53%. Over the period under review, the exports of hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Brazil (X tons) was the main destination for exports of fish fillets and other fish meat from Uruguay, with a 89% share of total exports. Moreover, exports of fish fillets and other fish meat to Brazil exceeded the volume sent to the second major destination, Colombia (X tons), more than tenfold. South Korea (X tons) ranked third in terms of total exports with a 3.2% share.

From 2012 to 2022, the average annual growth rate of volume to Brazil amounted to -10.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+13.5% per year) and South Korea (+16.8% per year).

In value terms, Brazil ($X) remains the key foreign market for fish fillets and other fish meat exports from Uruguay, comprising 92% of total exports. The second position in the ranking was held by Colombia ($X), with a 3% share of total exports. It was followed by Trinidad and Tobago, with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Brazil amounted to -10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+11.2% per year) and Trinidad and Tobago (0.0% per year).

Export Prices by Country

The average export price for fish fillets and other fish meat stood at $X per ton in 2022, dropping by -2.4% against the previous year. In general, the export price continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2020 an increase of 27%. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (-0.2%), while the prices for the other major destinations experienced a decline.

Imports of Fish Fillets and Other Fish Meat

Imports into Uruguay

In 2022, the amount of fish fillets and other fish meat imported into Uruguay declined to X tons, dropping by -10.9% on 2021 figures. The total import volume increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when imports increased by 65%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, imports of fish fillets and other fish meat expanded remarkably to $X in 2022. Overall, total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +8.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +54.4% against 2020 indices. The growth pace was the most rapid in 2013 when imports increased by 60% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

Vietnam (X tons), Chile (X tons) and Argentina (X tons) were the main suppliers of imports of fish fillets and other fish meat to Uruguay, together comprising 94% of total imports.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of +15.2%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Chile ($X) constituted the largest supplier of fish fillets and other fish meat to Uruguay, comprising 59% of total imports. The second position in the ranking was held by Vietnam ($X), with a 19% share of total imports. It was followed by Argentina, with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Chile totaled +14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+0.3% per year) and Argentina (+13.4% per year).

Import Prices by Country

The average import price for fish fillets and other fish meat stood at $X per ton in 2022, rising by 24% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.0%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+2.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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