Extracts and juices of meat, fish and aquatic invertebrates market in Latin America and the Caribbean

Earlier Report Observations

The market for extracts and juices of meat, fish and aquatic invertebrates in Latin America and the Caribbean expanded significantly from 809 tons in 2018 to 2 499 tons in 2023. This growth was particularly sharp in 2021 when market volume jumped by 75% to 1 782 tons, largely because a substantial drop in exports freed more production for domestic consumption. Global trade in these products grew by 12% in 2020, indicating rising worldwide demand that likely supported regional market expansion.

Production hubs in Mexican states like Baja California, Sonora, and Sinaloa, along with Brazil's role as a top global exporter, provided a strong foundation for the industry. The emergence of new consumer-facing brands, such as Earth Ocean Farms' 'Totoaba Santomar' in Mexico, reflected increased investment and product innovation in aquaculture, supporting steady production growth which reached 2 961 tons by 2023.

Trade agreements and advanced farming technologies facilitated market access and productivity improvements across the region. The concentration of international sales in key states and a 48% surge in the export value of Brazilian fish farming by early 2024 highlighted the sector's momentum, contributing to a larger domestic market valued at $31.9 million in 2023.

Production extracts and juices of meat, fish and aquatic invertebrates in Latin America and the Caribbean

In kind, 2017-2020, t

Top producers of extracts and juices of meat, fish and aquatic invertebrates, 2017-2020

World map of production of extracts and juices of meat, fish and aquatic invertebrates, 2017-2020

After two years of growth, production of extracts and juices from meat, fish, and aquatic invertebrates in Latin America and the Caribbean declined. In 2020, the region produced 2,648 tonnes, marking a 2.1% decrease from 2019. Over the 2017-2020 period, production increased by 3.3%, with an average annual growth rate of 1.1%. The highest production volume was recorded in 2019 at 2,705 tonnes, which also saw the largest annual increase of 3.7%.

Annual dynamics of production in Latin America and the Caribbean in kind, 2017-2020, t

In value, 2017-2020, K $ US

Production value of extracts and juices from meat, fish, and aquatic invertebrates in Latin America and the Caribbean grew for the third consecutive year. In 2020, output was valued at 40,403 thousand US dollars, representing a 2.5% year-over-year increase. From 2017 to 2020, production value rose by 23.5%, with an average annual growth rate of 7.3%.

Annual dynamics of production in Latin America and the Caribbean in value, 2017-2020, K $ US

Exports extracts and juices of meat, fish and aquatic invertebrates from Latin America and the Caribbean

Exports in kind, t

Exports of extracts and juices from meat, fish, and aquatic invertebrates from Latin America and the Caribbean declined for the second year in a row. In 2020, the region exported 1,846 tonnes, showing a 2.8% decrease compared to 2019. The highest export volume was recorded in 2018 at 1,968 tonnes, which also saw the largest annual increase of 8.5%. The largest decline occurred in 2019 with a 3.5% drop.

Annual dynamics of product's exports from Latin America and the Caribbean in kind, 2017-2020, t

Between 2017 and 2020, Belgium and the Netherlands were the dominant export destinations, together accounting for 82.3% of total export volume. Belgium represented 52.5% of flows, while the Netherlands accounted for 29.8%, with other partners making up the remainder.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Latin America and the Caribbean in kind, 2017-2020

Exports in value, K $ US

Export value of extracts and juices from meat, fish, and aquatic invertebrates from Latin America and the Caribbean increased for the third consecutive year. In 2020, exports amounted to 28,166 thousand US dollars, representing a slight uptick of 1.8% from the previous year. Between 2017 and 2020, export value grew by 21.8%, equating to an average annual rate of 6.8%.

Annual dynamics of product's exports from Latin America and the Caribbean in value, 2017-2020, K $ US

From 2017 to 2020, Belgium and the Netherlands were the dominant destinations for exports in value terms, jointly accounting for 82.8% of total flows, with other markets making up the remaining share.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Latin America and the Caribbean in value, 2017-2020

Imports extracts and juices of meat, fish and aquatic invertebrates to Latin America and the Caribbean

Imports in kind, t

Import volumes showed noticeable fluctuations during the period. In 2020, Latin America and the Caribbean imported 218 tonnes of extracts and juices from meat, fish, and aquatic invertebrates, marking a substantial 79.9% increase from the previous year. The lowest import volume was recorded in 2019 at 121 tonnes, which also saw the largest annual decline of 28.7%. The difference between the peak in 2020 and the trough in 2019 was 1.8 times.

Annual dynamics of product's imports to Latin America and the Caribbean in kind, 2017-2020, t

Between 2017 and 2020, the United States, Denmark, and Spain were the leading suppliers of extracts and juices from meat, fish, and aquatic invertebrates to Latin America and the Caribbean. The United States accounted for 42.1% of import volume, Denmark for 37.2%, and Spain for 4.6%, with their combined share reaching 83.9% of total imports.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Latin America and the Caribbean in kind, 2017-2020

Imports in value, K $ US

Import values showed signs of volatility over the observed period. In 2020, imports stood at 2,062 thousand US dollars, constituting an 82.4% increase from the previous year. The lowest import value was recorded in 2017, with the largest decline occurring in 2019 at 11.3%. The peak in 2020 was 1.8 times higher than the trough in 2017.

Annual dynamics of product's imports to Latin America and the Caribbean in value, 2017-2020, K $ US

From 2017 to 2020, the United States, Denmark, and Spain consistently occupied leading positions in the import structure by value. The United States accounted for 45.2% of import value, Denmark for 15.3%, and Spain for 8.4%, with their combined share reaching 68.9% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Latin America and the Caribbean in value, 2017-2020