Latin America and the Caribbean: Preserved Sardines Market 2024

Preserved Sardines Market Size in Latin America and the Caribbean

The Latin American preserved sardines market shrank to $X in 2023, with a decrease of X% against the previous year. Over the period under review, consumption continues to indicate a mild curtailment. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. The level of consumption peaked at $X in 2013; however, from 2014 to 2023, consumption remained at a lower figure.

Preserved Sardines Production in Latin America and the Caribbean

In value terms, preserved sardines production contracted modestly to $X in 2023 estimated in export price. Overall, production recorded a mild downturn. The most prominent rate of growth was recorded in 2014 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2023, production failed to regain momentum.

Preserved Sardines Exports

Exports in Latin America and the Caribbean

Preserved sardines exports shrank to X tons in 2023, waning by X% compared with 2022 figures. In general, exports saw a pronounced setback. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2023, the exports stood at a somewhat lower figure.

In value terms, preserved sardines exports fell to $X in 2023. Over the period under review, exports recorded a pronounced downturn. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

Exports by Country

Ecuador was the main exporter of sardines (prepared or preserved) in Latin America and the Caribbean, with the volume of exports accounting for X tons, which was near X% of total exports in 2023. It was distantly followed by Costa Rica (X tons), achieving an X% share of total exports. Brazil (X tons) held a little share of total exports.

Ecuador was also the fastest-growing in terms of the sardines (prepared or preserved) exports, with a CAGR of X% from 2012 to 2023. Costa Rica (X%) and Brazil (X%) illustrated a downward trend over the same period. Ecuador (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ecuador ($X) remains the largest preserved sardines supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Costa Rica ($X), with a X% share of total exports.

In Ecuador, preserved sardines exports shrank by an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Costa Rica (X% per year) and Brazil (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2023, with a decrease of X% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when the export price increased by X%. As a result, the export price reached the peak level of $X per ton, and then contracted modestly in the following year.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ecuador (X%), while the other leaders experienced more modest paces of growth.

Preserved Sardines Imports

Imports in Latin America and the Caribbean

For the third year in a row, LatAmerica and the Caribbean recorded decline in overseas purchases of sardines (prepared or preserved), which decreased by X% to X tons in 2023. Overall, imports showed a noticeable downturn. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, imports reached the peak of X tons. From 2014 to 2023, the growth of imports remained at a lower figure.

In value terms, preserved sardines imports declined modestly to $X in 2023. Over the period under review, imports continue to indicate a slight descent. The pace of growth appeared the most rapid in 2013 when imports increased by X%. As a result, imports attained the peak of $X. From 2014 to 2023, the growth of imports failed to regain momentum.

Imports by Country

In 2023, the Dominican Republic (X tons), distantly followed by Mexico (X tons), Guatemala (X tons), Panama (X tons), Colombia (X tons), El Salvador (X tons), Honduras (X tons) and Jamaica (X tons) represented the main importers of sardines (prepared or preserved), together creating X% of total imports. Nicaragua (X tons), Peru (X tons), Suriname (X tons) and Trinidad and Tobago (X tons) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for Panama (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Dominican Republic ($X) constitutes the largest market for imported sardines (prepared or preserved) in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was taken by Mexico ($X), with an X% share of total imports. It was followed by Jamaica, with an X% share.

From 2012 to 2023, the average annual growth rate of value in the Dominican Republic amounted to X%. In the other countries, the average annual rates were as follows: Mexico (X% per year) and Jamaica (X% per year).

Import Prices by Country

In 2023, the import price in Latin America and the Caribbean amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of X% against the previous year. The level of import peaked at $X per ton in 2022, and then reduced in the following year.

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 Jamaica ($X per ton), while Honduras ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Nicaragua (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform