Fish Fat And Oil Market

The global fish fats and oils market is projected to continue growing over the next eight years, with consumption expected to increase at a CAGR of +1.4% and market value anticipated to reach $37.7B by 2030. Norway leads in both production and consumption, with significant growth rates recorded. Imports and exports are also on the rise, with China, Denmark, and Peru emerging as key players in the industry. Prices are expected to continue increasing, with notable fluctuations observed in different countries.

Market Forecast

Driven by increasing demand for fish fats and oils worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 225M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market value to $37.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Fish Fats And Oils

In 2022, consumption of fish fats and oils increased by 3.2% to 201M tons, rising for the eighth consecutive year after two years of decline. In general, consumption enjoyed a significant expansion. Over the period under review, global consumption hit record highs in 2022 and is likely to see gradual growth in the immediate term.

The global fish fat and oil market value amounted to $27.2B in 2022, surging by 2.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a strong increase. Over the period under review, the global market reached the maximum level in 2022 and is likely to see steady growth in the immediate term.

Consumption By Country

The country with the largest volume of fish fat and oil consumption was Norway (198M tons), accounting for 98% of total volume.

From 2012 to 2022, the average annual rate of growth in terms of volume in Norway amounted to +55.4%.

In value terms, Norway ($13.8B) led the market, alone.

In Norway, the fish fat and oil market expanded at an average annual rate of +52.1% over the period from 2012-2022.

From 2012 to 2022, the average annual rate of growth in terms of the fish fat and oil per capita consumption in Norway amounted to +54.1%.

Production

World Production of Fish Fats And Oils

In 2022, global production of fish fats and oils was estimated at 201M tons, surging by 3.2% on the year before. Over the period under review, production enjoyed a significant increase. The most prominent rate of growth was recorded in 2019 when the production volume increased by 454%. Over the period under review, global production reached the peak volume in 2022 and is expected to retain growth in the near future.

In value terms, fish fat and oil production rose significantly to $14B in 2022 estimated in export price. In general, the total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +63.3% against 2014 indices. The pace of growth appeared the most rapid in 2018 with an increase of 16% against the previous year. Global production peaked in 2022 and is likely to see gradual growth in years to come.

Production By Country

Norway (197M tons) constituted the country with the largest volume of fish fat and oil production, accounting for 98% of total volume.

From 2012 to 2022, the average annual growth rate of volume in Norway totaled +56.2%.

Imports

World Imports of Fish Fats And Oils

In 2022, the amount of fish fats and oils imported worldwide was estimated at 1.1M tons, growing by 2.3% on the previous year. In general, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by 11% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, fish fat and oil imports surged to $3.2B in 2022. Overall, total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 +75.9% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, Norway (205K tons), distantly followed by Denmark (101K tons), Turkey (81K tons), China (81K tons) and Chile (66K tons) were the largest importers of fish fats and oils, together creating 51% of total imports. The UK (44K tons), Canada (43K tons), Greece (42K tons), Spain (39K tons), France (35K tons), the United States (30K tons), Belgium (25K tons) and the Netherlands (25K tons) held a relatively small share of total imports.

Norway experienced a relatively flat trend pattern with regard to volume of imports of fish fats and oils. At the same time, Turkey (+11.4%), China (+6.1%), the UK (+5.4%), Belgium (+4.8%), Spain (+4.1%), the United States (+2.5%), Greece (+1.4%) and France (+1.2%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing importer imported in the world, with a CAGR of +11.4% from 2012-2022. Chile experienced a relatively flat trend pattern. By contrast, Canada (-1.7%), the Netherlands (-3.3%) and Denmark (-4.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey, China and the UK increased by +5, +3.2 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Norway ($607M), China ($383M) and Denmark ($246M) constituted the countries with the highest levels of imports in 2022, with a combined 39% share of global imports.

Among the main importing countries, China, with a CAGR of +16.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average fish fat and oil import price stood at $3,016 per ton in 2022, growing by 26% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.3%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($6,153 per ton), while Spain ($1,828 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Fish Fats And Oils

Global fish fat and oil exports rose slightly to 1.1M tons in 2022, growing by 2.4% against the previous year's figure. The total export volume increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 24%. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, fish fat and oil exports soared to $3.1B in 2022. Overall, total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +77.7% against 2016 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports By Country

The shipments of the twelve major exporters of fish fats and oils, namely Peru, Norway, Denmark, Chile, Iceland, China, India, Morocco, the United States, Vietnam, Belgium and Oman, represented more than two-thirds of total export. Japan (26K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Oman (with a CAGR of +95.0%), while the other global leaders experienced more modest paces of growth.

In value terms, Peru ($562M), Denmark ($299M) and China ($273M) constituted the countries with the highest levels of exports in 2022, together accounting for 36% of global exports. Norway, Iceland, Chile, the United States, Morocco, Vietnam, India, Belgium, Japan and Oman lagged somewhat behind, together accounting for a further 43%.

In terms of the main exporting countries, Oman, with a CAGR of +119.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average fish fat and oil export price amounted to $2,807 per ton, picking up by 23% against the previous year. Over the last decade, it increased at an average annual rate of +3.2%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($4,343 per ton), while India ($1,403 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+12.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform