Fish Parts Market

The global market for fish heads, tails, and maws is forecasted to see steady growth over the next eight years, with consumption and production expected to increase. Key countries driving this growth include Nigeria, China, and the United States. Import and export trends are also on the rise, with prices varying depending on the country of origin and destination. Overall, the market shows promising signs for continued expansion in the near future.

Market Forecast

Driven by increasing demand for fish heads, tails and maws worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +5.3% for the period from 2022 to 2030, which is projected to bring the market volume to 274K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.5% for the period from 2022 to 2030, which is projected to bring the market value to $5.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Fish Heads, Tails And Maws

Global fish parts consumption rose modestly to 181K tons in 2022, growing by 3.4% compared with the previous year. Over the period under review, consumption saw a strong expansion. Over the period under review, global consumption reached the maximum volume at 183K tons in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

The global fish parts market value totaled $3B in 2022, growing by 5.6% 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). In general, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +8.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +5.2% against 2018 indices. Global consumption peaked in 2022 and is expected to retain growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Nigeria (35K tons), China (24K tons) and the United States (24K tons), with a combined 46% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +42.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, India ($376M), China ($362M) and Hong Kong SAR ($221M) were the countries with the highest levels of market value in 2022, together accounting for 32% of the global market. The United States, Nigeria, Brazil, Iceland, Indonesia, Mexico, Japan, Tanzania and Russia lagged somewhat behind, together accounting for a further 25%.

In terms of the main consuming countries, Tanzania, with a CAGR of +30.9%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of fish parts per capita consumption was registered in Iceland (24 kg per person), followed by Nigeria (0.2 kg per person), the United States (0.1 kg per person) and Tanzania (0.1 kg per person), while the world average per capita consumption of fish parts was estimated at less than 0.1 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the fish parts per capita consumption in Iceland stood at +26.6%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Nigeria (+39.3% per year) and the United States (+4.4% per year).

Production

World Production of Fish Heads, Tails And Maws

In 2022, production of fish heads, tails and maws increased by 2.1% to 167K tons, rising for the second year in a row after two years of decline. Over the period under review, the total production indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +5.0% 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 +4.2% against 2020 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 26% against the previous year. Over the period under review, global production hit record highs in 2022 and is expected to retain growth in the near future.

In value terms, fish parts production stood at $2.7B in 2022 estimated in export price. Overall, the total production indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.9% against 2018 indices. The pace of growth was the most pronounced in 2015 with an increase of 37%. Global production peaked at $2.8B in 2018; however, from 2019 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (23K tons), Iceland (20K tons) and China (19K tons), with a combined 37% share of global production. Norway, Tanzania, Indonesia, Brazil, Japan, Vietnam, India, Mexico, Belarus and Pakistan lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Belarus (with a CAGR of +43.8%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Fish Heads, Tails And Maws

In 2022, global fish parts imports rose markedly to 67K tons, with an increase of 11% on the previous year. Overall, imports saw resilient growth. The pace of growth appeared the most rapid in 2015 with an increase of 47% against the previous year. Global imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, fish parts imports soared to $868M in 2022. Over the period under review, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.2% 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 +45.2% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, Nigeria (35K tons) was the major importer of fish heads, tails and maws, constituting 53% of total imports. It was distantly followed by China (7.1K tons) and Hong Kong SAR (5.2K tons), together mixing up an 18% share of total imports. Russia (3K tons), Macao SAR (2.5K tons), the Netherlands (2.3K tons), Portugal (1.6K tons), Singapore (1.6K tons) and Uganda (1.4K tons) followed a long way behind the leaders.

Nigeria was also the fastest-growing in terms of the fish heads, tails and maws imports, with a CAGR of +40.2% from 2012 to 2022. At the same time, China (+27.9%), Macao SAR (+27.3%), Uganda (+25.5%), Russia (+19.1%), the Netherlands (+11.8%) and Portugal (+9.9%) displayed positive paces of growth. By contrast, Hong Kong SAR (-1.4%) and Singapore (-6.1%) illustrated a downward trend over the same period. Nigeria (+53 p.p.), China (+7.7 p.p.), Macao SAR (+2.6 p.p.) and Russia (+2 p.p.) significantly strengthened its position in terms of the global imports, while Singapore and Hong Kong SAR saw its share reduced by -11.4% and -20% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($354M), Macao SAR ($177M) and Nigeria ($130M) were the countries with the highest levels of imports in 2022, with a combined 76% share of global imports. China, Singapore, the Netherlands, Uganda, Russia and Portugal lagged somewhat behind, together accounting for a further 16%.

China, with a CAGR of +45.4%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average fish parts import price amounted to $12,926 per ton, picking up by 24% against the previous year. Overall, the import price, however, recorded a abrupt curtailment. Over the period under review, average import prices reached the maximum at $22,604 per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Macao SAR ($72,071 per ton), while Russia ($1,913 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+13.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Fish Heads, Tails And Maws

In 2022, global fish parts exports expanded remarkably to 53K tons, with an increase of 8.1% compared with 2021 figures. Overall, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when exports increased by 24% against the previous year. The global exports peaked at 55K tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, fish parts exports soared to $642M in 2022. In general, total exports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 +43.1% against 2020 indices. The pace of growth was the most pronounced in 2018 when exports increased by 48%. Over the period under review, the global exports reached the maximum in 2022 and are expected to retain growth in the near future.

Exports By Country

Norway (14K tons) and Iceland (11K tons) were the major exporters of fish heads, tails and maws in 2022, finishing at near 26% and 20% of total exports, respectively. Tanzania (3.6K tons) held a 6.8% share (based on physical terms) of total exports, which put it in second place, followed by the Netherlands (4.7%). Botswana (2.3K tons), Belarus (2.3K tons), Vietnam (2.1K tons), Hong Kong SAR (2K tons), Portugal (1.8K tons), China (1.6K tons), Singapore (1.2K tons) and Indonesia (0.9K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Belarus (with a CAGR of +175.5%), while the other global leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($129M), Vietnam ($81M) and Iceland ($70M) appeared to be the countries with the highest levels of exports in 2022, together accounting for 44% of global exports. Tanzania, Norway, Indonesia, Singapore, China, the Netherlands, Belarus, Botswana and Portugal lagged somewhat behind, together accounting for a further 25%.

In terms of the main exporting countries, Belarus, with a CAGR of +142.1%, 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 parts export price amounted to $12,082 per ton, rising by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.3%. The pace of growth was the most pronounced in 2013 an increase of 34%. The global export price peaked at $12,874 per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Hong Kong SAR ($65,911 per ton), while Portugal ($1,611 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Botswana (+23.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform