Inedible Fish Products Market

The inedible fish products market is expected to see a steady increase in consumption, production, and exports over the next decade. Consumption reached 45M tons in 2022, with a forecasted CAGR of +4.2%. Production is on the rise, reaching 45M tons in 2022, after a six-year decline. Global exports totaled 632K tons in 2022, with an average annual growth rate of +5.2%. Key importing and exporting countries include Denmark, the United States, Vietnam, and Germany. The market value is expected to reach $808.6B by the end of 2030.

Market Forecast

Driven by increasing demand for inedible fish products worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market volume to 63M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.1% for the period from 2022 to 2030, which is projected to bring the market value to $808.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Inedible Fish Products

After six years of decline, consumption of inedible fish products increased by 1.7% to 45M tons in 2022. Over the period under review, the total consumption indicated a pronounced expansion from 2012 to 2022: its volume 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, consumption decreased by -26.1% against 2015 indices. As a result, consumption reached the peak volume of 62M tons. From 2016 to 2022, the growth of the global consumption remained at a lower figure.

The global inedible fish products market revenue soared to $504B in 2022, surging by 192% 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 saw a strong expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (7.6M tons), the United States (5.3M tons) and India (3.1M tons), together accounting for 35% of global consumption. Norway, Pakistan, Brazil, Indonesia, Russia, Germany, Japan, Bangladesh, Nigeria and Mexico lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Nigeria (with a CAGR of +8.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($35B) led the market, alone. The second position in the ranking was held by the United States ($16.4B). It was followed by India.

In China, the inedible fish products market increased at an average annual rate of +9.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+6.2% per year) and India (+6.2% per year).

In 2022, the highest levels of inedible fish products per capita consumption was registered in Norway (316 kg per person), followed by the United States (16 kg per person), Germany (13 kg per person) and Japan (8.4 kg per person), while the world average per capita consumption of inedible fish products was estimated at 0.1 kg per person.

From 2012 to 2022, the average annual growth rate of the inedible fish products per capita consumption in Norway totaled -2.9%. In the other countries, the average annual rates were as follows: the United States (+3.5% per year) and Germany (+3.1% per year).

Production

World Production of Inedible Fish Products

In 2022, production of inedible fish products was finally on the rise to reach 45M tons for the first time since 2015, thus ending a six-year declining trend. Over the period under review, the total production indicated a perceptible expansion from 2012 to 2022: its volume 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, production decreased by -26.1% against 2015 indices. The growth pace was the most rapid in 2015 with an increase of 32% against the previous year. As a result, production attained the peak volume of 61M tons. From 2016 to 2022, global production growth failed to regain momentum.

In value terms, inedible fish products production reached $155.9B in 2022 estimated in export price. In general, the total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +3.4% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 42% against the previous year. As a result, production attained the peak level of $187.9B. From 2016 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (7.5M tons), the United States (5.2M tons) and India (3.1M tons), with a combined 35% share of global production. Norway, Pakistan, Brazil, Indonesia, Russia, Japan, Bangladesh, Germany, Nigeria and Mexico lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +8.4%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Inedible Fish Products

In 2022, the amount of inedible fish products imported worldwide reduced slightly to 1M tons, dropping by -2.9% compared with 2021. The total import volume increased at an average annual rate of +2.8% over the period 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 2014 when imports increased by 20% against the previous year. Global imports peaked at 1.2M tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, inedible fish products imports expanded significantly to $871M in 2022. The total import value increased at an average annual rate of +4.4% over the period 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 2013 with an increase of 17% against the previous year. Over the period under review, global imports reached the peak figure in 2022 and are likely to continue growth in the immediate term.

Imports By Country

Denmark was the main importer of inedible fish products in the world, with the volume of imports recording 306K tons, which was approx. 29% of total imports in 2022. Germany (120K tons) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by Norway (6.9%), the United States (6.6%), Ecuador (6.1%), Iceland (5.9%) and Canada (4.9%). France (41K tons), Spain (37K tons), Japan (30K tons) and Thailand (18K tons) followed a long way behind the leaders.

Denmark experienced a relatively flat trend pattern with regard to volume of imports of inedible fish products. At the same time, Thailand (+18.6%), Norway (+13.7%), France (+11.1%), the United States (+9.8%), Ecuador (+8.2%), Germany (+7.1%), Canada (+4.8%), Iceland (+3.6%) and Spain (+3.4%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in the world, with a CAGR of +18.6% from 2012-2022. By contrast, Japan (-9.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Norway, Germany, the United States, Ecuador and France increased by +4.4, +3.9, +3.2, +2.4 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($90M), Canada ($82M) and Denmark ($70M) were the countries with the highest levels of imports in 2022, with a combined 28% share of global imports. Norway, Japan, France, Germany, Ecuador, Thailand, Iceland and Spain lagged somewhat behind, together comprising a further 31%.

France, with a CAGR of +19.8%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 inedible fish products import price amounted to $835 per ton, rising by 17% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($1,602 per ton), while Denmark ($230 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+7.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Inedible Fish Products

For the fifth consecutive year, the global market recorded growth in shipments abroad of inedible fish products, which increased by 3.6% to 632K tons in 2022. The total export volume increased at an average annual rate of +5.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 20%. Over the period under review, the global exports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, inedible fish products exports expanded markedly to $725M in 2022. Over the period under review, total exports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.1% 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 +16.3% against 2020 indices. The pace of growth appeared the most rapid in 2013 when exports increased by 21% against the previous year. 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

In 2022, Poland (153K tons), distantly followed by Norway (63K tons), Iceland (51K tons), Germany (35K tons), Vietnam (33K tons), Sweden (32K tons) and the Netherlands (29K tons) represented the main exporters of inedible fish products, together mixing up 63% of total exports. Morocco (27K tons), Canada (26K tons), South Korea (17K tons), the United States (12K tons), Lithuania (11K tons) and Free Zones (11K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to inedible fish products exports from Poland stood at +21.3%. At the same time, Vietnam (+24.2%), Germany (+20.7%), Morocco (+14.1%), Lithuania (+7.0%), Iceland (+4.3%), Canada (+3.2%), South Korea (+3.0%) and Norway (+1.8%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +24.2% from 2012-2022. Sweden experienced a relatively flat trend pattern. By contrast, Free Zones (-3.8%), the Netherlands (-3.8%) and the United States (-4.7%) illustrated a downward trend over the same period. Poland (+18 p.p.), Vietnam (+4.2 p.p.), Germany (+4.2 p.p.) and Morocco (+2.4 p.p.) significantly strengthened its position in terms of the global exports, while Free Zones, Sweden, the United States, Norway and the Netherlands saw its share reduced by -2.6%, -2.8%, -3.1%, -3.9% and -6.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($116M) remains the largest inedible fish products supplier worldwide, comprising 16% of global exports. The second position in the ranking was held by Vietnam ($54M), with a 7.5% share of global exports. It was followed by Germany, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States stood at +5.0%. In the other countries, the average annual rates were as follows: Vietnam (+25.2% per year) and Germany (+11.1% per year).

Export Prices By Country

In 2022, the average inedible fish products export price amounted to $1,148 per ton, with an increase of 2.9% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 24% against the previous year. As a result, the export price attained the peak level of $1,322 per ton. From 2018 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($9,780 per ton), while Free Zones ($88 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+10.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform