Seafood Meals And Pellets Market

The global market for flours, meals, and pellets of fish and crustaceans is projected to continue growing through 2030, with China being the dominant consumer and producer. Peru leads in exports, while China is the largest importer. Prices for imports and exports are on an upward trend. Overall, the market is expected to see steady growth in both volume and value over the next few years.

Market Forecast

Driven by increasing demand for flours, meals and pellets of fish or of crustaceans and molluscs 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 +0.0% for the period from 2022 to 2030, which is projected to bring the market volume to 8M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market value to $12.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

In 2022, consumption of flours, meals and pellets of fish or of crustaceans and molluscs increased by 2.2% to 8M tons, rising for the seventh consecutive year after three years of decline. The total consumption volume increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked in 2022 and is expected to retain growth in the immediate term.

The global seafood meals and pellets market revenue expanded rapidly to $10.7B in 2022, growing by 6.6% 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). The market value 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. Global consumption peaked in 2022 and is likely to continue growth in the immediate term.

Consumption By Country

China (1.8M tons) constituted the country with the largest volume of seafood meals and pellets consumption, comprising approx. 23% of total volume. Moreover, seafood meals and pellets consumption in China exceeded the figures recorded by the second-largest consumer, the United States (482K tons), fourfold. The third position in this ranking was held by India (316K tons), with a 4% share.

In China, seafood meals and pellets consumption expanded at an average annual rate of +3.8% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+4.0% per year) and India (+0.1% per year).

In value terms, China ($2.8B) led the market, alone. The second position in the ranking was taken by the United States ($604M). It was followed by the UK.

From 2012 to 2022, the average annual growth rate of value in China amounted to +5.2%. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+5.7% per year) and the UK (+4.5% per year).

In 2022, the highest levels of seafood meals and pellets per capita consumption was registered in Norway (35 kg per person), followed by the UK (4.4 kg per person), Turkey (2.5 kg per person) and Mexico (1.5 kg per person), while the world average per capita consumption of seafood meals and pellets was estimated at 1 kg per person.

In Norway, seafood meals and pellets per capita consumption declined by an average annual rate of -5.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the UK (+4.0% per year) and Turkey (+8.8% per year).

Production

World Production of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

Global seafood meals and pellets production expanded to 7.5M tons in 2022, increasing by 2% against 2021. The total output volume increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when the production volume increased by 12%. Global production peaked in 2022 and is likely to see gradual growth in the immediate term.

In value terms, seafood meals and pellets production totaled $9.2B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 14%. As a result, production reached the peak level of $9.5B. From 2019 to 2022, global production growth remained at a lower figure.

Production By Country

Peru (1.1M tons) remains the largest seafood meals and pellets producing country worldwide, comprising approx. 15% of total volume. Moreover, seafood meals and pellets production in Peru exceeded the figures recorded by the second-largest producer, India (491K tons), twofold. The third position in this ranking was held by the United States (484K tons), with a 6.4% share.

In Peru, seafood meals and pellets production contracted by an average annual rate of -2.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+4.4% per year) and the United States (+1.4% per year).

Imports

World Imports of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

In 2022, purchases abroad of flours, meals and pellets of fish or of crustaceans and molluscs increased by 6.1% to 4M tons, rising for the third year in a row after two years of decline. The total import volume increased at an average annual rate of +1.4% 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 2017 with an increase of 19%. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, seafood meals and pellets imports rose notably to $6.5B in 2022. The total import value increased at an average annual rate of +3.2% 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 2021 when imports increased by 18% against the previous year. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

China was the largest importing country with an import of about 1.8M tons, which finished at 45% of total imports. Norway (221K tons) took the second position in the ranking, followed by Turkey (199K tons). All these countries together held near 10% share of total imports. Japan (165K tons), Taiwan (Chinese) (116K tons), Vietnam (115K tons), Greece (104K tons), the UK (103K tons), Indonesia (101K tons), Germany (87K tons), the United States (86K tons), Spain (76K tons) and Ecuador (73K tons) took a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to seafood meals and pellets imports into China stood at +3.8%. At the same time, Ecuador (+22.5%), Turkey (+11.7%), the United States (+7.1%), Spain (+4.5%), Greece (+4.5%), the UK (+3.7%) and Vietnam (+1.4%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing importer imported in the world, with a CAGR of +22.5% from 2012-2022. Indonesia experienced a relatively flat trend pattern. By contrast, Norway (-1.2%), Japan (-4.3%), Taiwan (Chinese) (-4.5%) and Germany (-9.3%) illustrated a downward trend over the same period. China (+9.6 p.p.), Turkey (+3.1 p.p.) and Ecuador (+1.5 p.p.) significantly strengthened its position in terms of the global imports, while Norway, Taiwan (Chinese), Japan and Germany saw its share reduced by -1.6%, -2.4%, -3.3% and -4.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($3B) constitutes the largest market for imported flours, meals and pellets of fish or of crustaceans and molluscs worldwide, comprising 46% of global imports. The second position in the ranking was held by Norway ($439M), with a 6.8% share of global imports. It was followed by Turkey, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +5.8%. In the other countries, the average annual rates were as follows: Norway (+1.0% per year) and Turkey (+13.3% per year).

Import Prices By Country

In 2022, the average seafood meals and pellets import price amounted to $1,617 per ton, increasing by 7.9% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2013 an increase of 18% against the previous year. Global import price peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Norway ($1,984 per ton), while Indonesia ($608 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+4.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

For the third year in a row, the global market recorded growth in shipments abroad of flours, meals and pellets of fish or of crustaceans and molluscs, which increased by 6.1% to 3.6M tons in 2022. The total export volume increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when exports increased by 16%. The global exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, seafood meals and pellets exports stood at $5.5B in 2022. The total export value increased at an average annual rate of +3.0% 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 2021 when exports increased by 15% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports By Country

In 2022, Peru (1.1M tons) was the key exporter of flours, meals and pellets of fish or of crustaceans and molluscs, committing 30% of total exports. Chile (227K tons) held the second position in the ranking, followed by Vietnam (210K tons), India (184K tons), Russia (182K tons) and Morocco (175K tons). All these countries together took near 27% share of total exports. The following exporters - Iceland (154K tons), Denmark (146K tons), Thailand (132K tons), Mauritania (94K tons), Germany (89K tons), the United States (88K tons) and Norway (73K tons) - together made up 22% of total exports.

From 2012 to 2022, average annual rates of growth with regard to seafood meals and pellets exports from Peru stood at -2.2%. At the same time, India (+31.9%), Norway (+14.9%), Russia (+14.6%), Mauritania (+11.7%), Vietnam (+9.7%), Iceland (+8.4%), Thailand (+7.7%) and Morocco (+7.0%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in the world, with a CAGR of +31.9% from 2012-2022. By contrast, Denmark (-2.1%), Chile (-3.0%), the United States (-4.4%) and Germany (-9.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India, Iceland, Russia, Vietnam, Morocco, Thailand and Mauritania increased by +4.7, +4.3, +3.6, +3.2, +2, +1.7 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Peru ($1.8B) remains the largest seafood meals and pellets supplier worldwide, comprising 32% of global exports. The second position in the ranking was taken by Chile ($399M), with a 7.3% share of global exports. It was followed by Vietnam, with a 5.8% share.

In Peru, seafood meals and pellets exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Chile (-1.0% per year) and Vietnam (+11.4% per year).

Export Prices By Country

The average seafood meals and pellets export price stood at $1,526 per ton in 2022, rising by 4.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2013 an increase of 16% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in years to come.

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 Norway ($1,954 per ton), while Russia ($936 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+5.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform