Australia: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Australia

For the fifth year in a row, the Australian fish fat and oil market recorded growth in sales value, which increased by 28% to $X in 2022. Over the period under review, the total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.0% 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 +161.2% against 2017 indices. Fish fat and oil consumption peaked in 2022 and is expected to retain growth in years to come.

Production of Fish Fats And Oils in Australia

In value terms, fish fat and oil production rose rapidly to $X in 2022 estimated in export price. Over the period under review, production posted a slight increase. The pace of growth appeared the most rapid in 2019 when the production volume increased by 66%. Fish fat and oil production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Fish Fats And Oils

Exports from Australia

In 2022, shipments abroad of fish fats and oils increased by 8.3% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, exports, however, recorded a pronounced descent. The pace of growth appeared the most rapid in 2015 with an increase of 165%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, fish fat and oil exports skyrocketed to $X in 2022. In general, exports posted a modest increase. The pace of growth appeared the most rapid in 2021 with an increase of 92% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Thailand (X tons) was the main destination for fish fat and oil exports from Australia, with a 45% share of total exports. Moreover, fish fat and oil exports to Thailand exceeded the volume sent to the second major destination, Indonesia (X tons), threefold. New Zealand (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Thailand stood at +7.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-14.4% per year) and New Zealand (+1.6% per year).

In value terms, the largest markets for fish fat and oil exported from Australia were New Zealand ($X), South Korea ($X) and China ($X), together accounting for 71% of total exports. Thailand, Indonesia and Malaysia lagged somewhat behind, together comprising a further 22%.

Among the main countries of destination, Malaysia, with a CAGR of +56.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average fish fat and oil export price stood at $X per ton in 2022, with an increase of 16% against the previous year. Overall, the export price continues to indicate temperate growth. The most prominent rate of growth was recorded in 2016 when the average export price increased by 71%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to New Zealand (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into Australia

In 2022, imports of fish fats and oils into Australia reached X tons, picking up by 9.7% compared with the previous year. Over the period under review, imports showed a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of 41% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, fish fat and oil imports skyrocketed to $X in 2022. Overall, total imports indicated a prominent increase 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 +96.1% against 2017 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Peru (X tons) constituted the largest supplier of fish fat and oil to Australia, accounting for a 43% share of total imports. Moreover, fish fat and oil imports from Peru exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was taken by India (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Peru totaled +7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+71.4% per year) and India (+74.9% per year).

In value terms, Peru ($X) constituted the largest supplier of fish fats and oils to Australia, comprising 39% of total imports. The second position in the ranking was taken by China ($X), with a 13% share of total imports. It was followed by India, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Peru amounted to +15.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+42.7% per year) and India (+48.0% per year).

Import Prices by Country

The average fish fat and oil import price stood at $X per ton in 2022, growing by 24% against the previous year. Over the period under review, the import price, however, continues to indicate a slight contraction. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Mexico ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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