Brazil: Market for Cod, Salted or in Brine 2024

Market Size for Cod, Salted or in Brine in Brazil

In 2022, the Brazilian market for cod, salted or in brine was finally on the rise to reach $X after three years of decline. Over the period under review, consumption, however, faced a deep slump. Cod, salted or in brine consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Production of Cod, Salted or in Brine in Brazil

In value terms, cod, salted or in brine production stood at $X in 2022 estimated in export price. Over the period under review, production, however, saw a pronounced reduction. The pace of growth was the most pronounced in 2019 with an increase of 31%. Cod, salted or in brine production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Exports of Cod, Salted or in Brine

Exports from Brazil

In 2022, overseas shipments of cod, salted or in brine decreased by -36% to X kg, falling for the second year in a row after three years of growth. Overall, exports, however, saw a significant increase. The pace of growth was the most pronounced in 2019 when exports increased by 6,360% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, cod, salted or in brine exports dropped to $X in 2022. In general, exports, however, saw a significant increase. The pace of growth was the most pronounced in 2019 when exports increased by 5,114%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Liberia (X kg), India (X kg) and Panama (X kg) were the main destinations of cod, salted or in brine exports from Brazil, with a combined 36% share of total exports. Portugal, Antigua and Barbuda, Denmark, Singapore, Marshall Islands, Malta, Greece, Italy and Norway lagged somewhat behind, together accounting for a further 57%.

From 2018 to 2022, the biggest increases were recorded for Portugal (with a CAGR of +162.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cod, salted or in brine exported from Brazil were India ($X), Liberia ($X) and Panama ($X), with a combined 36% share of total exports.

India, with a CAGR of +412.8%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for cod, salted or in brine amounted to $X per ton, surging by 36% against the previous year. Over the period under review, the export price, however, continues to indicate a deep reduction. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Italy ($X per ton) and India ($X per ton), while the average price for exports to Liberia ($X per ton) and Denmark ($X per ton) were amongst the lowest.

From 2018 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+97.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cod, Salted or in Brine

Imports into Brazil

In 2022, purchases abroad of cod, salted or in brine increased by 6.8% to X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, imports enjoyed a buoyant increase. The growth pace was the most rapid in 2014 with an increase of 182% against the previous year. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, cod, salted or in brine imports skyrocketed to $X in 2022. Overall, imports recorded prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of 166% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

Norway (X tons), Portugal (X tons) and China (X tons) were the main suppliers of cod, salted or in brine imports to Brazil.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Portugal (with a CAGR of +46.4%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest cod, salted or in brine suppliers to Brazil were Norway ($X), Portugal ($X) and China ($X).

Portugal, with a CAGR of +50.9%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for cod, salted or in brine stood at $X per ton in 2022, increasing by 26% against the previous year. Over the period under review, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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