Canada: Market for Cod, Salted or in Brine 2024

Market Size for Cod, Salted or in Brine in Canada

The Canadian market for cod, salted or in brine soared to $X in 2022, growing by 41% against the previous year. In general, consumption, however, showed a abrupt contraction. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Cod, Salted or in Brine in Canada

In value terms, cod, salted or in brine production totaled $X in 2022 estimated in export price. In general, production continues to indicate a noticeable reduction. The growth pace was the most rapid in 2020 with an increase of 16% against the previous year. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Exports of Cod, Salted or in Brine

Exports from Canada

In 2022, exports of cod, salted or in brine from Canada was estimated at X tons, surging by 12% against the previous year's figure. Overall, total exports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +7.6% 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 +85.8% against 2020 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 68%. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, cod, salted or in brine exports reduced to $X in 2022. Over the period under review, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when exports increased by 27%. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for cod, salted or in brine exports from Canada, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +9.8%.

In value terms, the United States ($X) also remains the key foreign market for cod, salted or in brine exports from Canada.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +1.4%.

Export Prices by Country

In 2022, the average export price for cod, salted or in brine amounted to $X per ton, dropping by -17% against the previous year. In general, the export price recorded a drastic downturn. The most prominent rate of growth was recorded in 2020 when the average export price increased by 32%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for Denmark amounted to -1.1% per year.

Imports of Cod, Salted or in Brine

Imports into Canada

In 2022, cod, salted or in brine imports into Canada skyrocketed to X tons, increasing by 40% compared with the previous year's figure. Over the period under review, imports continue to indicate a relatively flat trend pattern. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, cod, salted or in brine imports surged to $X in 2022. In general, imports, however, showed a noticeable contraction. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Norway (X tons) constituted the largest supplier of cod, salted or in brine to Canada, accounting for a 65% share of total imports. Moreover, cod, salted or in brine imports from Norway exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. Faroe Islands (X tons) ranked third in terms of total imports with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Norway amounted to +35.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-4.9% per year) and Faroe Islands (+10.0% per year).

In value terms, Norway ($X) constituted the largest supplier of cod, salted or in brine to Canada, comprising 65% of total imports. The second position in the ranking was taken by China ($X), with a 29% share of total imports. It was followed by Faroe Islands, with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Norway totaled +30.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-7.9% per year) and Faroe Islands (+2.7% per year).

Import Prices by Country

The average import price for cod, salted or in brine stood at $X per ton in 2022, shrinking by -4.8% against the previous year. Overall, the import price continues to indicate a perceptible reduction. The pace of growth appeared the most rapid in 2021 when the average import price increased by 3.6%. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Faroe Islands ($X per ton) and Iceland ($X per ton), while the price for the United States ($X per ton) and Norway ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-1.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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