Canada: Market for Fish Fats And Oils 2025

Market Size for Fish Fats And Oils in Canada

The Canadian fish fat and oil market reached $X in 2022, surging by 3.8% against the previous year. Over the period under review, the total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.1% 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 +43.1% against 2018 indices. Fish fat and oil consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Production of Fish Fats And Oils in Canada

In value terms, fish fat and oil production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production enjoyed measured growth. The pace of growth appeared the most rapid in 2020 with an increase of 671%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Exports of Fish Fats And Oils

Exports from Canada

In 2022, after six years of growth, there was significant decline in overseas shipments of fish fats and oils, when their volume decreased by -50.1% to X tons. Overall, exports saw a pronounced descent. The most prominent rate of growth was recorded in 2019 with an increase of 64% against the previous year. The exports peaked at X tons in 2021, and then dropped sharply in the following year.

In value terms, fish fat and oil exports shrank to $X in 2022. In general, exports showed a pronounced slump. The pace of growth appeared the most rapid in 2017 when exports increased by 47%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), the Netherlands (X tons) and Switzerland (X tons) were the main destinations of fish fat and oil exports from Canada, together comprising 86% of total exports.

From 2012 to 2022, the biggest increases were recorded for Switzerland (with a CAGR of +91.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for fish fat and oil exported from Canada were the United States ($X), the Netherlands ($X) and Switzerland ($X), together comprising 90% of total exports.

In terms of the main countries of destination, Switzerland, with a CAGR of +72.0%, saw the highest rates of growth with regard to 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

In 2022, the average fish fat and oil export price amounted to $X per ton, surging by 76% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 79%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Spain ($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 the United States (+10.8%), while the prices for the other major destinations experienced a decline.

Imports of Fish Fats And Oils

Imports into Canada

In 2022, imports of fish fats and oils into Canada contracted rapidly to X tons, falling by -20.9% against 2021 figures. Overall, imports saw a slight descent. The growth pace was the most rapid in 2017 when imports increased by 73%. Imports peaked at X tons in 2021, and then shrank rapidly in the following year.

In value terms, fish fat and oil imports declined to $X in 2022. The total import value increased at an average annual rate of +2.3% 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 when imports increased by 28% against the previous year. Imports peaked at $X in 2021, and then dropped modestly in the following year.

Imports by Country

Peru (X tons), the United States (X tons) and Mexico (X tons) were the main suppliers of fish fat and oil imports to Canada, with a combined 86% share of total imports. Denmark, Norway, Japan, India and Chile lagged somewhat behind, together comprising a further 12%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +146.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Peru ($X), the United States ($X) and Mexico ($X) appeared to be the largest fish fat and oil suppliers to Canada, with a combined 84% share of total imports. Denmark, Norway, Japan, India and Chile lagged somewhat behind, together comprising a further 10%.

In terms of the main suppliers, India, with a CAGR of +140.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average fish fat and oil import price stood at $X per ton in 2022, rising by 25% against the previous year. Overall, the import price showed a perceptible expansion. The pace of growth was the most pronounced in 2015 when the average import price increased by 72% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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