China: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in China

In 2022, the Chinese fish fat and oil market decreased by -6.1% to $X for the first time since 2014, thus ending a seven-year rising trend. Overall, consumption, however, continues to indicate a strong increase. Over the period under review, the market attained the peak level at $X in 2021, and then contracted in the following year.

Production of Fish Fats And Oils in China

In value terms, fish fat and oil production rose to $X in 2022 estimated in export price. Overall, production continues to indicate a prominent expansion. The pace of growth appeared the most rapid in 2017 with an increase of 23% against the previous year. Fish fat and oil production peaked at $X in 2020; afterwards, it flattened through to 2022.

Exports of Fish Fats And Oils

Exports from China

In 2022, after two years of decline, there was significant growth in shipments abroad of fish fats and oils, when their volume increased by 191% to X tons. Over the period under review, exports showed a buoyant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, fish fat and oil exports surged to $X in 2022. Overall, exports continue to indicate buoyant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Chile (X tons) was the main destination for fish fat and oil exports from China, accounting for a 72% share of total exports. Moreover, fish fat and oil exports to Chile exceeded the volume sent to the second major destination, the United States (X tons), tenfold. Australia (X tons) ranked third in terms of total exports with a 3.5% share.

From 2012 to 2022, the average annual growth rate of volume to Chile amounted to +64.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-3.7% per year) and Australia (+25.4% per year).

In value terms, the largest markets for fish fat and oil exported from China were the United States ($X), Chile ($X) and South Korea ($X), with a combined 47% share of total exports.

Chile, with a CAGR of +56.4%, recorded the highest growth rate of the value of exports, in terms of 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 fish fat and oil export price amounted to $X per ton, falling by -53.1% against the previous year. In general, the export price recorded a noticeable slump. The most prominent rate of growth was recorded in 2021 when the average export price increased by 62% against the previous year. As a result, the export price reached the peak level of $X per ton, and then contracted significantly in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Chile ($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 South Korea (+22.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into China

After five years of growth, overseas purchases of fish fats and oils decreased by -1.6% to X tons in 2022. In general, total imports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +6.0% 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 +90.8% against 2016 indices. The growth pace was the most rapid in 2013 with an increase of 49%. Over the period under review, imports attained the peak figure at X tons in 2021, and then dropped modestly in the following year.

In value terms, fish fat and oil imports soared to $X in 2022. Overall, imports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of 54% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Peru (X tons) constituted the largest fish fat and oil supplier to China, accounting for a 48% share of total imports. Moreover, fish fat and oil imports from Peru exceeded the figures recorded by the second-largest supplier, Chile (X tons), threefold. The third position in this ranking was held by Vietnam (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from Peru totaled +14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (+8.0% per year) and Vietnam (-5.7% per year).

In value terms, Peru ($X) constituted the largest supplier of fish fats and oils to China, comprising 38% of total imports. The second position in the ranking was held by Australia ($X), with a 17% share of total imports. It was followed by Chile, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of value from Peru totaled +18.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+60.1% per year) and Chile (+7.5% per year).

Import Prices by Country

In 2022, the average fish fat and oil import price amounted to $X per ton, increasing by 23% against the previous year. Over the period under review, the import price continues to indicate a resilient increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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