Denmark: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Denmark

The Danish fish fat and oil market was finally on the rise to reach $X in 2022, after three years of decline. Over the period under review, consumption, however, recorded a abrupt downturn. Fish fat and oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Fish Fats And Oils in Denmark

In value terms, fish fat and oil production soared to $X in 2022 estimated in export price. Over the period under review, the total production indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Exports of Fish Fats And Oils

Exports from Denmark

In 2022, shipments abroad of fish fats and oils decreased by -13.5% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports continue to indicate a perceptible downturn. The pace of growth appeared the most rapid in 2016 with an increase of 21% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, fish fat and oil exports rose remarkably to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when exports increased by 25% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Norway (X tons) was the main destination for fish fat and oil exports from Denmark, accounting for a 75% share of total exports. Moreover, fish fat and oil exports to Norway exceeded the volume sent to the second major destination, the UK (X tons), fivefold. The third position in this ranking was held by Gibraltar (X tons), with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Norway was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-3.2% per year) and Gibraltar (0.0% per year).

In value terms, Norway ($X) remains the key foreign market for fish fats and oils exports from Denmark, comprising 72% of total exports. The second position in the ranking was held by the UK ($X), with a 16% share of total exports. It was followed by Gibraltar, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value to Norway totaled +3.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+3.0% per year) and Gibraltar (0.0% per year).

Export Prices by Country

The average fish fat and oil export price stood at $X per ton in 2022, jumping by 28% against the previous year. Over the last decade, it increased at an average annual rate of +3.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 Faroe Islands ($X per ton), while the average price for exports to the Netherlands ($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 Faroe Islands (+9.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into Denmark

In 2022, fish fat and oil imports into Denmark rose markedly to X tons, growing by 7.5% against 2021 figures. Over the period under review, imports, however, showed a abrupt decline. The growth pace was the most rapid in 2014 when imports increased by 26%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, fish fat and oil imports soared to $X in 2022. In general, imports, however, showed a noticeable decline. The most prominent rate of growth was recorded in 2018 when imports increased by 33% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Norway (X tons), Peru (X tons) and Chile (X tons) were the main suppliers of fish fat and oil imports to Denmark, with a combined 54% share of total imports. Faroe Islands, Iceland, South Africa, Mauritania, the United States, Finland, Georgia, France and Morocco lagged somewhat behind, together accounting for a further 41%.

From 2012 to 2022, the biggest increases were recorded for Mauritania (with a CAGR of +32.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest fish fat and oil suppliers to Denmark were Peru ($X), Norway ($X) and Chile ($X), together accounting for 56% of total imports. South Africa, Iceland, the United States, Faroe Islands, Mauritania, Georgia, Finland, France and Morocco lagged somewhat behind, together comprising a further 38%.

In terms of the main suppliers, Mauritania, with a CAGR of +40.1%, saw the highest rates of growth with regard to 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

In 2022, the average fish fat and oil import price amounted to $X per ton, rising by 22% against the previous year. Over the last decade, it increased at an average annual rate of +3.2%. 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 France ($X per ton), while the price for Faroe Islands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+10.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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