Eastern Europe: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Eastern Europe

The East European fish fat and oil market was estimated at $X in 2022, increasing by 2.7% against the previous year. The market value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Fish Fats And Oils in Eastern Europe

In value terms, fish fat and oil production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of 15%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Fish Fats And Oils

Exports in Eastern Europe

For the eleventh year in a row, Eastern Europe recorded growth in overseas shipments of fish fats and oils, which increased by 24% to X tons in 2022. Overall, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 80% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, fish fat and oil exports surged to $X in 2022. Over the period under review, exports posted a significant increase. The growth pace was the most rapid in 2013 with an increase of 71%. The level of export peaked in 2022 and is likely to see steady growth in years to come.

Exports by Country

In 2022, Latvia (X tons) and Poland (X tons) were the key exporters of fish fats and oils in Eastern Europe, together resulting at near 72% of total exports. Russia (X tons) held the next position in the ranking, followed by Estonia (X tons). All these countries together took approx. 22% share of total exports. Slovakia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Estonia (with a CAGR of +127.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest fish fat and oil supplying countries in Eastern Europe were Poland ($X), Latvia ($X) and Estonia ($X), with a combined 81% share of total exports.

In terms of the main exporting countries, Estonia, with a CAGR of +74.5%, recorded 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

The export price in Eastern Europe stood at $X per ton in 2022, rising by 15% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the export price increased by 18%. Over the period under review, the export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Estonia ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovakia (+28.9%), while the other leaders experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports in Eastern Europe

For the third year in a row, Eastern Europe recorded growth in overseas purchases of fish fats and oils, which increased by 2.8% to X tons in 2022. Total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +6.7% 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 2012 indices. The pace of growth was the most pronounced in 2020 with an increase of 16%. The volume of import peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, fish fat and oil imports shrank to $X in 2022. Over the period under review, imports saw a remarkable increase. The pace of growth was the most pronounced in 2021 when imports increased by 20%. As a result, imports reached the peak of $X, and then fell modestly in the following year.

Imports by Country

Poland was the major importer of fish fats and oils in Eastern Europe, with the volume of imports recording X tons, which was approx. 53% of total imports in 2022. The Czech Republic (X tons) ranks second in terms of the total imports with an 18% share, followed by Russia (13%) and Romania (6.8%). Lithuania (X tons), Ukraine (X tons) and Hungary (X tons) held a relatively small share of total imports.

Imports into Poland increased at an average annual rate of +7.5% from 2012 to 2022. At the same time, Ukraine (+27.3%), the Czech Republic (+23.1%), Russia (+6.3%), Lithuania (+2.4%) and Hungary (+2.3%) displayed positive paces of growth. Moreover, Ukraine emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of +27.3% from 2012-2022. By contrast, Romania (-4.1%) illustrated a downward trend over the same period. The Czech Republic (+14 p.p.), Poland (+3.8 p.p.) and Ukraine (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while Romania saw its share reduced by -13% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Poland ($X), Russia ($X) and Romania ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 76% of total imports. The Czech Republic, Lithuania, Hungary and Ukraine lagged somewhat behind, together accounting for a further 20%.

Ukraine, with a CAGR of +24.3%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2022, falling by -6.3% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the import price increased by 14% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2021, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Russia ($X per ton), while the Czech Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+8.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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