Ecuador: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Ecuador

The Ecuadorian fish fat and oil market skyrocketed to $X in 2022, with an increase of 43% against the previous year. In general, consumption enjoyed a buoyant increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Fish Fats And Oils in Ecuador

In value terms, fish fat and oil production rose significantly to $X in 2022 estimated in export price. In general, production, however, showed a noticeable reduction. The pace of growth appeared the most rapid in 2020 when the production volume increased by 57% against the previous year. Fish fat and oil production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Exports of Fish Fats And Oils

Exports from Ecuador

Fish fat and oil exports from Ecuador declined notably to X tons in 2022, waning by -66.8% against 2021 figures. Over the period under review, exports continue to indicate a abrupt descent. The pace of growth appeared the most rapid in 2020 when exports increased by 106% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, fish fat and oil exports fell notably to $X in 2022. In general, exports faced a abrupt slump. The pace of growth appeared the most rapid in 2020 with an increase of 114% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Chile (X tons) was the main destination for fish fat and oil exports from Ecuador, accounting for a 41% share of total exports. Moreover, fish fat and oil exports to Chile exceeded the volume sent to the second major destination, Colombia (X tons), twofold. China (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Chile stood at -17.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-9.7% per year) and China (+10.7% per year).

In value terms, the largest markets for fish fat and oil exported from Ecuador were Chile ($X), China ($X) and Colombia ($X), together comprising 72% of total exports.

China, with a CAGR of +26.2%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average fish fat and oil export price stood at $X per ton in 2022, surging by 59% against the previous year. Over the period under review, export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Iceland ($X per ton), while the average price for exports to Honduras ($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 China (+14.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into Ecuador

In 2022, overseas purchases of fish fats and oils increased by 2.2% to X tons, rising for the fifth year in a row after two years of decline. Over the period under review, imports enjoyed a significant expansion. The growth pace was the most rapid in 2015 when imports increased by 7,733% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, fish fat and oil imports reduced to $X in 2022. Overall, imports enjoyed a significant increase. The growth pace was the most rapid in 2015 with an increase of 2,977% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, Chile (X tons) constituted the largest fish fat and oil supplier to Ecuador, accounting for a 68% share of total imports. Moreover, fish fat and oil imports from Chile exceeded the figures recorded by the second-largest supplier, Peru (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume from Chile amounted to +106.4%.

In value terms, Chile ($X) and Peru ($X) constituted the largest fish fat and oil suppliers to Ecuador.

Among the main suppliers, Chile, with a CAGR of +84.9%, saw the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

In 2022, the average fish fat and oil import price amounted to $X per ton, declining by -8.7% against the previous year. Over the period under review, the import price recorded a mild downturn. The pace of growth was the most pronounced in 2014 when the average import price increased by 85% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

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 stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Latvia (+7.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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