Estonia: Frozen Fish Fillet Market 2024

Frozen Fish Fillet Market Size in Estonia

In 2022, the Estonian frozen fish fillet market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. In general, consumption saw a pronounced decline. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Frozen Fish Fillet Production in Estonia

In value terms, frozen fish fillet production soared to $X in 2022 estimated in export price. Overall, production showed a deep contraction. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Frozen Fish Fillet Exports

Exports from Estonia

Frozen fish fillet exports from Estonia soared to X tons in 2022, jumping by 34% on the year before. Overall, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when exports increased by 42%. The exports peaked at X tons in 2013; afterwards, it flattened through to 2022.

In value terms, frozen fish fillet exports skyrocketed to $X in 2022. In general, exports continue to indicate a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Belarus (X tons) was the main destination for frozen fish fillet exports from Estonia, accounting for a 26% share of total exports. Moreover, frozen fish fillet exports to Belarus exceeded the volume sent to the second major destination, Hungary (X tons), threefold. Spain (X tons) ranked third in terms of total exports with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Belarus amounted to +43.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hungary (+9.5% per year) and Spain (+51.8% per year).

In value terms, the Netherlands ($X), Spain ($X) and Denmark ($X) were the largest markets for frozen fish fillet exported from Estonia worldwide, together accounting for 39% of total exports.

Spain, with a CAGR of +60.8%, 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 more modest paces of growth.

Export Prices by Country

In 2022, the average frozen fish fillet export price amounted to $X per ton, reducing by -3.8% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 28%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Hungary ($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 Lithuania (+8.3%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Fish Fillet Imports

Imports into Estonia

In 2022, after two years of decline, there was significant growth in overseas purchases of frozen fish fillet, when their volume increased by 14% to X tons. Over the period under review, total imports indicated a mild increase from 2012 to 2022: its volume increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 95%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, frozen fish fillet imports soared to $X in 2022. Overall, imports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2013 when imports increased by 93% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Vietnam (X tons), Russia (X tons) and Peru (X tons) were the main suppliers of frozen fish fillet imports to Estonia, together accounting for 50% of total imports. The United States, Norway, Lithuania, China, Poland, Spain, Sweden, the Netherlands, Argentina and Denmark lagged somewhat behind, together comprising a further 43%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sweden (with a CAGR of +39.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) constituted the largest supplier of frozen fish fillet to Estonia, comprising 50% of total imports. The second position in the ranking was taken by Russia ($X), with a 13% share of total imports. It was followed by Peru, with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Vietnam totaled +42.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (-0.0% per year) and Peru (+11.4% per year).

Import Prices by Country

The average frozen fish fillet import price stood at $X per ton in 2022, rising by 29% against the previous year. Overall, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen fish fillet import price increased by +96.1% against 2016 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+21.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform