EU: Market for Cod, Salted or in Brine 2024

Market Size for Cod, Salted or in Brine in the EU

The EU market for cod, salted or in brine expanded slightly to $X in 2022, surging by 4.8% against the previous year. Over the period under review, consumption, however, recorded a pronounced decline. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Cod, Salted or in Brine in the EU

In value terms, cod, salted or in brine production amounted to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a pronounced shrinkage. The pace of growth was the most pronounced in 2016 with an increase of 10% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Cod, Salted or in Brine

Exports in the EU

After two years of growth, overseas shipments of cod, salted or in brine decreased by -58.2% to X tons in 2022. In general, exports showed a perceptible setback. The pace of growth appeared the most rapid in 2020 with an increase of 98%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then dropped remarkably in the following year.

In value terms, cod, salted or in brine exports reduced sharply to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 105%. The level of export peaked at $X in 2021, and then shrank significantly in the following year.

Exports by Country

Sweden represented the major exporter of cod, salted or in brine in the European Union, with the volume of exports amounting to X tons, which was near 58% of total exports in 2022. It was distantly followed by Germany (X tons), Spain (X tons), Denmark (X tons), Portugal (X tons) and Italy (X tons), together mixing up a 38% share of total exports. The Netherlands (X tons) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to cod, salted or in brine exports from Sweden stood at -2.3%. At the same time, Italy (+66.7%), the Netherlands (+30.5%) and Spain (+2.4%) displayed positive paces of growth. Moreover, Italy emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +66.7% from 2012-2022. By contrast, Portugal (-3.0%), Denmark (-4.8%) and Germany (-7.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Italy, Spain and the Netherlands increased by +4.5, +3.7 and +3.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) emerged as the largest cod, salted or in brine supplier in the European Union, comprising 59% of total exports. The second position in the ranking was taken by Germany ($X), with a 15% share of total exports. It was followed by Spain, with a 9% share.

In Sweden, cod, salted or in brine exports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (-4.8% per year) and Spain (+3.5% per year).

Export Prices by Country

The export price in the European Union stood at $X per ton in 2022, rising by 11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.5%. The growth pace was the most rapid in 2018 an increase of 12%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Italy ($X per ton) and the Netherlands ($X per ton), while Portugal ($X per ton) and Denmark ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+5.7%), while the other leaders experienced more modest paces of growth.

Imports of Cod, Salted or in Brine

Imports in the EU

In 2022, the amount of cod, salted or in brine imported in the European Union fell sharply to X tons, waning by -23.3% against 2021 figures. In general, imports showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2020 with an increase of 28%. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, cod, salted or in brine imports reduced to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when imports increased by 31% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Portugal was the main importer of cod, salted or in brine in the European Union, with the volume of imports accounting for X tons, which was approx. 43% of total imports in 2022. Spain (X tons) took a 19% share (based on physical terms) of total imports, which put it in second place, followed by Sweden (19%), Italy (8.8%) and Germany (4.7%). The following importers - Greece (X tons) and Denmark (X tons) - each reached a 3.9% share of total imports.

Portugal experienced a relatively flat trend pattern with regard to volume of imports of cod, salted or in brine. At the same time, Italy (+1.1%) displayed positive paces of growth. Moreover, Italy emerged as the fastest-growing importer imported in the European Union, with a CAGR of +1.1% from 2012-2022. By contrast, Sweden (-2.2%), Denmark (-3.8%), Spain (-4.8%), Greece (-5.1%) and Germany (-5.5%) illustrated a downward trend over the same period. While the share of Portugal (+12 p.p.) and Italy (+2.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Germany (-1.6 p.p.) and Spain (-4.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Portugal ($X) constitutes the largest market for imported cod, salted or in brine in the European Union, comprising 43% of total imports. The second position in the ranking was held by Spain ($X), with a 19% share of total imports. It was followed by Sweden, with a 19% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Portugal amounted to +3.3%. In the other countries, the average annual rates were as follows: Spain (-2.0% per year) and Sweden (+0.8% per year).

Import Prices by Country

In 2022, the import price in the European Union amounted to $X per ton, picking up by 16% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.5%. 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 importing countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while Denmark ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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