EU: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in the EU

The EU fish fat and oil market skyrocketed to $X in 2022, surging by 18% against the previous year. The market value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Fish Fats And Oils in the EU

In value terms, fish fat and oil production soared to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Exports of Fish Fats And Oils

Exports in the EU

After six years of growth, overseas shipments of fish fats and oils decreased by -21.4% to X tons in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 19% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then fell rapidly in the following year.

In value terms, fish fat and oil exports contracted to $X in 2022. The total export value increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 when exports increased by 35%. Over the period under review, the exports attained the peak figure at $X in 2021, and then reduced slightly in the following year.

Exports by Country

Denmark represented the main exporting country with an export of about X tons, which finished at 52% of total exports. It was distantly followed by France (X tons), Spain (X tons), the Netherlands (X tons), Germany (X tons) and Latvia (X tons), together comprising a 37% share of total exports. Poland (X tons) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to fish fat and oil exports from Denmark stood at -2.8%. At the same time, Latvia (+22.6%), Poland (+22.0%), Spain (+10.0%), Germany (+2.9%) and France (+1.5%) displayed positive paces of growth. Moreover, Latvia emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +22.6% from 2012-2022. The Netherlands experienced a relatively flat trend pattern. From 2012 to 2022, the share of Latvia, Spain, Poland, Germany and France increased by +4.7, +4.6, +3.5, +2 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Denmark ($X) remains the largest fish fat and oil supplier in the European Union, comprising 47% of total exports. The second position in the ranking was taken by France ($X), with a 14% share of total exports. It was followed by Germany, with a 9.4% share.

From 2012 to 2022, the average annual growth rate of value in Denmark was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: France (+5.2% per year) and Germany (+6.2% per year).

Export Prices by Country

In 2022, the export price in the European Union amounted to $X per ton, surging by 27% against the previous year. Over the last decade, it increased at an average annual rate of +2.9%. 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 origin: amid the top suppliers, the country with the highest price was Germany ($X per ton), while Latvia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+4.1%), while the other leaders experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports in the EU

In 2022, after two years of growth, there was significant decline in supplies from abroad of fish fats and oils, when their volume decreased by -14.6% to X tons. Overall, imports recorded a perceptible reduction. The most prominent rate of growth was recorded in 2020 when imports increased by 19% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, fish fat and oil imports expanded markedly to $X in 2022. In general, imports, however, recorded a slight increase. The pace of growth appeared the most rapid in 2020 with an increase of 31% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

Denmark was the key importing country with an import of around X tons, which reached 36% of total imports. It was distantly followed by Greece (X tons), Spain (X tons), France (X tons), the Netherlands (X tons) and Italy (X tons), together making up a 54% share of total imports. Germany (X tons) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to fish fat and oil imports into Denmark stood at -5.1%. At the same time, Spain (+3.3%), Greece (+1.5%), Italy (+1.2%) and France (+1.2%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing importer imported in the European Union, with a CAGR of +3.3% from 2012-2022. By contrast, Germany (-3.1%) and the Netherlands (-5.4%) illustrated a downward trend over the same period. While the share of Spain (+5.7 p.p.), Greece (+4.9 p.p.), France (+3.8 p.p.) and Italy (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the Netherlands (-2.7 p.p.) and Denmark (-11.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Denmark ($X) constitutes the largest market for imported fish fats and oils in the European Union, comprising 33% of total imports. The second position in the ranking was taken by France ($X), with a 15% share of total imports. It was followed by Greece, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Denmark stood at -2.0%. The remaining importing countries recorded the following average annual rates of imports growth: France (+4.5% per year) and Greece (+4.1% per year).

Import Prices by Country

The import price in the European Union stood at $X per ton in 2022, surging by 23% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.4%. As a result, import price attained 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 Germany ($X per ton), while Greece ($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 Netherlands (+6.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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