Europe: Market for Cod, Salted or in Brine 2024

Market Size for Cod, Salted or in Brine in Europe

The Europe market for cod, salted or in brine stood at $X in 2022, picking up by 4.9% against the previous year. Overall, consumption, however, recorded a slight reduction. The most prominent rate of growth was recorded in 2020 with an increase of 7.9%. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Cod, Salted or in Brine in Europe

In value terms, cod, salted or in brine production stood at $X in 2022 estimated in export price. Overall, production, however, showed a mild reduction. The most prominent rate of growth was recorded in 2016 when the production volume increased by 8.1%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Cod, Salted or in Brine

Exports in Europe

After two years of growth, shipments abroad of cod, salted or in brine decreased by -29.7% to X tons in 2022. Over the period under review, exports continue to indicate a slight curtailment. The pace of growth was the most pronounced in 2020 when exports increased by 41%. Over the period under review, the exports attained the maximum at X tons in 2021, and then reduced sharply in the following year.

In value terms, cod, salted or in brine exports dropped rapidly to $X in 2022. Total exports indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -19.6% against 2020 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 44%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The biggest shipments were from Norway (X tons), Iceland (X tons) and Sweden (X tons), together recording 84% of total export. It was distantly followed by Germany (X tons), making up a 4.5% share of total exports. The following exporters - Spain (X tons), Denmark (X tons) and Portugal (X tons) - together made up 6.5% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Spain (with a CAGR of +2.4%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest cod, salted or in brine supplying countries in Europe were Norway ($X), Iceland ($X) and Sweden ($X), with a combined 85% share of total exports. Germany, Spain, Denmark and Portugal lagged somewhat behind, together accounting for a further 11%.

Spain, with a CAGR of +3.5%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Europe amounted to $X per ton, with an increase of 15% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Germany ($X per ton) and Iceland ($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 Norway (+3.1%), while the other leaders experienced more modest paces of growth.

Imports of Cod, Salted or in Brine

Imports in Europe

In 2022, approx. X tons of cod, salted or in brine were imported in Europe; which is down by -23.3% against 2021. Overall, imports saw a noticeable decline. The most prominent rate of growth was recorded in 2020 with an increase of 29%. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, cod, salted or in brine imports shrank to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when imports increased by 31%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Portugal represented the largest importer of cod, salted or in brine in Europe, with the volume of imports reaching X tons, which was approx. 43% of total imports in 2022. It was distantly followed by Spain (X tons), Sweden (X tons), Italy (X tons) and Germany (X tons), together committing a 51% share of total imports. The following importers - Greece (X tons) and Denmark (X tons) - each amounted to 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 Europe, 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. Portugal (+12 p.p.) and Italy (+2.9 p.p.) significantly strengthened its position in terms of the total imports, while Germany and Spain saw its share reduced by -1.6% and -4.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Portugal, cod, salted or in brine imports expanded at an average annual rate of +3.3% over the period from 2012-2022. 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 Europe amounted to $X per ton, surging 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 attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: 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