Europe: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Europe

In 2022, the Europe fish fat and oil market increased by 3.3% to $X, rising for the fifth year in a row after two years of decline. Over the period under review, consumption showed a significant increase. The level of consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Production of Fish Fats And Oils in Europe

In value terms, fish fat and oil production expanded rapidly to $X in 2022 estimated in export price. The total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +80.0% against 2014 indices. The most prominent rate of growth was recorded in 2018 with an increase of 17%. The level of production peaked in 2022 and is expected to retain growth in years to come.

Exports of Fish Fats And Oils

Exports in Europe

In 2022, approx. X tons of fish fats and oils were exported in Europe; stabilizing at 2021 figures. Total exports indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of +3.3% 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 -7.6% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 19%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, fish fat and oil exports skyrocketed to $X in 2022. Total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +86.6% against 2015 indices. The pace of growth appeared the most rapid in 2020 with an increase of 29%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

In 2022, Norway (X tons), Denmark (X tons) and Iceland (X tons) represented the largest exporter of fish fats and oils in Europe, generating 73% of total export. It was distantly followed by France (X tons), achieving a 5.4% share of total exports. Spain (X tons), the Netherlands (X tons), Germany (X tons), Latvia (X tons), Poland (X tons) and the UK (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Latvia (with a CAGR of +22.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest fish fat and oil supplying countries in Europe were Denmark ($X), Norway ($X) and Iceland ($X), together accounting for 67% of total exports. France, Germany, the Netherlands, Spain, Poland, the UK and Latvia lagged somewhat behind, together accounting for a further 27%.

Latvia, with a CAGR of +25.9%, recorded the highest growth rate of the value of exports, among 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

The export price in Europe stood at $X per ton in 2022, surging by 27% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. As a result, the export 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 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 Iceland (+7.9%), while the other leaders experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports in Europe

In 2022, purchases abroad of fish fats and oils decreased by -7.8% to X tons for the first time since 2017, thus ending a four-year rising trend. In general, imports recorded a slight downturn. The pace of growth was the most pronounced in 2018 when imports increased by 9% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, fish fat and oil imports skyrocketed to $X in 2022. Total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +76.4% against 2017 indices. The most prominent rate of growth was recorded in 2020 with an increase of 22%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Norway represented the key importing country with an import of around X tons, which accounted for 38% of total imports. Denmark (X tons) ranks second in terms of the total imports with an 18% share, followed by the UK (8%), Greece (7.7%), Spain (6.7%) and France (6.4%). The Netherlands (X tons) held a relatively small share of total imports.

Norway experienced a relatively flat trend pattern with regard to volume of imports of fish fats and oils. At the same time, the UK (+5.4%), Spain (+3.3%), Greece (+1.5%) and France (+1.2%) displayed positive paces of growth. Moreover, the UK emerged as the fastest-growing importer imported in Europe, with a CAGR of +5.4% from 2012-2022. By contrast, Denmark (-5.1%) and the Netherlands (-5.4%) illustrated a downward trend over the same period. While the share of Norway (+6 p.p.), the UK (+3.8 p.p.), Spain (+2.3 p.p.) and Greece (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the Netherlands (-2.1 p.p.) and Denmark (-9.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Norway ($X) constitutes the largest market for imported fish fats and oils in Europe, comprising 39% of total imports. The second position in the ranking was taken by Denmark ($X), with a 15% share of total imports. It was followed by the UK, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Norway totaled +6.0%. In the other countries, the average annual rates were as follows: Denmark (-2.0% per year) and the UK (+9.7% per year).

Import Prices by Country

In 2022, the import price in Europe amounted to $X per ton, picking up by 29% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.2%. 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 the UK ($X per ton), while Greece ($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