Hungary: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Hungary

The Hungarian fish fat and oil market reduced to $X in 2022, with a decrease of -9.8% against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Fish Fats And Oils in Hungary

In value terms, fish fat and oil production declined to $X in 2022 estimated in export price. Overall, production saw a mild reduction. The pace of growth appeared the most rapid in 2018 with an increase of 27% against the previous year. Fish fat and oil production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Fish Fats And Oils

Exports from Hungary

In 2022, approx. X tons of fish fats and oils were exported from Hungary; rising by 200% compared with 2021. Over the period under review, exports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 3,437% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, fish fat and oil exports stood at $X in 2022. In general, exports recorded a significant expansion. The pace of growth was the most pronounced in 2014 when exports increased by 4,524% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for fish fat and oil exports from Hungary, accounting for a 70% share of total exports. Moreover, fish fat and oil exports to the Netherlands exceeded the volume sent to the second major destination, Slovakia (X tons), sixfold. The third position in this ranking was held by Italy (X tons), with a 5.2% share.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (+65.8% per year) and Italy (+44.0% per year).

In value terms, Italy ($X), the Netherlands ($X) and Romania ($X) constituted the largest markets for fish fat and oil exported from Hungary worldwide, together accounting for 64% of total exports. Slovakia, the Czech Republic, Bulgaria and Austria lagged somewhat behind, together comprising a further 27%.

Bulgaria, with a CAGR of +39.7%, saw the highest growth rate of 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 fish fat and oil export price amounted to $X per ton, with a decrease of -64.4% against the previous year. Over the period under review, the export price recorded a deep setback. The most prominent rate of growth was recorded in 2014 an increase of 31%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to the Netherlands ($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 the Czech Republic (+0.1%), while the prices for the other major destinations experienced a decline.

Imports of Fish Fats And Oils

Imports into Hungary

In 2022, purchases abroad of fish fats and oils decreased by -15.8% to X tons for the first time since 2016, thus ending a five-year rising trend. The total import volume increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 29% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then fell significantly in the following year.

In value terms, fish fat and oil imports stood at $X in 2022. Overall, imports, however, continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2017 when imports increased by 43%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

The Netherlands (X tons), France (X tons) and Belgium (X tons) were the main suppliers of fish fat and oil imports to Hungary, with a combined 64% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +62.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest fish fat and oil suppliers to Hungary were Poland ($X), the Netherlands ($X) and France ($X), together comprising 72% of total imports. Germany, Belgium, Denmark and Spain lagged somewhat behind, together comprising a further 24%.

Belgium, with a CAGR of +62.6%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average fish fat and oil import price stood at $X per ton in 2022, with an increase of 34% against the previous year. Overall, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fish fat and oil import price increased by +141.6% against 2015 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 Poland ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+11.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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