Indonesia: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Indonesia

The Indonesian fish fat and oil market rose modestly to $X in 2022, surging by 1.8% against the previous year. The market value increased at an average annual rate of +4.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Production of Fish Fats And Oils in Indonesia

In value terms, fish fat and oil production expanded slightly to $X in 2022 estimated in export price. Overall, the total production indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.8% 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 +8.0% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 66%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Exports of Fish Fats And Oils

Exports from Indonesia

In 2022, fish fat and oil exports from Indonesia shrank dramatically to X tons, waning by -90.5% compared with 2021. Overall, exports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 1,527%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, fish fat and oil exports fell rapidly to $X in 2022. In general, exports saw a deep reduction. The pace of growth appeared the most rapid in 2020 when exports increased by 1,286%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons) was the main destination for fish fat and oil exports from Indonesia, accounting for a 86% share of total exports. Moreover, fish fat and oil exports to Malaysia exceeded the volume sent to the second major destination, Japan (X tons), sixfold.

From 2012 to 2022, the average annual growth rate of volume to Malaysia totaled +35.0%.

In value terms, Malaysia ($X) remains the key foreign market for fish fats and oils exports from Indonesia, comprising 76% of total exports. The second position in the ranking was taken by Japan ($X), with a 24% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia totaled +40.8%.

Export Prices by Country

The average fish fat and oil export price stood at $X per ton in 2022, rising by 59% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Malaysia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+13.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into Indonesia

In 2022, overseas purchases of fish fats and oils decreased by -23.1% to X tons, falling for the third consecutive year after four years of growth. Over the period under review, imports recorded a deep downturn. The pace of growth was the most pronounced in 2017 when imports increased by 57%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, fish fat and oil imports fell modestly to $X in 2022. In general, imports recorded a noticeable decline. The growth pace was the most rapid in 2016 when imports increased by 21% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Chile (X tons) constituted the largest fish fat and oil supplier to Indonesia, with a 58% share of total imports. Moreover, fish fat and oil imports from Chile exceeded the figures recorded by the second-largest supplier, Australia (X tons), fivefold. South Korea (X tons) ranked third in terms of total imports with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Chile totaled -4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-5.2% per year) and South Korea (+15.3% per year).

In value terms, Chile ($X) constituted the largest supplier of fish fats and oils to Indonesia, comprising 45% of total imports. The second position in the ranking was held by Australia ($X), with an 11% share of total imports. It was followed by South Korea, with a 7.8% share.

From 2012 to 2022, the average annual growth rate of value from Chile stood at -3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-0.5% per year) and South Korea (+17.0% per year).

Import Prices by Country

In 2022, the average fish fat and oil import price amounted to $X per ton, with an increase of 28% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+17.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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