Japan: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Japan

In 2022, after four years of growth, there was significant decline in the Japanese fish fat and oil market, when its value decreased by -14% to $X. Over the period under review, consumption saw a perceptible descent. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Fish Fats And Oils in Japan

In value terms, fish fat and oil production stood at $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 65% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Fish Fats And Oils

Exports from Japan

In 2022, overseas shipments of fish fats and oils were finally on the rise to reach X tons after three years of decline. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 604% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, fish fat and oil exports soared to $X in 2022. Overall, exports enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 164% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

Chile (X tons) was the main destination for fish fat and oil exports from Japan, accounting for a 48% share of total exports. Moreover, fish fat and oil exports to Chile exceeded the volume sent to the second major destination, Malaysia (X tons), fivefold. Vietnam (X tons) ranked third in terms of total exports with a 9.9% share.

From 2012 to 2022, the average annual growth rate of volume to Chile amounted to +57.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+94.6% per year) and Vietnam (+57.7% per year).

In value terms, Chile ($X) remains the key foreign market for fish fats and oils exports from Japan, comprising 45% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 9.2% share of total exports. It was followed by Malaysia, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Chile stood at +62.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+50.3% per year) and Malaysia (+41.8% per year).

Export Prices by Country

In 2022, the average fish fat and oil export price amounted to $X per ton, reducing by -19.8% against the previous year. In general, the export price recorded a deep reduction. The pace of growth was the most pronounced in 2021 an increase of 39%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 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 Switzerland ($X per ton), while the average price for exports to South Korea ($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 Chile (+3.4%), while the prices for the other major destinations experienced a decline.

Imports of Fish Fats And Oils

Imports into Japan

In 2022, after three years of growth, there was significant decline in supplies from abroad of fish fats and oils, when their volume decreased by -27.8% to X tons. Overall, imports showed a deep contraction. The pace of growth was the most pronounced in 2019 when imports increased by 38%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, fish fat and oil imports reduced slightly to $X in 2022. In general, imports saw a pronounced setback. The pace of growth appeared the most rapid in 2019 with an increase of 26% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Peru (X tons), Chile (X tons) and the United States (X tons) were the main suppliers of fish fat and oil imports to Japan, together comprising 83% of total imports. Thailand, China, Yemen and the United Arab Emirates lagged somewhat behind, together accounting for a further 12%.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +79.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Peru ($X) constituted the largest supplier of fish fats and oils to Japan, comprising 40% of total imports. The second position in the ranking was held by Chile ($X), with a 15% share of total imports. It was followed by the United States, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from Peru was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (-6.3% per year) and the United States (-4.4% per year).

Import Prices by Country

The average fish fat and oil import price stood at $X per ton in 2022, increasing by 35% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +5.0%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 35%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Yemen ($X per ton), while the price for Chile ($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 (+6.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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