Lithuania: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Lithuania

The Lithuanian fish fat and oil market fell to $X in 2022, waning by -5.7% against the previous year. Over the period under review, consumption saw a noticeable curtailment. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Fish Fats And Oils in Lithuania

In value terms, fish fat and oil production rose notably to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced reduction. The most prominent rate of growth was recorded in 2014 when the production volume increased by 41%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Fish Fats And Oils

Exports from Lithuania

In 2022, exports of fish fats and oils from Lithuania contracted remarkably to X tons, with a decrease of -58.7% on the year before. Overall, exports, however, continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of 898% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, fish fat and oil exports declined significantly to $X in 2022. Over the period under review, exports, however, showed resilient growth. The most prominent rate of growth was recorded in 2013 when exports increased by 300%. Over the period under review, the exports reached the peak figure at $X in 2021, and then dropped markedly in the following year.

Exports by Country

Italy (X tons), Latvia (X tons) and Kazakhstan (X tons) were the main destinations of fish fat and oil exports from Lithuania, together comprising 82% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kazakhstan (with a CAGR of +181.9%), while the other leaders experienced more modest paces of growth.

In value terms, Latvia ($X) remains the key foreign market for fish fats and oils exports from Lithuania, comprising 41% of total exports. The second position in the ranking was held by Russia ($X), with a 20% share of total exports. It was followed by Kazakhstan, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Latvia stood at +10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+79.1% per year) and Kazakhstan (+145.1% per year).

Export Prices by Country

The average fish fat and oil export price stood at $X per ton in 2022, surging by 66% against the previous year. In general, the export price, however, recorded a perceptible shrinkage. The growth pace was the most rapid in 2020 an increase of 152% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Italy ($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 Ecuador (+127.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into Lithuania

After two years of growth, supplies from abroad of fish fats and oils decreased by -57.6% to X tons in 2022. Overall, imports, however, saw a moderate expansion. The growth pace was the most rapid in 2021 with an increase of 204% against the previous year. As a result, imports attained the peak of X tons, and then declined rapidly in the following year.

In value terms, fish fat and oil imports plummeted to $X in 2022. Over the period under review, imports, however, continue to indicate a strong expansion. The pace of growth was the most pronounced in 2013 with an increase of 84%. Over the period under review, imports hit record highs at $X in 2021, and then dropped markedly in the following year.

Imports by Country

Latvia (X tons), Germany (X tons) and Norway (X tons) were the main suppliers of fish fat and oil imports to Lithuania, with a combined 87% share of total imports. The Netherlands, the Czech Republic, Poland and Denmark lagged somewhat behind, together comprising a further 10%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +359.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of fish fats and oils to Lithuania, comprising 34% of total imports. The second position in the ranking was taken by Poland ($X), with a 16% share of total imports. It was followed by Norway, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany totaled +40.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+6.1% per year) and Norway (+0.1% per year).

Import Prices by Country

The average fish fat and oil import price stood at $X per ton in 2022, increasing by 52% against the previous year. Overall, the import price recorded a remarkable increase. The most prominent rate of growth was recorded in 2015 an increase of 93% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

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 Poland ($X per ton), while the price for Latvia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+10.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform