New Zealand: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in New Zealand

In 2022, the New Zealand fish fat and oil market decreased by -16.5% to $X for the first time since 2018, thus ending a three-year rising trend. Overall, consumption saw a pronounced contraction. Fish fat and oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Fish Fats And Oils in New Zealand

In value terms, fish fat and oil production stood at $X in 2022 estimated in export price. Over the period under review, production recorded a perceptible contraction. The pace of growth was the most pronounced in 2016 when the production volume increased by 53% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Fish Fats And Oils

Exports from New Zealand

After three years of decline, overseas shipments of fish fats and oils increased by 21% to X tons in 2022. Overall, exports, however, recorded a perceptible descent. The growth pace was the most rapid in 2018 when exports increased by 33% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, fish fat and oil exports soared to $X in 2022. Over the period under review, total exports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +2.9% 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 +49.2% against 2020 indices. The growth pace was the most rapid in 2018 when exports increased by 85%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Thailand (X tons) was the main destination for fish fat and oil exports from New Zealand, accounting for a 36% share of total exports. Moreover, fish fat and oil exports to Thailand exceeded the volume sent to the second major destination, Malaysia (X tons), twofold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Thailand amounted to +36.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+23.9% per year) and Taiwan (Chinese) (-15.9% per year).

In value terms, Thailand ($X), Switzerland ($X) and Taiwan (Chinese) ($X) constituted the largest markets for fish fat and oil exported from New Zealand worldwide, together accounting for 61% of total exports.

Switzerland, with a CAGR of +122.7%, 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, increasing by 19% against the previous year. Over the period under review, the export price enjoyed strong growth. The pace of growth appeared the most rapid in 2018 an increase of 39% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to Indonesia ($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 Taiwan (Chinese) (+15.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into New Zealand

In 2022, after two years of decline, there was significant growth in overseas purchases of fish fats and oils, when their volume increased by 61% to X tons. Overall, imports recorded a pronounced increase. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, fish fat and oil imports skyrocketed to $X in 2022. Over the period under review, imports recorded a slight expansion. The pace of growth was the most pronounced in 2015 when imports increased by 81%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Peru (X tons), Mexico (X tons) and Australia (X tons) were the main suppliers of fish fat and oil imports to New Zealand, with a combined 76% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Mexico (with a CAGR of +78.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), China ($X) and Peru ($X) constituted the largest fish fat and oil suppliers to New Zealand, together accounting for 74% of total imports. Norway, Mexico, American Samoa, Indonesia and Iceland lagged somewhat behind, together comprising a further 19%.

Mexico, with a CAGR of +83.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average fish fat and oil import price amounted to $X per ton, which is down by -22.9% against the previous year. Over the period under review, the import price saw a pronounced slump. The most prominent rate of growth was recorded in 2015 an increase of 45% against the previous year. The import price peaked at $X per ton in 2020; however, from 2021 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 Norway ($X per ton), while the price for American Samoa ($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 (+14.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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