Northern America: Frozen Fish Fillet Market 2024

Frozen Fish Fillet Market Size in Northern America

In 2022, the North American frozen fish fillet market increased by 29% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +41.9% against 2020 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Frozen Fish Fillet Production in Northern America

In value terms, frozen fish fillet production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2015 with an increase of 12%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Frozen Fish Fillet Exports

Exports in Northern America

In 2022, shipments abroad of frozen fish fillet decreased by -6% to X tons, falling for the fourth consecutive year after three years of growth. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 17% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, frozen fish fillet exports rose remarkably to $X in 2022. The total export value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2019 when exports increased by 13%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, the United States (X tons) represented the largest exporter of frozen fish fillet, making up 81% of total exports. It was distantly followed by Greenland (X tons) and Canada (X tons), together making up a 19% share of total exports.

The United States experienced a relatively flat trend pattern with regard to volume of exports of frozen fish fillet. At the same time, Greenland (+6.9%) displayed positive paces of growth. Moreover, Greenland emerged as the fastest-growing exporter exported in Northern America, with a CAGR of +6.9% from 2012-2022. By contrast, Canada (-2.2%) illustrated a downward trend over the same period. Greenland (+5.2 p.p.) significantly strengthened its position in terms of the total exports, while Canada and the United States saw its share reduced by -2.2% and -2.9% from 2012 to 2022, respectively.

In value terms, the United States ($X) remains the largest frozen fish fillet supplier in Northern America, comprising 62% of total exports. The second position in the ranking was taken by Canada ($X), with a 20% share of total exports.

In the United States, frozen fish fillet exports increased at an average annual rate of +1.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Canada (+2.6% per year) and Greenland (+9.7% per year).

Export Prices by Country

The export price in Northern America stood at $X per ton in 2022, jumping by 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+4.9%), while the other leaders experienced more modest paces of growth.

Frozen Fish Fillet Imports

Imports in Northern America

For the third consecutive year, Northern America recorded growth in purchases abroad of frozen fish fillet, which increased by 13% to X tons in 2022. The total import volume increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, frozen fish fillet imports surged to $X in 2022. Total imports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +60.7% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United States prevails in imports structure, accounting for X tons, which was approx. 91% of total imports in 2022. It was distantly followed by Canada (X tons), mixing up an 8.7% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to frozen fish fillet imports into the United States stood at +1.1%. At the same time, Canada (+3.1%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing importer imported in Northern America, with a CAGR of +3.1% from 2012-2022. From 2012 to 2022, the share of the United States decreased by -1.5 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported frozen fish fillet in Northern America, comprising 92% of total imports. The second position in the ranking was taken by Canada ($X), with an 8.1% share of total imports.

In the United States, frozen fish fillet imports increased at an average annual rate of +4.5% over the period from 2012-2022.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2022, rising by 23% against the previous year. Over the last decade, it increased at an average annual rate of +3.3%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while Canada amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.3%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :