Norway: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Norway

The Norwegian fish fat and oil market rose slightly to $X in 2022, growing by 3.3% against the previous year. Over the period under review, consumption showed a significant expansion. Fish fat and oil consumption peaked in 2022 and is expected to retain growth in the immediate term.

Production of Fish Fats And Oils in Norway

In value terms, fish fat and oil production soared to $X in 2022 estimated in export price. Over the period under review, production posted a resilient expansion. The pace of growth appeared the most rapid in 2015 when the production volume increased by 88% against the previous year. Fish fat and oil production peaked in 2022 and is expected to retain growth in the near future.

Exports of Fish Fats And Oils

Exports from Norway

In 2022, overseas shipments of fish fats and oils decreased by -10.3% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -16.2% against 2020 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 23%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, fish fat and oil exports expanded remarkably to $X in 2022. In general, total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +88.3% against 2016 indices. The pace of growth was the most pronounced in 2020 when exports increased by 28%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Turkey (X tons) was the main destination for fish fat and oil exports from Norway, with a 36% share of total exports. Moreover, fish fat and oil exports to Turkey exceeded the volume sent to the second major destination, Denmark (X tons), twofold. Greece (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Turkey stood at +9.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (+17.4% per year) and Greece (-3.1% per year).

In value terms, Turkey ($X) remains the key foreign market for fish fats and oils exports from Norway, comprising 30% of total exports. The second position in the ranking was held by the United States ($X), with a 13% share of total exports. It was followed by Denmark, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Turkey stood at +11.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+2.5% per year) and Denmark (+17.6% per year).

Export Prices by Country

The average fish fat and oil export price stood at $X per ton in 2022, rising by 27% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The export price peaked at $X per ton in 2013; afterwards, it flattened through to 2022.

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 the United States ($X per ton), while the average price for exports to Faroe Islands ($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 the UK (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into Norway

In 2022, imports of fish fats and oils into Norway shrank to X tons, declining by -5.6% against the previous year's figure. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 8.2%. 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 skyrocketed to $X in 2022. In general, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.0% 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 +77.8% against 2017 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Iceland (X tons), Denmark (X tons) and Peru (X tons) were the main suppliers of fish fat and oil imports to Norway, together accounting for 57% of total imports. The United States, Mauritania, Mexico and Chile lagged somewhat behind, together comprising a further 28%.

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 +30.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Iceland ($X), Denmark ($X) and Peru ($X) were the largest fish fat and oil suppliers to Norway, together accounting for 53% of total imports. The United States, Mauritania, Mexico and Chile lagged somewhat behind, together comprising a further 31%.

Among the main suppliers, Mexico, with a CAGR of +36.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average fish fat and oil import price stood at $X per ton in 2022, rising by 40% against the previous year. Over the last decade, it increased at an average annual rate of +5.2%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Mexico ($X per ton) and the United States ($X per ton), while the price for Iceland ($X per ton) and Peru ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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