Norway: Market for Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs 2024

Market Size for Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs in Norway

The Norwegian seafood meals and pellets market was finally on the rise to reach $X in 2021, after three years of decline. Over the period under review, consumption, however, saw a deep downturn. Seafood meals and pellets consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Production of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs in Norway

In value terms, seafood meals and pellets production shrank to $X in 2021 estimated in export price. Over the period under review, production saw a pronounced decrease. The pace of growth was the most pronounced in 2016 with an increase of 17%. Seafood meals and pellets production peaked at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Exports of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

Exports from Norway

In 2021, overseas shipments of flours, meals and pellets of fish or of crustaceans and molluscs increased by 37% to X tons, rising for the fourth consecutive year after two years of decline. Overall, exports recorded a significant expansion. The growth pace was the most rapid in 2015 with an increase of 98%. The exports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, seafood meals and pellets exports surged to $X in 2021. In general, exports posted significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 85%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

Exports by Country

The UK (X tons) was the main destination for seafood meals and pellets exports from Norway, with a 35% share of total exports. Moreover, seafood meals and pellets exports to the UK exceeded the volume sent to the second major destination, Denmark (X tons), threefold. The third position in this ranking was held by Faroe Islands (X tons), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume to the UK totaled +86.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (+5.7% per year) and Faroe Islands (+3,307.8% per year).

In value terms, the UK ($X) remains the key foreign market for flours, meals and pellets of fish or of crustaceans and molluscs exports from Norway, comprising 38% of total exports. The second position in the ranking was taken by Denmark ($X), with a 13% share of total exports. It was followed by the United States, with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the UK totaled +87.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (+6.4% per year) and the United States (+101.7% per year).

Export Prices by Country

The average seafood meals and pellets export price stood at $X per ton in 2021, increasing by 13% against the previous year. Overall, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average export price increased by 14%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Italy ($X per ton), while the average price for exports to Faroe Islands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+6.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

Imports into Norway

In 2021, purchases abroad of flours, meals and pellets of fish or of crustaceans and molluscs was finally on the rise to reach X tons after three years of decline. Overall, imports, however, recorded a noticeable shrinkage. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, seafood meals and pellets imports skyrocketed to $X in 2021. In general, imports, however, continue to indicate a pronounced shrinkage. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Denmark (X tons), Iceland (X tons) and Peru (X tons) were the main suppliers of seafood meals and pellets imports to Norway, together accounting for 80% of total imports. These countries were followed by Chile, Uruguay, South Africa and Faroe Islands, which together accounted for a further 16%.

From 2012 to 2021, the biggest increases were recorded for South Africa (with a CAGR of +27.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest seafood meals and pellets suppliers to Norway were Denmark ($X), Iceland ($X) and Peru ($X), with a combined 79% share of total imports. These countries were followed by Uruguay, Chile, South Africa and Faroe Islands, which together accounted for a further 17%.

South Africa, with a CAGR of +27.8%, recorded the highest rates of growth with regard to the value of imports, among 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 2021, the average seafood meals and pellets import price amounted to $X per ton, growing by 10% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 13% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major supplying countries. In 2021, the highest price was recorded for prices from Uruguay ($X per ton) and Chile ($X per ton), while the price for South Africa ($X per ton) and Peru ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uruguay (+3.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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