Norway: Inedible Fish Products Market 2024

Inedible Fish Products Market Size in Norway

In 2022, the Norwegian inedible fish products market increased by 64% to $X, rising for the fifth consecutive year after two years of decline. Over the period under review, consumption recorded a significant expansion. Inedible fish products consumption peaked in 2022 and is likely to see gradual growth in years to come.

Inedible Fish Products Production in Norway

In value terms, inedible fish products production soared to $X in 2022 estimated in export price. Overall, production continues to indicate strong growth. The most prominent rate of growth was recorded in 2019 with an increase of 125% against the previous year. Inedible fish products production peaked in 2022 and is expected to retain growth in years to come.

Inedible Fish Products Exports

Exports from Norway

In 2022, shipments abroad of inedible fish products increased by 32% to X tons, rising for the second consecutive year after two years of decline. Overall, total exports indicated modest growth from 2012 to 2022: its volume increased at an average annual rate of +1.9% 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 +58.7% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 51% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, inedible fish products exports contracted slightly to $X in 2022. Over the period under review, exports, however, recorded a noticeable downturn. The growth pace was the most rapid in 2016 with an increase of 18%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Denmark (X tons) was the main destination for inedible fish products exports from Norway, accounting for a 73% share of total exports. Moreover, inedible fish products exports to Denmark exceeded the volume sent to the second major destination, Lithuania (X tons), tenfold. Germany (X tons) ranked third in terms of total exports with a 5.1% share.

From 2012 to 2022, the average annual growth rate of volume to Denmark totaled +7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+10.1% per year) and Germany (+65.4% per year).

In value terms, Denmark ($X) emerged as the key foreign market for inedible fish products exports from Norway, comprising 49% of total exports. The second position in the ranking was taken by Russia ($X), with a 14% share of total exports. It was followed by Germany, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Denmark totaled +6.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-6.5% per year) and Germany (+54.4% per year).

Export Prices by Country

In 2022, the average inedible fish products export price amounted to $X per ton, waning by -25.5% against the previous year. Overall, the export price showed a perceptible downturn. The growth pace was the most rapid in 2013 when the average export price increased by 14% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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 Russia ($X per ton), while the average price for exports to Lithuania ($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 Latvia (+0.7%), while the prices for the other major destinations experienced a decline.

Inedible Fish Products Imports

Imports into Norway

In 2022, overseas purchases of inedible fish products increased by 21% to X tons, rising for the third consecutive year after two years of decline. Over the period under review, imports saw a prominent expansion. The pace of growth appeared the most rapid in 2017 with an increase of 37% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, inedible fish products imports soared to $X in 2022. Overall, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2017 with an increase of 49% against the previous year. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

Iceland (X tons), Denmark (X tons) and Faroe Islands (X tons) were the main suppliers of inedible fish products imports to Norway, together comprising 87% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Iceland (with a CAGR of +127.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest inedible fish products suppliers to Norway were Iceland ($X), Argentina ($X) and Denmark ($X), with a combined 81% share of total imports.

Iceland, with a CAGR of +145.3%, 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 inedible fish products import price amounted to $X per ton, rising by 11% against the previous year. In general, the import price, however, continues to indicate a pronounced descent. The most prominent rate of growth was recorded in 2018 an increase of 25% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 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 Taiwan (Chinese) ($X per ton), while the price for Faroe Islands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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