Peru: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Peru

The Peruvian fish fat and oil market surged to $X in 2022, increasing by 60% against the previous year. Over the period under review, consumption recorded buoyant growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Fish Fats And Oils in Peru

In value terms, fish fat and oil production contracted slightly to $X in 2022 estimated in export price. Overall, production showed a pronounced decline. The growth pace was the most rapid in 2017 when the production volume increased by 28%. Fish fat and oil production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Fish Fats And Oils

Exports from Peru

Fish fat and oil exports from Peru shrank to X tons in 2022, declining by -7.6% against 2021. Overall, exports showed a perceptible decrease. The most prominent rate of growth was recorded in 2017 with an increase of 60% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, fish fat and oil exports surged to $X in 2022. In general, exports, however, posted pronounced growth. The pace of growth was the most pronounced in 2021 with an increase of 45%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

China (X tons), Belgium (X tons) and Denmark (X tons) were the main destinations of fish fat and oil exports from Peru, with a combined 51% share of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +16.5%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, China ($X), Belgium ($X) and Canada ($X) constituted the largest markets for fish fat and oil exported from Peru worldwide, together comprising 50% of total exports. Norway, Denmark, Australia, Chile, the United States, Japan and the Netherlands lagged somewhat behind, together accounting for a further 42%.

In terms of the main countries of destination, Australia, with a CAGR of +19.9%, saw the highest growth rate of the value of exports, 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, surging by 54% against the previous year. Over the period under review, export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fish fat and oil export price increased by +61.7% against 2018 indices. The most prominent rate of growth was recorded in 2013 an increase of 57%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Chile ($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 Japan (+11.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into Peru

In 2022, supplies from abroad of fish fats and oils increased by 539% to X tons, rising for the second consecutive year after two years of decline. In general, imports saw a significant expansion. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, fish fat and oil imports skyrocketed to $X in 2022. Overall, imports recorded a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Chile (X tons) was the main supplier of fish fat and oil to Peru, with a 96% share of total imports. Moreover, fish fat and oil imports from Chile exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Chile totaled +27.2%.

In value terms, Chile ($X) constituted the largest supplier of fish fats and oils to Peru, comprising 80% of total imports. The second position in the ranking was held by the United States ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Chile totaled +34.1%.

Import Prices by Country

The average fish fat and oil import price stood at $X per ton in 2022, jumping by 91% against the previous year. Over the period under review, import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fish fat and oil import price increased by +100.6% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Chile stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+10.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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