Portugal: Market for Cod, Salted or in Brine 2024

Market Size for Cod, Salted or in Brine in Portugal

The Portuguese market for cod, salted or in brine surged to $X in 2022, picking up by 16% against the previous year. In general, consumption, however, saw a slight curtailment. Cod, salted or in brine consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Cod, Salted or in Brine in Portugal

In value terms, cod, salted or in brine production rose to $X in 2022 estimated in export price. In general, production showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 21% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Cod, Salted or in Brine

Exports from Portugal

In 2022, overseas shipments of cod, salted or in brine decreased by -36% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports continue to indicate a perceptible decrease. The pace of growth appeared the most rapid in 2016 when exports increased by 102%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, cod, salted or in brine exports fell notably to $X in 2022. Overall, exports saw a pronounced slump. The pace of growth was the most pronounced in 2016 with an increase of 62% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then reduced remarkably in the following year.

Exports by Country

Angola (X tons), Spain (X tons) and France (X tons) were the main destinations of cod, salted or in brine exports from Portugal, with a combined 86% share of total exports. China, Vietnam and Luxembourg lagged somewhat behind, together accounting for a further 9.9%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Luxembourg (with a CAGR of +35.0%), while the other leaders experienced more modest paces of growth.

In value terms, Angola ($X), Spain ($X) and France ($X) appeared to be the largest markets for cod, salted or in brine exported from Portugal worldwide, together accounting for 93% of total exports. China, Luxembourg and Vietnam lagged somewhat behind, together accounting for a further 4.4%.

Among the main countries of destination, Luxembourg, with a CAGR of +34.7%, saw the highest rates of growth with regard to 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

The average export price for cod, salted or in brine stood at $X per ton in 2022, picking up by 13% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 23%. As a result, the export price attained the peak level of $X per ton; 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 Angola ($X per ton), while the average price for exports to China ($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 Spain (+0.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Cod, Salted or in Brine

Imports into Portugal

In 2022, approx. X tons of cod, salted or in brine were imported into Portugal; rising by 29% against the previous year's figure. Overall, imports recorded a relatively flat trend pattern. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, cod, salted or in brine imports surged to $X in 2022. The total import value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest cod, salted or in brine supplier to Portugal, accounting for a 54% share of total imports. Moreover, cod, salted or in brine imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Sweden (X tons), threefold. Russia (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands totaled +6.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-7.3% per year) and Russia (+14.2% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of cod, salted or in brine to Portugal, comprising 55% of total imports. The second position in the ranking was held by Sweden ($X), with a 17% share of total imports. It was followed by Russia, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands amounted to +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-4.2% per year) and Russia (+18.1% per year).

Import Prices by Country

The average import price for cod, salted or in brine stood at $X per ton in 2022, increasing by 25% against the previous year. In general, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 Iceland ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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