Portugal: Market for Fish Fillets and Other Fish Meat 2024

Market Size for Fish Fillets and Other Fish Meat in Portugal

In 2022, after two years of decline, there was significant growth in the Portuguese market for fish fillets and other fish meat, when its value increased by 68% to $X. Overall, the total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -11.6% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Production of Fish Fillets and Other Fish Meat in Portugal

In value terms, production of fish fillets and other fish meat skyrocketed to $X in 2022 estimated in export price. In general, production, however, saw a pronounced contraction. Over the period under review, production of attained the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Fish Fillets and Other Fish Meat

Exports from Portugal

In 2022, shipments abroad of fish fillets and other fish meat increased by 29% to X tons, rising for the second consecutive year after three years of decline. In general, exports saw a relatively flat trend pattern. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, exports of fish fillets and other fish meat surged to $X in 2022. Over the period under review, total exports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +2.8% 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 +86.1% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Spain (X tons) was the main destination for exports of fish fillets and other fish meat from Portugal, with a 65% share of total exports. Moreover, exports of fish fillets and other fish meat to Spain exceeded the volume sent to the second major destination, Brazil (X tons), fivefold. Italy (X tons) ranked third in terms of total exports with a 9.3% share.

From 2012 to 2022, the average annual growth rate of volume to Spain totaled +3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+3.9% per year) and Italy (-7.0% per year).

In value terms, Spain ($X) remains the key foreign market for fish fillets and other fish meat exports from Portugal, comprising 59% of total exports. The second position in the ranking was held by Brazil ($X), with an 18% share of total exports. It was followed by Italy, with a 9.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Spain stood at +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+1.9% per year) and Italy (-5.4% per year).

Export Prices by Country

The average export price for fish fillets and other fish meat stood at $X per ton in 2022, picking up by 8.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2017 an increase of 15%. The export price peaked in 2022 and is likely to see gradual growth in years to come.

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 Brazil ($X per ton), while the average price for exports to France ($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 (+2.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Fish Fillets and Other Fish Meat

Imports into Portugal

After three years of decline, overseas purchases of fish fillets and other fish meat increased by 25% to X tons in 2022. The total import volume increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports of reached the maximum at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, imports of fish fillets and other fish meat soared 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 +5.0% 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 +50.2% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of fish fillets and other fish meat to Portugal, accounting for a 31% share of total imports. Moreover, imports of fish fillets and other fish meat from Spain exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), threefold. Namibia (X tons) ranked third in terms of total imports with an 8.6% share.

From 2012 to 2022, the average annual growth rate of volume from Spain stood at -1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-4.3% per year) and Namibia (+3.7% per year).

In value terms, Spain ($X) constituted the largest supplier of fish fillets and other fish meat to Portugal, comprising 32% of total imports. The second position in the ranking was held by Ecuador ($X), with an 11% share of total imports. It was followed by Namibia, with a 7.7% share.

From 2012 to 2022, the average annual growth rate of value from Spain was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Ecuador (+107.6% per year) and Namibia (+2.7% per year).

Import Prices by Country

In 2022, the average import price for fish fillets and other fish meat amounted to $X per ton, increasing by 9.4% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2017 an increase of 15% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

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 Denmark ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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