Russian Federation: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in the Russian Federation

The Russian fish fat and oil market shrank to $X in 2022, stabilizing at the previous year. In general, the total consumption indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.6% 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 +0.1% against 2020 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Fish Fats And Oils in the Russian Federation

In value terms, fish fat and oil production dropped slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.0% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 29%. Fish fat and oil production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Fish Fats And Oils

Exports from the Russian Federation

In 2022, overseas shipments of fish fats and oils decreased by -12.8% to X tons for the first time since 2017, thus ending a four-year rising trend. In general, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 825% against the previous year. The exports peaked at X tons in 2021, and then shrank in the following year.

In value terms, fish fat and oil exports contracted markedly to $X in 2022. Over the period under review, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2016 when exports increased by 511% against the previous year. The exports peaked at $X in 2021, and then declined markedly in the following year.

Exports by Country

South Korea (X tons) was the main destination for fish fat and oil exports from Russia, accounting for a 52% share of total exports. Moreover, fish fat and oil exports to South Korea exceeded the volume sent to the second major destination, China (X tons), twofold. Tunisia (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume to South Korea stood at +28.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+277.7% per year) and Tunisia (0.0% per year).

In value terms, South Korea ($X), China ($X) and Tunisia ($X) were the largest markets for fish fat and oil exported from Russia worldwide, together comprising 83% of total exports.

In terms of the main countries of destination, China, with a CAGR of +345.5%, recorded 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

The average fish fat and oil export price stood at $X per ton in 2022, dropping by -10.4% against the previous year. In general, the export price, however, saw strong growth. The pace of growth was the most pronounced in 2014 an increase of 253%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Kazakhstan ($X per ton), while the average price for exports to Tunisia ($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 Chile (+18.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into the Russian Federation

In 2022, approx. X tons of fish fats and oils were imported into Russia; with a decrease of -12.8% on 2021 figures. In general, imports, however, enjoyed resilient growth. The growth pace was the most rapid in 2021 with an increase of 35%. As a result, imports attained the peak of X tons, and then declined in the following year.

In value terms, fish fat and oil imports declined to $X in 2022. Overall, imports, however, showed a buoyant increase. The pace of growth appeared the most rapid in 2019 with an increase of 61% against the previous year. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, France (X tons) constituted the largest fish fat and oil supplier to Russia, accounting for a 45% share of total imports. Moreover, fish fat and oil imports from France exceeded the figures recorded by the second-largest supplier, Iceland (X tons), twofold. The third position in this ranking was held by China (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from France stood at +41.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Iceland (+12.8% per year) and China (+69.9% per year).

In value terms, Iceland ($X), the UK ($X) and France ($X) appeared to be the largest fish fat and oil suppliers to Russia, with a combined 47% share of total imports. The United States, Norway, China and Peru lagged somewhat behind, together accounting for a further 28%.

Among the main suppliers, the United States, with a CAGR of +103.6%, recorded the highest rates of growth with regard to the value of imports, 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 fish fat and oil import price amounted to $X per ton, shrinking by -2.2% against the previous year. Over the period under review, the import price, however, showed strong growth. The growth pace was the most rapid in 2019 when the average import price increased by 63% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2021, and then dropped modestly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Norway ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+36.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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