Russian Federation: Market for Frozen Fish And Seafood 2024

Market Size for Frozen Fish And Seafood in the Russian Federation

The Russian frozen fish and seafood market reduced modestly to $X in 2022, with a decrease of X% against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Production of Frozen Fish And Seafood in the Russian Federation

In value terms, frozen fish and seafood production declined slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Exports of Frozen Fish And Seafood

Exports from the Russian Federation

In 2022, exports of frozen fish and seafood from Russia expanded significantly to X tons, growing by X% against the year before. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The exports peaked at X tons in 2020; afterwards, it flattened through to 2022.

In value terms, frozen fish and seafood exports fell significantly to $X in 2022. In general, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by X%. As a result, the exports reached the peak of $X, and then reduced sharply in the following year.

Exports by Country

South Korea (X tons) was the main destination for frozen fish and seafood exports from Russia, accounting for a X% share of total exports. Moreover, frozen fish and seafood exports to South Korea exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was taken by the Netherlands (X tons), with a X% share.

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

In value terms, South Korea ($X) remains the key foreign market for frozen fish and seafood exports from Russia, comprising X% of total exports. The second position in the ranking was held by the Netherlands ($X), with a X% share of total exports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to South Korea amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and China (X% per year).

Export Prices by Country

The average frozen fish and seafood export price stood at $X per ton in 2022, reducing by X% against the previous year. Overall, the export price saw a mild decline. The pace of growth was the most pronounced in 2021 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton, and then shrank remarkably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Nigeria ($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 (X%), while the prices for the other major destinations experienced a decline.

Imports of Frozen Fish And Seafood

Imports into the Russian Federation

In 2022, approx. X tons of frozen fish and seafood were imported into Russia; reducing by X% on 2021. Overall, imports saw a pronounced curtailment. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, frozen fish and seafood imports contracted slightly to $X in 2022. In general, total imports indicated slight growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Faroe Islands (X tons) constituted the largest supplier of frozen fish and seafood to Russia, with a X% share of total imports. Moreover, frozen fish and seafood imports from Faroe Islands exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Chile (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Faroe Islands amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Chile (X% per year).

In value terms, Chile ($X), Faroe Islands ($X) and China ($X) constituted the largest frozen fish and seafood suppliers to Russia, together accounting for X% of total imports. Ecuador, Turkey, India, Vietnam, Argentina, Greenland, Peru, Thailand, South Korea and Belarus lagged somewhat behind, together comprising a further X%.

Among the main suppliers, South Korea, with a CAGR of X%, saw the highest growth rate of 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

The average frozen fish and seafood import price stood at $X per ton in 2022, surging by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

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 Chile ($X per ton), while the price for Peru ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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