Scandinavia: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Scandinavia

The Scandinavia fish fat and oil market stood at $X in 2022, increasing by 3.3% against the previous year. Over the period under review, consumption recorded a significant expansion. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Production of Fish Fats And Oils in Scandinavia

In value terms, fish fat and oil production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production enjoyed a buoyant increase. The pace of growth was the most pronounced in 2015 when the production volume increased by 72% against the previous year. The level of production peaked in 2022 and is likely to continue growth in the near future.

Exports of Fish Fats And Oils

Exports in Scandinavia

In 2022, overseas shipments of fish fats and oils decreased by -9.2% to X tons, falling for the second consecutive year after four years of growth. Total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -15.2% against 2020 indices. The growth pace was the most rapid in 2014 with an increase of 22% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, fish fat and oil exports skyrocketed to $X in 2022. Total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 +86.7% against 2017 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 28% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the near future.

Exports by Country

Norway dominates exports structure, accounting for X tons, which was approx. 97% of total exports in 2022. Finland (X tons) held a little share of total exports.

Exports from Norway increased at an average annual rate of +5.1% from 2012 to 2022. At the same time, Finland (+19.3%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +19.3% from 2012-2022. Finland (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Norway ($X) remains the largest fish fat and oil supplier in Scandinavia, comprising 94% of total exports. The second position in the ranking was taken by Finland ($X), with a 2.9% share of total exports.

In Norway, fish fat and oil exports increased at an average annual rate of +5.3% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Scandinavia amounted to $X per ton, picking up by 27% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per ton), while Norway totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+0.2%).

Imports of Fish Fats And Oils

Imports in Scandinavia

In 2022, the amount of fish fats and oils imported in Scandinavia reduced to X tons, declining by -5.8% compared with the year before. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 8.1% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, fish fat and oil imports surged to $X in 2022. Total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.4% 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 +76.9% against 2017 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Norway (X tons) represented roughly 99% of total imports in 2022.

Norway experienced a relatively flat trend pattern with regard to volume of imports of fish fats and oils. Norway (+2.1 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Norway ($X) constitutes the largest market for imported fish fats and oils in Scandinavia.

In Norway, fish fat and oil imports increased at an average annual rate of +6.0% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per ton, growing by 39% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.9%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major supplying country, the average price level is determined by prices for Norway.

From 2012 to 2022, the rate of growth in terms of prices for Norway amounted to +5.2% per year.

Source: IndexBox Platform