Scandinavia: Fresh Fish Fillet Market 2024

Fresh Fish Fillet Market Size in Scandinavia

The Scandinavia fresh fish fillet market declined modestly to $X in 2021, with a decrease of -4.6% against the previous year. Overall, consumption, however, showed modest growth. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Fresh Fish Fillet Production in Scandinavia

In value terms, fresh fish fillet production reduced to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a prominent increase. The pace of growth appeared the most rapid in 2016 with an increase of 75%. Over the period under review, production attained the peak level at $X in 2020, and then shrank in the following year.

Fresh Fish Fillet Exports

Exports in Scandinavia

In 2021, approx. X tons of fresh or chilled fish fillets were exported in Scandinavia; growing by 17% on the previous year's figure. Total exports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +76.5% against 2017 indices. The pace of growth appeared the most rapid in 2020 when exports increased by 39% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, fresh fish fillet exports skyrocketed to $X in 2021. Total exports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +10.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +84.2% against 2017 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 36% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the near future.

Exports by Country

In 2021, Norway (X tons) was the key exporter of fresh or chilled fish fillets, constituting 51% of total exports. Denmark (X tons) took a 17% share (based on physical terms) of total exports, which put it in second place, followed by Iceland (16%) and Sweden (15%).

Norway was also the fastest-growing in terms of the fresh or chilled fish fillets exports, with a CAGR of +6.2% from 2012 to 2021. At the same time, Iceland (+3.4%) and Denmark (+2.3%) displayed positive paces of growth. Sweden experienced a relatively flat trend pattern. While the share of Iceland (+16 p.p.) and Norway (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Denmark (-5.9 p.p.) and Sweden (-12.1 p.p.) displayed negative dynamics.

In value terms, Norway ($X) remains the largest fresh fish fillet supplier in Scandinavia, comprising 51% of total exports. The second position in the ranking was taken by Iceland ($X), with an 18% share of total exports. It was followed by Denmark, with a 17% share.

In Norway, fresh fish fillet exports expanded at an average annual rate of +10.6% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Iceland (+5.6% per year) and Denmark (+6.3% per year).

Export Prices by Country

In 2021, the export price in Scandinavia amounted to $X per ton, increasing by 7.3% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.3%. The most prominent rate of growth was recorded in 2013 when the export price increased by 18% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Iceland ($X per ton) and Norway ($X per ton), while Sweden ($X per ton) and Denmark ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (+4.2%), while the other leaders experienced more modest paces of growth.

Fresh Fish Fillet Imports

Imports in Scandinavia

In 2021, overseas purchases of fresh or chilled fish fillets increased by 14% to X tons, rising for the fourth consecutive year after four years of decline. The total import volume increased at an average annual rate of +2.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when imports increased by 27%. Over the period under review, imports reached the peak figure in 2021 and are likely to continue growth in the immediate term.

In value terms, fresh fish fillet imports skyrocketed to $X in 2021. Total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +63.0% against 2017 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Sweden represented the largest importer of fresh or chilled fish fillets in Scandinavia, with the volume of imports amounting to X tons, which was approx. 66% of total imports in 2021. It was distantly followed by Denmark (X tons) and Finland (X tons), together generating a 34% share of total imports.

Sweden experienced a relatively flat trend pattern with regard to volume of imports of fresh or chilled fish fillets. At the same time, Denmark (+9.4%) and Finland (+4.6%) displayed positive paces of growth. Moreover, Denmark emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +9.4% from 2012-2021. From 2012 to 2021, the share of Denmark increased by +14 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) constitutes the largest market for imported fresh or chilled fish fillets in Scandinavia, comprising 64% of total imports. The second position in the ranking was taken by Denmark ($X), with a 30% share of total imports.

In Sweden, fresh fish fillet imports expanded at an average annual rate of +3.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Denmark (+16.7% per year) and Finland (+7.8% per year).

Import Prices by Country

In 2021, the import price in Scandinavia amounted to $X per ton, surging by 10% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.0%. The growth pace was the most rapid in 2013 an increase of 22%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Denmark ($X per ton), while Sweden ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+6.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform