Scandinavia: Inedible Fish Products Market 2024

Inedible Fish Products Market Size in Scandinavia

In 2022, the Scandinavia inedible fish products market increased by 61% to $X, rising for the fourth year in a row after three years of decline. In general, consumption posted a significant expansion. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Inedible Fish Products Production in Scandinavia

In value terms, inedible fish products production surged to $X in 2022 estimated in export price. Overall, production showed a remarkable increase. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Inedible Fish Products Exports

Exports in Scandinavia

In 2022, overseas shipments of inedible fish products increased by 16% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when exports increased by 57% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, inedible fish products exports shrank to $X in 2022. Overall, exports, however, showed a slight setback. The growth pace was the most rapid in 2018 with an increase of 24% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Norway (X tons) was the largest exporter of inedible fish products, creating 68% of total exports. It was distantly followed by Sweden (X tons), comprising a 30% share of total exports. Finland (X tons) followed a long way behind the leaders.

Norway was also the fastest-growing in terms of the inedible fish products exports, with a CAGR of +1.9% from 2012 to 2022. Sweden experienced a relatively flat trend pattern. Finland (-8.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Norway increased by +7.6 percentage points.

In value terms, Norway ($X), Sweden ($X) and Finland ($X) were the countries with the highest levels of exports in 2022, with a combined 99.9% share of total exports.

Among the main exporting countries, Sweden, with a CAGR of -0.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2022, shrinking by -15.2% against the previous year. In general, the export price recorded a noticeable reduction. The most prominent rate of growth was recorded in 2013 an increase of 14%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per ton), while Norway ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+5.7%), while the other leaders experienced mixed trends in the export price figures.

Inedible Fish Products Imports

Imports in Scandinavia

In 2022, purchases abroad of inedible fish products increased by 18% to X tons, rising for the third year in a row after two years of decline. Total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +6.1% 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 +86.9% against 2019 indices. The growth pace was the most rapid in 2020 when imports increased by 28%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, inedible fish products imports skyrocketed to $X in 2022. Total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.3% 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 +45.3% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 39%. The level of import peaked in 2022 and is likely to continue growth in the near future.

Imports by Country

Norway prevails in imports structure, accounting for X tons, which was approx. 89% of total imports in 2022. It was distantly followed by Sweden (X tons), making up an 8.6% share of total imports. Finland (X tons) followed a long way behind the leaders.

Norway was also the fastest-growing in terms of the inedible fish products imports, with a CAGR of +13.7% from 2012 to 2022. At the same time, Sweden (+2.1%) displayed positive paces of growth. By contrast, Finland (-21.1%) illustrated a downward trend over the same period. Norway (+44 p.p.) significantly strengthened its position in terms of the total imports, while Sweden and Finland saw its share reduced by -4% and -40.4% from 2012 to 2022, respectively.

In value terms, Norway ($X) constitutes the largest market for imported inedible fish products in Scandinavia, comprising 92% of total imports. The second position in the ranking was held by Sweden ($X), with a 6.5% share of total imports.

In Norway, inedible fish products imports expanded at an average annual rate of +9.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Sweden (+5.4% per year) and Finland (-19.6% per year).

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per ton, increasing by 12% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 18%. The level of import peaked at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Norway ($X per ton), while Finland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+3.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform