Slovakia: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Slovakia

In 2022, after two years of decline, there was significant growth in the Slovak fish fat and oil market, when its value increased by 408% to $X. In general, consumption, however, continues to indicate a perceptible descent. Fish fat and oil consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Fish Fats And Oils in Slovakia

In value terms, fish fat and oil production shrank to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% 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 2018 with an increase of 49% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Fish Fats And Oils

Exports from Slovakia

In 2022, overseas shipments of fish fats and oils decreased by 0% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports continue to indicate a significant increase. The growth pace was the most rapid in 2016 with an increase of 2,233%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, fish fat and oil exports stood at $X in 2022. Over the period under review, exports saw significant growth. The most prominent rate of growth was recorded in 2016 when exports increased by 3,434%. The exports peaked in 2022 and are likely to continue growth in the near future.

Exports by Country

The Czech Republic (X tons) was the main destination for fish fat and oil exports from Slovakia, accounting for a 18% share of total exports. Moreover, fish fat and oil exports to the Czech Republic exceeded the volume sent to the second major destination, Hungary (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to the Czech Republic amounted to +20.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hungary (0.0% per year) and Poland (-28.9% per year).

From 2012 to 2022, the average annual rate of growth in terms of value to the Czech Republic stood at +64.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hungary (0.0% per year) and Poland (+15.8% per year).

Export Prices by Country

In 2022, the average fish fat and oil export price amounted to $X per ton, approximately mirroring the previous year. In general, the export price showed significant growth. The pace of growth was the most pronounced in 2013 when the average export price increased by 203%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Hungary ($X per ton), while the average price for exports to the Czech Republic ($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 Poland (+62.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into Slovakia

In 2022, overseas purchases of fish fats and oils decreased by -45.5% to X tons, falling for the third consecutive year after two years of growth. Overall, imports saw a dramatic contraction. The pace of growth appeared the most rapid in 2018 with an increase of 62%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, fish fat and oil imports dropped notably to $X in 2022. In general, imports saw a abrupt decrease. The growth pace was the most rapid in 2014 with an increase of 51% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

Norway (X tons), Iceland (X tons) and the Czech Republic (X tons) were the main suppliers of fish fat and oil imports to Slovakia, with a combined 49% share of total imports. Germany, Hungary, the Netherlands and the United States lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +64.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest fish fat and oil suppliers to Slovakia were Norway ($X), the Czech Republic ($X) and Germany ($X), together comprising 58% of total imports. The United States, Iceland, Hungary and the Netherlands lagged somewhat behind, together accounting for a further 30%.

The United States, with a CAGR of +69.1%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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, increasing by 15% against the previous year. Overall, the import price continues to indicate significant growth. The growth pace was the most rapid in 2013 when the average import price increased by 137%. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+24.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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