South Africa: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in South Africa

In 2022, the South African fish fat and oil market decreased by -18% to $X, falling for the second consecutive year after three years of growth. In general, the total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -25.6% against 2020 indices. Fish fat and oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Fish Fats And Oils in South Africa

In value terms, fish fat and oil production reached $X in 2022 estimated in export price. In general, the total production indicated a resilient expansion 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, production decreased by -7.6% against 2020 indices. The pace of growth was the most pronounced in 2020 when the production volume increased by 44%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Exports of Fish Fats And Oils

Exports from South Africa

Fish fat and oil exports from South Africa surged to X tons in 2022, rising by 113% against the year before. Overall, exports showed resilient growth. The pace of growth was the most pronounced in 2014 when exports increased by 233%. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, fish fat and oil exports surged to $X in 2022. Over the period under review, exports continue to indicate a resilient expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Denmark (X tons) was the main destination for fish fat and oil exports from South Africa, accounting for a 43% share of total exports. Moreover, fish fat and oil exports to Denmark exceeded the volume sent to the second major destination, Chile (X tons), threefold. The third position in this ranking was held by the UK (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Denmark stood at +21.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+17.3% per year) and the UK (+112.5% per year).

In value terms, Denmark ($X) remains the key foreign market for fish fats and oils exports from South Africa, comprising 50% of total exports. The second position in the ranking was taken by the UK ($X), with an 11% share of total exports. It was followed by France, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to Denmark totaled +27.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+70.9% per year) and France (+26.8% per year).

Export Prices by Country

The average fish fat and oil export price stood at $X per ton in 2022, growing by 38% against the previous year. Overall, export price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fish fat and oil export price increased by +100.7% against 2017 indices. The growth pace was the most rapid in 2013 an increase of 78%. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Chile ($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 France (+23.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into South Africa

In 2022, the amount of fish fats and oils imported into South Africa skyrocketed to X tons, growing by 21% compared with the previous year. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 96% against the previous year. 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 amounted to $X in 2022. Over the period under review, total imports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% 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 +56.7% against 2020 indices. The growth pace was the most rapid in 2014 with an increase of 38% against the previous year. Imports peaked at $X in 2017; afterwards, it flattened through to 2022.

Imports by Country

Norway (X tons), Namibia (X tons) and France (X tons) were the main suppliers of fish fat and oil imports to South Africa, together comprising 71% of total imports.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +231.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest fish fat and oil suppliers to South Africa were Norway ($X), France ($X) and Morocco ($X), together comprising 58% of total imports.

In terms of the main suppliers, France, with a CAGR of +219.8%, recorded the highest rates of growth with regard to 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 fish fat and oil import price stood at $X per ton in 2022, with a decrease of -5.3% against the previous year. Over the period under review, import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fish fat and oil import price increased by +5.0% against 2020 indices. The pace of growth appeared the most rapid in 2013 when the average import price increased by 121% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

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 China ($X per ton), while the price for Namibia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iceland (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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