Spain: Market for Cod, Salted or in Brine 2024

Market Size for Cod, Salted or in Brine in Spain

The Spanish market for cod, salted or in brine declined modestly to $X in 2022, flattening at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a noticeable shrinkage. Cod, salted or in brine consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Exports of Cod, Salted or in Brine

Exports from Spain

In 2022, the amount of cod, salted or in brine exported from Spain dropped rapidly to X tons, shrinking by -15.5% compared with 2021 figures. Over the period under review, total exports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +2.4% 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 +0.2% against 2020 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 20%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, cod, salted or in brine exports dropped to $X in 2022. In general, total exports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 +9.5% against 2020 indices. The growth pace was the most rapid in 2016 when exports increased by 28% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

France (X tons), Portugal (X tons) and Italy (X tons) were the main destinations of cod, salted or in brine exports from Spain, with a combined 98% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Portugal (with a CAGR of +5.3%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for cod, salted or in brine exported from Spain were France ($X), Portugal ($X) and Italy ($X), with a combined 98% share of total exports.

In terms of the main countries of destination, Portugal, with a CAGR of +9.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for cod, salted or in brine stood at $X per ton in 2022, growing by 5.4% against the previous year. Over the period under review, the export price recorded mild growth. The most prominent rate of growth was recorded in 2018 when the average export price increased by 9.4% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to France ($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 Italy (+5.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Cod, Salted or in Brine

Imports into Spain

In 2022, supplies from abroad of cod, salted or in brine decreased by -11.7% to X tons, falling for the seventh consecutive year after two years of growth. Overall, imports continue to indicate a perceptible slump. The pace of growth was the most pronounced in 2014 with an increase of 9.2% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, cod, salted or in brine imports expanded to $X in 2022. Over the period under review, imports saw a noticeable reduction. The pace of growth was the most pronounced in 2014 when imports increased by 18%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Iceland (X tons) constituted the largest supplier of cod, salted or in brine to Spain, with a 33% share of total imports. Moreover, cod, salted or in brine imports from Iceland exceeded the figures recorded by the second-largest supplier, Faroe Islands (X tons), twofold. The Netherlands (X tons) ranked third in terms of total imports with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Iceland totaled -3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Faroe Islands (-5.7% per year) and the Netherlands (+6.2% per year).

In value terms, Iceland ($X), Faroe Islands ($X) and the Netherlands ($X) appeared to be the largest cod, salted or in brine suppliers to Spain, with a combined 68% share of total imports. Germany, Norway, Canada, Sweden, Portugal, Denmark and China lagged somewhat behind, together comprising a further 29%.

In terms of the main suppliers, Canada, with a CAGR of +25.6%, 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 import price for cod, salted or in brine stood at $X per ton in 2022, surging by 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.0%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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