U.S.: Market for Cod, Salted or in Brine 2024

Market Size for Cod, Salted or in Brine in the U.S.

In 2022, the U.S. market for cod, salted or in brine increased by 0.6% to $X, rising for the second year in a row after two years of decline. In general, consumption, however, recorded a slight downturn. Cod, salted or in brine consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Cod, Salted or in Brine in the U.S.

In value terms, cod, salted or in brine production shrank to $X in 2022. In general, production, however, saw a abrupt curtailment. The pace of growth appeared the most rapid in 2018 when the production volume increased by 37%. Cod, salted or in brine production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Cod, Salted or in Brine

Exports from the U.S.

In 2022, the amount of cod, salted or in brine exported from the United States contracted sharply to X tons, with a decrease of -53.9% on the previous year. Over the period under review, exports showed a deep setback. The growth pace was the most rapid in 2016 when exports increased by 142% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, cod, salted or in brine exports shrank remarkably to $X in 2022. In general, exports saw a abrupt decline. The pace of growth was the most pronounced in 2016 with an increase of 163% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cayman Islands (X tons) was the main destination for cod, salted or in brine exports from the United States, accounting for a 65% share of total exports. Moreover, cod, salted or in brine exports to Cayman Islands exceeded the volume sent to the second major destination, Jamaica (X tons), fivefold. The UK (X tons) ranked third in terms of total exports with an 8% share.

From 2012 to 2022, the average annual growth rate of volume to Cayman Islands totaled +99.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jamaica (0.0% per year) and the UK (+508.7% per year).

In value terms, Cayman Islands ($X) remains the key foreign market for cod, salted or in brine exports from the United States, comprising 73% of total exports. The second position in the ranking was held by Bahamas ($X), with an 11% share of total exports. It was followed by Jamaica, with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cayman Islands totaled +116.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahamas (+20.1% per year) and Jamaica (0.0% per year).

Export Prices by Country

The average export price for cod, salted or in brine stood at $X per ton in 2022, with an increase of 43% against the previous year. Overall, the export price recorded a prominent increase. The most prominent rate of growth was recorded in 2018 when the average export price increased by 67%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in the near future.

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 Bahamas ($X per ton), while the average price for exports to Canada ($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 China (+39.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cod, Salted or in Brine

Imports into the U.S.

Cod, salted or in brine imports into the United States surged to X tons in 2022, with an increase of 29% compared with 2021 figures. Overall, imports continue to indicate strong growth. The most prominent rate of growth was recorded in 2019 when imports increased by 82% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, cod, salted or in brine imports reached $X in 2022. The total import value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2019 with an increase of 49%. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, Canada (X tons) was the main cod, salted or in brine supplier to the United States, accounting for a 93% share of total imports. Moreover, cod, salted or in brine imports from Canada exceeded the figures recorded by the second-largest supplier, Portugal (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Canada amounted to +10.0%.

In value terms, Canada ($X) constituted the largest supplier of cod, salted or in brine to the United States, comprising 93% of total imports. The second position in the ranking was held by Portugal ($X), with a 6.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Canada amounted to +1.2%.

Import Prices by Country

The average import price for cod, salted or in brine stood at $X per ton in 2022, declining by -22.1% against the previous year. Over the period under review, the import price recorded a deep reduction. The most prominent rate of growth was recorded in 2017 an increase of 28%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Portugal totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (-8.0%).

Source: IndexBox Platform

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