Global Fish Fillets Market Expected to Reach $55.7B by 2030 with a CAGR of +5.8%

IndexBox has just published a new report: World - Fish Fillets In Batter Or Breadcrumbs - Market Analysis, Forecast, Size, Trends And Insights.

The article discusses the increasing demand for fish fillets in batter or breadcrumbs worldwide, projecting a growth in market volume and value over the next seven years. It highlights consumption patterns, production trends, and import/export dynamics, with China, the United States, and Japan emerging as key players in the market. The fluctuations in trends and growth rates in various countries are also analyzed in detail.

Market Forecast

Market Forecast

Driven by increasing demand for fish fillets in batter or breadcrumbs worldwide, the market is expected to continue an upward consumption trend over the next seven years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.6% for the period from 2023 to 2030, which is projected to bring the market volume to 9.4M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.8% for the period from 2023 to 2030, which is projected to bring the market value to $55.7B (in nominal prices) by the end of 2030.

Consumption

Consumption

In 2023, global consumption of fish fillets in batter or breadcrumbs amounted to 7.4M tons, picking up by 2.5% against the previous year. The total consumption volume increased at an average annual rate of +4.3% from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption attained the peak volume in 2023 and is likely to continue growth in years to come.

The global battered fish fillet market size amounted to $37.6B in 2023, surging by 1.8% against 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). The market value increased at an average annual rate of +4.4% from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked in 2023 and is likely to see gradual growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2023 were China (1.1M tons), the United States (582K tons) and India (415K tons), together accounting for 29% of global consumption. Pakistan, Nigeria, Japan, Indonesia, Russia, Brazil, Bangladesh, Germany, Mexico and the UK lagged somewhat behind, together comprising a further 27%.

From 2013 to 2023, the biggest increases were recorded for Nigeria (with a CAGR of +12.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($4.8B), the United States ($3.8B) and Japan ($3.4B) constituted the countries with the highest levels of market value in 2023, with a combined 32% share of the global market. Indonesia, India, Nigeria, Pakistan, Russia, the UK, Bangladesh, Germany, Brazil and Mexico lagged somewhat behind, together accounting for a further 25%.

In terms of the main consuming countries, Nigeria, with a CAGR of +14.2%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of battered fish fillet per capita consumption in 2023 were the UK (1.9 kg per person), Germany (1.9 kg per person) and Japan (1.9 kg per person).

From 2013 to 2023, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Nigeria (with a CAGR of +9.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

Production

In 2023, approx. 7.5M tons of fish fillets in batter or breadcrumbs were produced worldwide; surging by 1.8% compared with the previous year's figure. The total output volume increased at an average annual rate of +4.4% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 with an increase of 12%. Global production peaked at 7.6M tons in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

In value terms, battered fish fillet production amounted to $37.2B in 2023 estimated in export price. Over the period under review, the total production indicated a tangible expansion from 2013 to 2023: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by -0.7% against 2021 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 13% against the previous year. Over the period under review, global production reached the peak level at $37.4B in 2021; however, from 2022 to 2023, production remained at a lower figure.

Production By Country

China (1.5M tons) remains the largest battered fish fillet producing country worldwide, accounting for 21% of total volume. Moreover, battered fish fillet production in China exceeded the figures recorded by the second-largest producer, the United States (563K tons), threefold. India (415K tons) ranked third in terms of total production with a 5.5% share.

From 2013 to 2023, the average annual rate of growth in terms of volume in China totaled +6.4%. In the other countries, the average annual rates were as follows: the United States (+5.6% per year) and India (+4.4% per year).

Imports

Imports

In 2023, purchases abroad of fish fillets in batter or breadcrumbs decreased by -2% to 563K tons, falling for the third consecutive year after six years of growth. The total import volume increased at an average annual rate of +2.3% from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 7.2% against the previous year. Over the period under review, global imports reached the peak figure at 588K tons in 2020; however, from 2021 to 2023, imports stood at a somewhat lower figure.

In value terms, battered fish fillet imports expanded notably to $2.8B in 2023. The total import value increased at an average annual rate of +2.7% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when imports increased by 12% against the previous year. Over the period under review, global imports hit record highs in 2023 and are likely to see steady growth in years to come.

Imports By Country

In 2023, Japan (89K tons), distantly followed by Germany (45K tons), France (40K tons), the UK (35K tons), Italy (34K tons) and Cote d'Ivoire (34K tons) represented the key importers of fish fillets in batter or breadcrumbs, together generating 49% of total imports. The following importers - the United States (23K tons), Belgium (16K tons), South Korea (16K tons), Colombia (15K tons), Sweden (11K tons), Spain (11K tons) and Austria (11K tons) - together made up 18% of total imports.

From 2013 to 2023, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +32.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($478M), Germany ($254M) and France ($227M) constituted the countries with the highest levels of imports in 2023, together comprising 35% of global imports. Italy, the UK, the United States, South Korea, Belgium, Spain, Cote d'Ivoire, Sweden, Austria and Colombia lagged somewhat behind, together comprising a further 35%.

Among the main importing countries, Cote d'Ivoire, with a CAGR of +31.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2023, the average battered fish fillet import price amounted to $4,893 per ton, with an increase of 8% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Spain ($7,229 per ton), while Colombia ($2,089 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Spain (+5.1%), while the other global leaders experienced more modest paces of growth.

Exports

Exports

In 2023, overseas shipments of fish fillets in batter or breadcrumbs decreased by -7.4% to 745K tons, falling for the second year in a row after five years of growth. Over the period under review, total exports indicated a pronounced increase from 2013 to 2023: its volume increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by -17.8% against 2021 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 18%. The global exports peaked at 907K tons in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

In value terms, battered fish fillet exports dropped to $3.3B in 2023. Overall, total exports indicated a notable expansion from 2013 to 2023: 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 2023 figures, exports decreased by -12.8% against 2021 indices. The growth pace was the most rapid in 2018 when exports increased by 20%. Over the period under review, the global exports reached the peak figure at $3.8B in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

Exports By Country

China represented the main exporter of fish fillets in batter or breadcrumbs in the world, with the volume of exports amounting to 401K tons, which was approx. 54% of total exports in 2023. It was distantly followed by Germany (100K tons) and Poland (52K tons), together making up a 20% share of total exports. Vietnam (27K tons), the Netherlands (23K tons), France (20K tons), Denmark (20K tons), Thailand (17K tons) and Ecuador (15K tons) followed a long way behind the leaders.

From 2013 to 2023, average annual rates of growth with regard to battered fish fillet exports from China stood at +7.3%. At the same time, France (+11.2%), Ecuador (+9.0%), Vietnam (+6.5%), Poland (+5.7%), the Netherlands (+2.9%), Thailand (+2.4%) and Denmark (+1.4%) displayed positive paces of growth. Moreover, France emerged as the fastest-growing exporter exported in the world, with a CAGR of +11.2% from 2013-2023. Germany experienced a relatively flat trend pattern. While the share of China (+14 p.p.) increased significantly in terms of the global exports from 2013-2023, the share of Germany (-6.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.3B) remains the largest battered fish fillet supplier worldwide, comprising 41% of global exports. The second position in the ranking was held by Germany ($511M), with a 16% share of global exports. It was followed by Poland, with an 8.7% share.

In China, battered fish fillet exports expanded at an average annual rate of +4.0% over the period from 2013-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (+1.6% per year) and Poland (+9.1% per year).

Export Prices By Country

The average battered fish fillet export price stood at $4,397 per ton in 2023, rising by 3.4% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 4% against the previous year. Over the period under review, the average export prices hit record highs at $4,635 per ton in 2014; however, from 2015 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the Netherlands ($7,646 per ton), while Ecuador ($2,041 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform