Cod, Salted or in Brine Market

The global market for cod, salted or in brine is projected to see growth in both volume and value over the period from 2022 to 2030. Consumption, production, imports, and exports of cod are analyzed in detail, with key insights into trends and forecasted growth rates provided. Countries with the highest consumption, production, imports, and exports of cod are identified, along with their growth rates and market sizes. The average prices and trends in import and export prices for cod are also examined, providing a comprehensive overview of the global market for this popular seafood product.

Market Forecast

Driven by rising demand for cod, salted or in brine worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.2% for the period from 2022 to 2030, which is projected to bring the market volume to 704K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.5% for the period from 2022 to 2030, which is projected to bring the market value to $3.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cod, Salted or in Brine

In 2022, consumption of cod, salted or in brine increased by 0.1% to 640K tons, rising for the second year in a row after four years of decline. In general, consumption, however, saw a slight reduction. The pace of growth was the most pronounced in 2016 when the consumption volume increased by 5.3%. As a result, consumption attained the peak volume of 768K tons. From 2017 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The revenue of the market for cod, salted or in brine worldwide stood at $3B in 2022, rising by 4.4% 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). Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $3.5B. From 2019 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (129K tons), the United States (98K tons) and Portugal (63K tons), with a combined 45% share of global consumption. India, Germany, Nigeria, Indonesia, Bangladesh, Brazil, the UK, France, Italy and Iceland lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the biggest increases were recorded for Iceland (with a CAGR of +9.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest cod, salted or in brine markets worldwide were China ($628M), Portugal ($379M) and Brazil ($228M), together comprising 41% of the global market. India, Germany, France, Italy, the UK, Iceland, Indonesia, Bangladesh, Nigeria and the United States lagged somewhat behind, together comprising a further 33%.

In terms of the main consuming countries, Iceland, with a CAGR of +10.1%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of cod, salted or in brine per capita consumption was registered in Iceland (34 kg per person), followed by Portugal (6.1 kg per person), the United States (0.3 kg per person) and Germany (0.3 kg per person), while the world average per capita consumption of cod, salted or in brine was estimated at less than 0.1 kg per person.

In Iceland, cod, salted or in brine per capita consumption increased at an average annual rate of +8.0% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Portugal (-1.3% per year) and the United States (-0.2% per year).

Production

World Production of Cod, Salted or in Brine

In 2022, global cod, salted or in brine production contracted slightly to 637K tons, remaining constant against 2021. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 5.6%. As a result, production attained the peak volume of 747K tons. From 2017 to 2022, global production growth remained at a lower figure.

In value terms, cod, salted or in brine production dropped to $2.9B in 2022 estimated in export price. Over the period under review, production recorded a mild descent. The pace of growth appeared the most rapid in 2018 when the production volume increased by 7.9% against the previous year. Over the period under review, global production hit record highs at $3.5B in 2016; however, from 2017 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (131K tons), the United States (97K tons) and India (52K tons), together comprising 44% of global production. Portugal, Iceland, Norway, Germany, Nigeria, Indonesia, Bangladesh, the UK, France and Brazil lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Nigeria (with a CAGR of +6.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Cod, Salted or in Brine

In 2022, global cod, salted or in brine imports rose sharply to 91K tons, picking up by 6.2% against the previous year. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 21%. Over the period under review, global imports reached the peak figure at 105K tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, cod, salted or in brine imports skyrocketed to $708M in 2022. The total import value increased at an average annual rate of +3.5% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

Portugal (26K tons) and the Netherlands (20K tons) represented roughly 51% of total imports in 2022. Spain (11K tons) ranks next in terms of the total imports with a 12% share, followed by Sweden (12%), Italy (5.3%) and Denmark (4.7%). Germany (2.9K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +11.3%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest cod, salted or in brine importing markets worldwide were Portugal ($200M), the Netherlands ($169M) and Sweden ($89M), with a combined 65% share of global imports.

In terms of the main importing countries, the Netherlands, with a CAGR of +13.9%, saw the highest rates of growth with regard to 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

The average import price for cod, salted or in brine stood at $7,776 per ton in 2022, rising by 19% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in the Netherlands ($8,301 per ton) and Italy ($8,294 per ton), while Denmark ($7,377 per ton) and Germany ($7,675 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+3.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Cod, Salted or in Brine

In 2022, shipments abroad of cod, salted or in brine increased by 2.6% to 88K tons, rising for the third consecutive year after three years of decline. The total export volume increased at an average annual rate of +2.5% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 34%. The global exports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, cod, salted or in brine exports soared to $648M in 2022. Overall, total exports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.7% 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 +69.8% against 2013 indices. The growth pace was the most rapid in 2020 with an increase of 38% against the previous year. Over the period under review, the global exports attained the peak figure in 2022 and are expected to retain growth in years to come.

Exports By Country

Norway (22K tons), the Netherlands (20K tons), Iceland (16K tons) and Sweden (11K tons) represented roughly 79% of total exports in 2022. Russia (3.7K tons), Denmark (3.5K tons), China (2.7K tons), Germany (2.6K tons), Spain (1.9K tons) and Canada (1.4K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +84.5%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Norway ($164M), the Netherlands ($141M) and Iceland ($127M) appeared to be the countries with the highest levels of exports in 2022, together accounting for 67% of global exports.

Among the main exporting countries, the Netherlands, with a CAGR of +91.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average export price for cod, salted or in brine amounted to $7,376 per ton, growing by 13% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($8,176 per ton), while Canada ($4,663 per ton) was amongst the lowest.

From 2012 to 2022, 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