Fish Fillets and Other Fish Meat Market

The article provides a detailed analysis of the global market for fish fillets and other fish meat, projecting a decrease in consumption but an increase in value over the next eight years. The data covers consumption volume, market value, production volume, import and export volume, as well as average prices. Key insights include Norway leading in both consumption and production, China experiencing notable growth in imports, and Chile having the highest export prices. Overall, the market is expected to fluctuate with slight growth in value despite a decline in consumption volume.

Market Forecast

The market for fish fillets and other fish meat is expected to start a downward consumption trend over the next eight years. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -1.6% for the eight-year period from 2022 to 2030, which is projected to depress the market volume to 25M tons by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of +1.1% for the period from 2022 to 2030, which is projected to bring the market value to $95.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Fish Fillets and Other Fish Meat

In 2022, after two years of growth, there was significant decline in consumption of fish fillets and other fish meat, when its volume decreased by -11.5% to 29M tons. In general, consumption, however, enjoyed resilient growth. As a result, consumption attained the peak volume of 33M tons, and then fell in the following year.

The size of the market for fish fillets and other fish meat worldwide dropped to $87.1B in 2022, reducing by -6.2% 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). Overall, consumption, however, posted a prominent increase. As a result, consumption reached the peak level of $92.8B, and then reduced in the following year.

Consumption By Country

The country with the largest volume of consumption of fish fillets and other fish meat was Norway (23M tons), accounting for 79% of total volume. It was followed by China (660K tons), with a 2.3% share of total consumption. The United States (593K tons) ranked third in terms of total consumption with a 2.1% share.

From 2012 to 2022, the average annual growth rate of volume in Norway stood at +49.0%. The remaining consuming countries recorded the following average annual rates of consumption growth: China (+16.9% per year) and the United States (+3.6% per year).

In value terms, Norway ($50.9B) led the market, alone. The second position in the ranking was taken by the United States ($5.6B). It was followed by Japan.

From 2012 to 2022, the average annual growth rate of value in Norway stood at +48.5%. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+7.2% per year) and Japan (+0.9% per year).

In 2022, the highest levels of per capita consumption of fish fillets and other fish meat was registered in Norway (4.2 ton per person), followed by Japan (less than 0.1 ton per person), the United States (less than 0.1 ton per person) and China (less than 0.1 ton per person), while the world average per capita consumption of fish fillets and other fish meat was estimated at less than 0.1 ton per person.

In Norway, per capita consumption of fish fillets and other fish meat increased at an average annual rate of +47.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (+0.7% per year) and the United States (+2.9% per year).

Production

World Production of Fish Fillets and Other Fish Meat

In 2022, after six years of growth, there was significant decline in production of fish fillets and other fish meat, when its volume decreased by -12% to 28M tons. Overall, production, however, recorded resilient growth. The pace of growth was the most pronounced in 2021 when the production volume increased by 473%. As a result, production reached the peak volume of 32M tons, and then shrank in the following year.

In value terms, production of fish fillets and other fish meat rose to $32B in 2022 estimated in export price. In general, the total production indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +15.8% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 14% against the previous year. Global production peaked at $37.1B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

Norway (23M tons) constituted the country with the largest volume of production of fish fillets and other fish meat, comprising approx. 82% of total volume. Moreover, production of fish fillets and other fish meat in Norway exceeded the figures recorded by the second-largest producer, China (1.1M tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume in Norway totaled +41.9%. The remaining producing countries recorded the following average annual rates of production growth: China (+0.0% per year) and Vietnam (+0.7% per year).

Imports

World Imports of Fish Fillets and Other Fish Meat

Global imports of fish fillets and other fish meat expanded notably to 4.9M tons in 2022, growing by 6.6% on the year before. The total import volume increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, imports of fish fillets and other fish meat soared to $32B in 2022. The total import value increased at an average annual rate of +4.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, the United States (917K tons), distantly followed by Japan (532K tons), Germany (372K tons), France (274K tons) and China (264K tons) were the main importers of fish fillets and other fish meat, together achieving 48% of total imports. The following importers - Poland (208K tons), Spain (193K tons), South Korea (192K tons), the UK (158K tons), Italy (128K tons), Sweden (127K tons), Thailand (126K tons) and the Netherlands (124K tons) - together made up 26% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by China (with a CAGR of +22.8%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($8.9B) constitutes the largest market for imported fish fillets and other fish meat worldwide, comprising 28% of global imports. The second position in the ranking was held by Japan ($3.7B), with a 12% share of global imports. It was followed by Germany, with a 6.7% share.

In the United States, imports of fish fillets and other fish meat increased at an average annual rate of +5.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+1.1% per year) and Germany (+1.7% per year).

Import Prices By Country

The average import price for fish fillets and other fish meat stood at $6,498 per ton in 2022, rising by 9.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.7%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 9.8% against the previous year. Global import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($9,669 per ton), while China ($2,836 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+4.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Fish Fillets and Other Fish Meat

In 2022, approx. 4.5M tons of fish fillets and other fish meat were exported worldwide; increasing by 4% compared with the year before. The total export volume increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 5.4% against the previous year. Over the period under review, the global exports of attained the peak figure at 4.6M tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, exports of fish fillets and other fish meat skyrocketed to $28.5B in 2022. The total export value increased at an average annual rate of +4.3% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

Vietnam (841K tons) and China (726K tons) represented roughly 35% of total exports in 2022. It was distantly followed by Norway (371K tons), the United States (323K tons) and Chile (322K tons), together making up a 22% share of total exports. The Netherlands (175K tons), Iceland (152K tons), Russia (126K tons), India (121K tons), Indonesia (114K tons), Poland (106K tons), Germany (99K tons) and Denmark (92K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +10.4%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, China ($4.1B), Chile ($3.9B) and Norway ($3.1B) appeared to be the countries with the highest levels of exports in 2022, with a combined 39% share of global exports. Vietnam, the Netherlands, the United States, Iceland, Poland, Denmark, Indonesia, Germany, Russia and India lagged somewhat behind, together comprising a further 37%.

Russia, with a CAGR of +11.9%, saw the highest growth rate of the value of exports, in terms of the main exporting countries 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 fish fillets and other fish meat amounted to $6,313 per ton, increasing by 11% against the previous year. Over the last decade, it increased at an average annual rate of +3.0%. 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 Chile ($12,166 per ton), while India ($2,588 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+5.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform