Peru: Market for Fish Fats And Oils 2023

Market Size for Fish Fats And Oils in Peru

In 2021, after three years of growth, there was significant decline in the Peruvian fish fat and oil market, when its value decreased by -29% to $X. Over the period under review, the total consumption indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2020, and then shrank rapidly in the following year.

Production of Fish Fats And Oils in Peru

In value terms, fish fat and oil production reached $X in 2021 estimated in export price. In general, production, however, recorded a perceptible contraction. The pace of growth appeared the most rapid in 2017 when the production volume increased by 29%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Fish Fats And Oils

Exports from Peru

Fish fat and oil exports from Peru surged to X tons in 2021, picking up by 59% compared with 2020 figures. In general, exports, however, recorded a perceptible contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 60% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, fish fat and oil exports soared to $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), Belgium (X tons) and Denmark (X tons) were the main destinations of fish fat and oil exports from Peru, with a combined 51% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +19.6%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for fish fat and oil exported from Peru were China ($X), Belgium ($X) and Canada ($X), with a combined 50% share of total exports. These countries were followed by Norway, Denmark, Australia, Chile, the United States, Japan and the Netherlands, which together accounted for a further 42%.

In terms of the main countries of destination, Australia, with a CAGR of +17.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average fish fat and oil export price stood at $X per ton in 2021, shrinking by -9% against the previous year. Over the last nine years, it increased at an average annual rate of +3.4%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 57% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+7.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into Peru

After two years of decline, overseas purchases of fish fats and oils increased by 11% to X tons in 2021. In general, imports showed a pronounced increase. The most prominent rate of growth was recorded in 2017 with an increase of 280%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, fish fat and oil imports soared to $X in 2021. Over the period under review, imports showed perceptible growth. The most prominent rate of growth was recorded in 2017 with an increase of 284%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Chile (X tons) constituted the largest supplier of fish fat and oil to Peru, accounting for a 85% share of total imports. Moreover, fish fat and oil imports from Chile exceeded the figures recorded by the second-largest supplier, Turkey (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from Chile amounted to +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+201.3% per year) and Ecuador (-12.2% per year).

In value terms, Chile ($X) constituted the largest supplier of fish fats and oils to Peru, comprising 71% of total imports. The second position in the ranking was taken by Turkey ($X), with a 10% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Chile amounted to +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+245.1% per year) and Ecuador (-10.8% per year).

Import Prices by Country

In 2021, the average fish fat and oil import price amounted to $X per ton, picking up by 5.4% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average import price increased by 37%. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Turkey ($X per ton), while the price for Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+14.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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