Preserved Fish Fillet Market

The global market for preserved fish fillets is projected to experience steady growth over the next eight years, with a forecasted increase in both consumption volume and market value. Key highlights include a CAGR of +6.3% for consumption volume, reaching 1.2M tons by 2030, and a CAGR of +8.2% for market value, reaching $8.6B by the same year. China remains the largest producer and exporter of preserved fish fillets, while the United States leads in consumption. The Netherlands has shown significant growth as an exporter, with a CAGR of +42.7%. Overall, the market is poised for continued expansion in the coming years.

Market Forecast

Driven by increasing demand for fish fillets (dried, salted or in brine, but not smoked) worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +6.3% for the period from 2022 to 2030, which is projected to bring the market volume to 1.2M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +8.2% for the period from 2022 to 2030, which is projected to bring the market value to $8.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Fish Fillets (Dried, Salted Or In Brine, But Not Smoked)

In 2022, global preserved fish fillet consumption stood at 747K tons, growing by 2.7% on 2021 figures. The total consumption volume increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption attained the maximum volume at 800K tons in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

The global preserved fish fillet market revenue expanded modestly to $4.5B in 2022, with an increase of 4.5% 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 +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $5.4B. From 2015 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (117K tons), the United States (63K tons) and India (45K tons), together comprising 30% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by the United States (with a CAGR of +16.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest preserved fish fillet markets worldwide were China ($563M), Japan ($358M) and the United States ($355M), with a combined 28% share of the global market.

In terms of the main consuming countries, the United States, with a CAGR of +17.1%, saw 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.

The countries with the highest levels of preserved fish fillet per capita consumption in 2022 were Poland (403 kg per 1000 persons), Italy (226 kg per 1000 persons) and Japan (207 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by the United States (with a CAGR of +15.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Fish Fillets (Dried, Salted Or In Brine, But Not Smoked)

In 2022, global preserved fish fillet production rose to 729K tons, picking up by 2.7% against the year before. The total output volume increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by 24%. Over the period under review, global production hit record highs at 817K tons in 2015; however, from 2016 to 2022, production remained at a lower figure.

In value terms, preserved fish fillet production reached $4.3B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 when the production volume increased by 24%. As a result, production reached the peak level of $5.3B. From 2015 to 2022, global production growth failed to regain momentum.

Production By Country

China (147K tons) remains the largest preserved fish fillet producing country worldwide, comprising approx. 20% of total volume. Moreover, preserved fish fillet production in China exceeded the figures recorded by the second-largest producer, the United States (46K tons), threefold. The third position in this ranking was taken by India (45K tons), with a 6.2% share.

In China, preserved fish fillet production expanded at an average annual rate of +4.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+41.0% per year) and India (+7.5% per year).

Imports

World Imports of Fish Fillets (Dried, Salted Or In Brine, But Not Smoked)

In 2022, the amount of fish fillets (dried, salted or in brine, but not smoked) imported worldwide was estimated at 106K tons, rising by 5.9% on the year before. The total import volume increased at an average annual rate of +2.3% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 16% against the previous year. Global imports peaked in 2022 and are likely to continue growth in the near future.

In value terms, preserved fish fillet imports expanded modestly to $718M in 2022. The total import value increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 13%. Over the period under review, global imports hit record highs in 2022 and are likely to see steady growth in years to come.

Imports By Country

The purchases of the six major importers of fish fillets (dried, salted or in brine, but not smoked), namely the United States, the Netherlands, Russia, Italy, Denmark and Spain, represented more than two-thirds of total import. It was distantly followed by Brazil (4.8K tons), achieving a 4.5% share of total imports. The following importers - Canada (4K tons), Germany (3.8K tons), Sweden (3K tons) and France (2.5K tons) - together made up 13% of total imports.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +19.2%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest preserved fish fillet importing markets worldwide were the Netherlands ($118M), Italy ($113M) and the United States ($92M), together accounting for 45% of global imports. Russia, Spain, Denmark, Canada, Germany, Brazil, France and Sweden lagged somewhat behind, together comprising a further 44%.

In terms of the main importing countries, Russia, with a CAGR of +19.3%, 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 2022, the average preserved fish fillet import price amounted to $6,776 per ton, falling by -2% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 11%. As a result, import price reached the peak level of $6,915 per ton, and then declined modestly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Italy ($9,086 per ton), while Sweden ($3,338 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+3.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Fish Fillets (Dried, Salted Or In Brine, But Not Smoked)

In 2022, the amount of fish fillets (dried, salted or in brine, but not smoked) exported worldwide rose significantly to 88K tons, picking up by 6.2% on 2021. In general, exports, however, continue to indicate a slight slump. The pace of growth was the most pronounced in 2017 with an increase of 19% against the previous year. The global exports peaked at 113K tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, preserved fish fillet exports amounted to $581M in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when exports increased by 18%. Over the period under review, the global exports reached the peak figure at $650M in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports By Country

China was the largest exporting country with an export of about 29K tons, which resulted at 34% of total exports. The Netherlands (14K tons) held a 15% share (based on physical terms) of total exports, which put it in second place, followed by Iceland (12%), Norway (9.3%) and Denmark (7.2%). Germany (2.3K tons), Spain (1.9K tons), Canada (1.8K tons), Poland (1.5K tons) and Sweden (1.4K tons) held a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to preserved fish fillet exports from China stood at -3.5%. At the same time, the Netherlands (+42.7%), Poland (+34.5%) and Spain (+1.4%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +42.7% from 2012-2022. By contrast, Iceland (-1.1%), Norway (-1.4%), Canada (-2.7%), Germany (-3.0%), Denmark (-3.1%) and Sweden (-8.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Netherlands and Poland increased by +15 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest preserved fish fillet supplying countries worldwide were China ($159M), the Netherlands ($111M) and Iceland ($77M), with a combined 60% share of global exports.

Among the main exporting countries, the Netherlands, with a CAGR of +42.7%, recorded the highest growth rate of 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

The average preserved fish fillet export price stood at $6,619 per ton in 2022, increasing by 3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The pace of growth was the most pronounced in 2016 when the average export price increased by 13%. The global export price peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Poland ($18,308 per ton), while Norway ($3,761 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+4.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform