Battered Fish Fillet Market

The article analyzes the global market for fish fillets in batter or breadcrumbs, highlighting trends in consumption, production, exports, and imports from 2012 to 2022. Key statistics include anticipated CAGR, market volume, market value, leading consuming countries, production trends, export and import volumes, and average prices. The data shows notable growth in consumption and production, with fluctuating trends in market performance and export/import dynamics.

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 eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.5% for the period from 2022 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 +5.3% for the period from 2022 to 2030, which is projected to bring the market value to $55.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Fish Fillets In Batter Or Breadcrumbs

In 2022, after three years of growth, there was decline in consumption of fish fillets in batter or breadcrumbs, when its volume decreased by -1.8% to 7.2M tons. Over the period under review, the total consumption indicated a tangible increase from 2012 to 2022: its volume 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, consumption increased by +58.1% against 2012 indices. Over the period under review, global consumption reached the maximum volume at 7.3M tons in 2021, and then contracted in the following year.

The global battered fish fillet market revenue dropped to $37B in 2022, leveling off at 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, the total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +60.4% against 2012 indices. Over the period under review, the global market reached the maximum level at $37.2B in 2021, and then fell modestly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.1M tons), the United States (584K tons) and India (413K tons), with a combined 29% share of global consumption. Japan, Pakistan, Nigeria, Russia, Indonesia, Brazil, Bangladesh, Germany, Mexico and the UK lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Nigeria (with a CAGR of +10.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest battered fish fillet markets worldwide were China ($4.4B), the United States ($3.7B) and Japan ($3.6B), together accounting for 32% 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%.

Nigeria, with a CAGR of +11.6%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries 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 2022 were Japan (2 kg per person), the UK (1.9 kg per person) and Germany (1.9 kg per person).

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +8.2%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Fish Fillets In Batter Or Breadcrumbs

In 2022, production of fish fillets in batter or breadcrumbs decreased by -3% to 7.4M tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, the total production indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +4.9% 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 +61.4% against 2012 indices. The pace of growth was the most pronounced in 2019 when the production volume increased by 12% against the previous year. Global production peaked at 7.6M tons in 2021, and then shrank slightly in the following year.

In value terms, battered fish fillet production contracted to $36.9B in 2022 estimated in export price. Overall, the total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.2% 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 +66.7% against 2012 indices. The pace of growth was the most pronounced in 2019 when the production volume increased by 13% against the previous year. Global production peaked at $37.4B in 2021, and then reduced modestly in the following year.

Production By Country

The country with the largest volume of battered fish fillet production was China (1.5M tons), comprising approx. 21% of total volume. Moreover, battered fish fillet production in China exceeded the figures recorded by the second-largest producer, the United States (559K tons), threefold. India (413K tons) ranked third in terms of total production with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +7.3%. The remaining producing countries recorded the following average annual rates of production growth: the United States (+8.7% per year) and India (+5.1% per year).

Imports

World Imports of Fish Fillets In Batter Or Breadcrumbs

In 2022, supplies from abroad of fish fillets in batter or breadcrumbs decreased by -1.2% to 574K tons, falling for the second year in a row after six years of growth. The total import volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when imports increased by 7.2%. Global imports peaked at 588K tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, battered fish fillet imports amounted to $2.6B in 2022. The total import value increased at an average annual rate of +2.3% over the period 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 2018 when imports increased by 12% against the previous year. Over the period under review, global imports hit record highs in 2022 and are likely to see gradual growth in years to come.

Imports By Country

In 2022, Japan (92K tons), distantly followed by Germany (46K tons), France (41K tons), Italy (37K tons), Cote d'Ivoire (35K tons), the UK (32K tons) and the United States (28K tons) represented the main importers of fish fillets in batter or breadcrumbs, together achieving 54% of total imports. The following importers - South Korea (16K tons), Belgium (15K tons), Colombia (14K tons), Australia (13K tons), Denmark (13K tons) and Sweden (12K tons) - together made up 14% of total imports.

Japan experienced a relatively flat trend pattern with regard to volume of imports of fish fillets in batter or breadcrumbs. At the same time, Cote d'Ivoire (+37.5%), Colombia (+10.9%), the United States (+9.3%), France (+7.7%), Germany (+6.3%), Belgium (+6.2%), South Korea (+6.0%), Denmark (+5.1%), Sweden (+5.0%), Italy (+3.4%) and Australia (+2.1%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in the world, with a CAGR of +37.5% from 2012-2022. By contrast, the UK (-3.6%) illustrated a downward trend over the same period. Cote d'Ivoire (+5.7 p.p.), France (+2.6 p.p.), the United States (+2.2 p.p.) and Germany (+2.1 p.p.) significantly strengthened its position in terms of the global imports, while Japan and the UK saw its share reduced by -4.5% and -5.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($492M) constitutes the largest market for imported fish fillets in batter or breadcrumbs worldwide, comprising 19% of global imports. The second position in the ranking was taken by Germany ($224M), with an 8.6% share of global imports. It was followed by France, with a 7.2% share.

In Japan, battered fish fillet imports shrank by an average annual rate of -1.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+6.3% per year) and France (+6.8% per year).

Import Prices By Country

The average battered fish fillet import price stood at $4,532 per ton in 2022, with an increase of 2.8% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 4.2% against the previous year. Over the period under review, average import prices hit record highs at $4,866 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Australia ($6,634 per ton), while Cote d'Ivoire ($2,136 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+4.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Fish Fillets In Batter Or Breadcrumbs

After five years of growth, shipments abroad of fish fillets in batter or breadcrumbs decreased by -11.2% to 805K tons in 2022. Over the period under review, total exports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of 18%. The global exports peaked at 907K tons in 2021, and then declined in the following year.

In value terms, battered fish fillet exports dropped to $3.4B in 2022. In general, total exports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.9% 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 +56.8% against 2015 indices. The pace of growth appeared the most rapid in 2018 when exports increased by 20%. The global exports peaked at $3.8B in 2021, and then declined in the following year.

Exports By Country

China was the main exporter of fish fillets in batter or breadcrumbs in the world, with the volume of exports reaching 466K tons, which was approx. 58% of total exports in 2022. It was distantly followed by Germany (100K tons), achieving a 12% share of total exports. Vietnam (29K tons), Poland (27K tons), the Netherlands (23K tons), Denmark (21K tons), Thailand (20K tons), France (20K tons), Ecuador (15K tons), Chile (14K tons) and the UK (13K tons) held a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to battered fish fillet exports from China stood at +10.4%. At the same time, the UK (+11.6%), France (+9.8%), Ecuador (+8.4%), Vietnam (+7.7%), the Netherlands (+5.8%), Chile (+2.2%), Thailand (+2.0%) and Denmark (+1.1%) displayed positive paces of growth. Moreover, the UK emerged as the fastest-growing exporter exported in the world, with a CAGR of +11.6% from 2012-2022. Germany and Poland experienced a relatively flat trend pattern. While the share of China (+21 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Poland (-2.3 p.p.) and Germany (-7.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.8B) remains the largest battered fish fillet supplier worldwide, comprising 52% of global exports. The second position in the ranking was held by Germany ($425M), with a 12% share of global exports. It was followed by Vietnam, with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +8.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (+0.6% per year) and Vietnam (+4.5% per year).

Export Prices By Country

In 2022, the average battered fish fillet export price amounted to $4,255 per ton, picking up by 2.6% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 4% against the previous year. Over the period under review, the average export prices attained the maximum at $4,635 per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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 the Netherlands ($6,388 per ton), while Ecuador ($2,119 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+3.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform