Fresh Fish Fillet Market

The article delves into the global market for fresh or chilled fish fillets, highlighting the increasing demand worldwide. With projections indicating a steady upward consumption trend over the next eight years, the market is expected to expand significantly. The data reveals key insights such as anticipated CAGR in market volume and value, consumption patterns across countries like China, the United States, and India, production trends, and import-export statistics. The analysis showcases fluctuations, growth rates, and market positions of leading players in the industry. Overall, the detailed study provides a comprehensive overview of the fresh or chilled fish fillets market, offering valuable information for stakeholders and investors.

Market Forecast

Driven by increasing demand for fresh or chilled fish fillets worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market volume to 4.2M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market value to $35.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Fresh Or Chilled Fish Fillets

After ten years of growth, consumption of fresh or chilled fish fillets decreased by -0.3% to 3.4M tons in 2022. Overall, the total consumption indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +4.5% 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 +55.5% against 2012 indices. Global consumption peaked at 3.4M tons in 2021, and then fell modestly in the following year.

The global fresh fish fillet market revenue dropped slightly to $25.2B in 2022, waning by -1.9% 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, the total consumption indicated a strong 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, consumption increased by +65.9% against 2012 indices. As a result, consumption attained the peak level of $25.7B, and then fell in the following year.

Consumption By Country

The country with the largest volume of fresh fish fillet consumption was China (491K tons), comprising approx. 14% of total volume. Moreover, fresh fish fillet consumption in China exceeded the figures recorded by the second-largest consumer, the United States (245K tons), twofold. The third position in this ranking was taken by India (189K tons), with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +5.3%. In the other countries, the average annual rates were as follows: the United States (+6.0% per year) and India (+4.0% per year).

In value terms, the largest fresh fish fillet markets worldwide were the United States ($3.1B), Japan ($2.7B) and India ($1.3B), with a combined 29% share of the global market. France, Indonesia, Pakistan, Poland, Russia, Germany, Bangladesh, Mexico, China and Brazil lagged somewhat behind, together accounting for a further 26%.

Poland, with a CAGR of +20.1%, saw the highest growth rate of market size among 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 fresh fish fillet per capita consumption in 2022 were Poland (2,978 kg per 1000 persons), France (1,709 kg per 1000 persons) and Germany (834 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Poland (with a CAGR of +19.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Fresh Or Chilled Fish Fillets

After ten years of growth, production of fresh or chilled fish fillets decreased by -0.7% to 3.4M tons in 2022. In general, the total production indicated measured growth 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, production increased by +57.9% against 2012 indices. The pace of growth was the most pronounced in 2020 with an increase of 13% against the previous year. Over the period under review, global production attained the peak volume at 3.4M tons in 2021, and then reduced in the following year.

In value terms, fresh fish fillet production reduced to $24.7B in 2022 estimated in export price. Overall, the total production indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.0% 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 +79.2% against 2012 indices. The growth pace was the most rapid in 2016 when the production volume increased by 18% against the previous year. Over the period under review, global production reached the maximum level at $26.2B in 2021, and then shrank in the following year.

Production By Country

China (496K tons) constituted the country with the largest volume of fresh fish fillet production, comprising approx. 15% of total volume. Moreover, fresh fish fillet production in China exceeded the figures recorded by the second-largest producer, India (190K tons), threefold. The third position in this ranking was taken by Chile (164K tons), with a 4.9% share.

In China, fresh fish fillet production increased at an average annual rate of +5.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+3.8% per year) and Chile (+5.9% per year).

Imports

World Imports of Fresh Or Chilled Fish Fillets

In 2022, the amount of fresh or chilled fish fillets imported worldwide rose slightly to 754K tons, picking up by 1.9% on 2021. 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 pace of growth was the most pronounced in 2021 when imports increased by 11%. Global imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, fresh fish fillet imports amounted to $9B in 2022. In general, total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +39.3% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 27%. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

The United States represented the main importing country with an import of about 262K tons, which accounted for 35% of total imports. France (59K tons) took a 7.9% share (based on physical terms) of total imports, which put it in second place, followed by Sweden (7.5%) and Germany (5.8%). The Netherlands (34K tons), Italy (31K tons), Belgium (28K tons), Spain (25K tons), Poland (25K tons), Denmark (23K tons), Canada (22K tons), Japan (22K tons) and Israel (13K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to fresh fish fillet imports into the United States stood at +5.3%. At the same time, Israel (+66.5%), Japan (+8.8%), Denmark (+8.3%), Poland (+7.7%), the Netherlands (+5.2%), Spain (+2.6%), Canada (+2.5%), Germany (+2.2%) and Belgium (+1.5%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing importer imported in the world, with a CAGR of +66.5% from 2012-2022. Sweden, France and Italy experienced a relatively flat trend pattern. The United States (+6.7 p.p.) and Israel (+1.7 p.p.) significantly strengthened its position in terms of the global imports, while Sweden and France saw its share reduced by -2.2% and -2.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($3.4B) constitutes the largest market for imported fresh or chilled fish fillets worldwide, comprising 38% of global imports. The second position in the ranking was taken by France ($673M), with a 7.5% share of global imports. It was followed by Sweden, with a 6.9% share.

From 2012 to 2022, the average annual growth rate of value in the United States amounted to +9.4%. In the other countries, the average annual rates were as follows: France (+3.4% per year) and Sweden (+4.8% per year).

Import Prices By Country

The average fresh fish fillet import price stood at $11,968 per ton in 2022, picking up by 7.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.1%. The growth pace was the most rapid in 2021 when the average import price increased by 14% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($14,271 per ton), while Poland ($8,912 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+8.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Fresh Or Chilled Fish Fillets

For the third consecutive year, the global market recorded growth in overseas shipments of fresh or chilled fish fillets, which increased by 0.1% to 727K tons in 2022. The total export 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 pace of growth appeared the most rapid in 2020 when exports increased by 18% against the previous year. The global exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, fresh fish fillet exports rose sharply to $8.5B in 2022. Overall, total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +8.6% 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 +128.5% against 2012 indices. The growth pace was the most rapid in 2021 when exports increased by 25% against the previous year. Over the period under review, the global exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports By Country

Chile (157K tons) and Norway (144K tons) represented roughly 41% of total exports in 2022. The Netherlands (64K tons) ranks next in terms of the total exports with an 8.8% share, followed by Iceland (6%), Sweden (5.7%) and Denmark (5.4%). Poland (29K tons), the United States (17K tons), Spain (17K tons), Turkey (16K tons), Germany (16K tons), the UK (15K tons) and Colombia (13K tons) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Colombia (with a CAGR of +16.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest fresh fish fillet supplying countries worldwide were Chile ($1.9B), Norway ($1.7B) and the Netherlands ($836M), with a combined 53% share of global exports. Iceland, Sweden, Denmark, Poland, the United States, Germany, Spain, Turkey, the UK and Colombia lagged somewhat behind, together comprising a further 33%.

In terms of the main exporting countries, Poland, with a CAGR of +23.6%, 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 fresh fish fillet export price stood at $11,633 per ton in 2022, increasing by 9.9% against the previous year. Over the last decade, it increased at an average annual rate of +4.8%. The most prominent rate of growth was recorded in 2013 an increase of 14% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in years to come.

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 ($13,121 per ton), while Colombia ($8,379 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+7.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform