Frozen Fish Meat Market

The global frozen fish meat market is projected to grow steadily over the next eight years, with an anticipated increase in consumption volume and value. Japan emerges as the largest consumer and importer of frozen fish meat, with significant growth potential. Market trends show consistent patterns of growth in various countries, with notable fluctuations in certain years. Overall, the market is expected to see continued expansion and increasing demand worldwide.

Market Forecast

Driven by increasing demand for frozen fish meat worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.2% for the period from 2022 to 2030, which is projected to bring the market volume to 1.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.4% for the period from 2022 to 2030, which is projected to bring the market value to $4.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Frozen Fish Meat

In 2022, the amount of frozen fish meat consumed worldwide expanded modestly to 1.4M tons, with an increase of 2.7% on the previous year. The total consumption volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 4.6%. Over the period under review, global consumption hit record highs in 2022 and is likely to see gradual growth in the immediate term.

The global frozen fish meat market revenue expanded significantly to $3.7B in 2022, with an increase of 5.1% 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 +1.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the market value increased by 7.7%. Global consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Consumption By Country

Japan (273K tons) remains the largest frozen fish meat consuming country worldwide, accounting for 20% of total volume. Moreover, frozen fish meat consumption in Japan exceeded the figures recorded by the second-largest consumer, South Korea (133K tons), twofold. Chile (80K tons) ranked third in terms of total consumption with a 5.8% share.

In Japan, frozen fish meat consumption decreased by an average annual rate of -1.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+1.7% per year) and Chile (+0.0% per year).

In value terms, Japan ($1B) led the market, alone. The second position in the ranking was taken by South Korea ($280M). It was followed by Thailand.

In Japan, the frozen fish meat market declined by an average annual rate of -1.7% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: South Korea (+2.8% per year) and Thailand (+18.2% per year).

In 2022, the highest levels of frozen fish meat per capita consumption was registered in Faroe Islands (1,245 kg per person), followed by Namibia (20 kg per person), Norway (12 kg per person) and Chile (4.2 kg per person), while the world average per capita consumption of frozen fish meat was estimated at 0.2 kg per person.

In Faroe Islands, frozen fish meat per capita consumption increased at an average annual rate of +18.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Namibia (-0.8% per year) and Norway (+5.6% per year).

Production

World Production of Frozen Fish Meat

In 2022, production of frozen fish meat decreased by -0.9% to 1.4M tons for the first time since 2015, thus ending a six-year rising trend. The total output volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2016 when the production volume increased by 9.2%. Over the period under review, global production attained the maximum volume at 1.4M tons in 2021, and then dropped slightly in the following year.

In value terms, frozen fish meat production shrank to $2.4B in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 14% against the previous year. Over the period under review, global production hit record highs at $2.5B in 2021, and then dropped slightly in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (243K tons), Vietnam (212K tons) and Norway (145K tons), together comprising 44% of global production. India, Chile, China, Faroe Islands, Namibia, Indonesia, Russia, Japan and Argentina lagged somewhat behind, together accounting for a further 41%.

From 2012 to 2022, the biggest increases were recorded for Faroe Islands (with a CAGR of +12.7%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Frozen Fish Meat

In 2022, purchases abroad of frozen fish meat increased by 1.6% to 970K tons, rising for the second consecutive year after two years of decline. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 9.6% against the previous year. Over the period under review, global imports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, frozen fish meat imports expanded significantly to $3.1B in 2022. The total import value 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 2021 when imports increased by 11% against the previous year. Over the period under review, global imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports By Country

In 2022, Japan (245K tons), distantly followed by South Korea (140K tons), Thailand (73K tons) and China (50K tons) represented the main importers of frozen fish meat, together comprising 52% of total imports. Taiwan (Chinese) (42K tons), France (40K tons), Germany (34K tons), Malaysia (32K tons), Spain (30K tons), Poland (30K tons), Canada (28K tons), Lithuania (21K tons) and Ukraine (19K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Thailand (with a CAGR of +17.6%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($947M) constitutes the largest market for imported frozen fish meat worldwide, comprising 30% of global imports. The second position in the ranking was taken by South Korea ($300M), with a 9.5% share of global imports. It was followed by Canada, with a 6.2% share.

From 2012 to 2022, the average annual growth rate of value in Japan was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+3.4% per year) and Canada (+5.9% per year).

Import Prices By Country

In 2022, the average frozen fish meat import price amounted to $3,244 per ton, growing by 8.7% against the previous year. Overall, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($6,986 per ton), while Ukraine ($2,037 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Frozen Fish Meat

In 2022, the amount of frozen fish meat exported worldwide dropped to 968K tons, declining by -3.3% against the year before. The total export volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 7.6% against the previous year. As a result, the exports reached the peak of 1M tons, and then declined slightly in the following year.

In value terms, frozen fish meat exports expanded rapidly to $3.3B in 2022. The total export value increased at an average annual rate of +2.3% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 12% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports By Country

Vietnam (200K tons) and the United States (186K tons) represented the major exporters of frozen fish meat in 2022, finishing at approx. 21% and 19% of total exports, respectively. It was distantly followed by India (118K tons), China (83K tons) and Norway (81K tons), together generating a 29% share of total exports. Russia (39K tons), Chile (31K tons), the Netherlands (26K tons), Thailand (26K tons) and Indonesia (21K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the Netherlands (with a CAGR of +22.5%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest frozen fish meat supplying countries worldwide were the United States ($574M), Vietnam ($507M) and China ($434M), with a combined 46% share of global exports. Chile, India, Norway, Russia, Thailand, the Netherlands and Indonesia lagged somewhat behind, together accounting for a further 37%.

Russia, with a CAGR of +18.7%, recorded the highest growth rate of the value of exports, among 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

The average frozen fish meat export price stood at $3,370 per ton in 2022, growing by 8.8% against the previous year. Overall, the export price saw a relatively flat trend pattern. As a result, the export price attained 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 ($12,317 per ton), while Norway ($2,040 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+4.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform