Frozen, Dried And Smoked Fish Market

The article delves into the increasing demand for frozen, dried, and smoked fish worldwide, projecting a steady consumption trend over the next eight years. Market performance is expected to grow with a CAGR of +2.1% by 2030, reaching 58M tons in volume and $270.8B in value. China leads both consumption and production, while Ecuador emerges as a major exporter. The report also highlights key product types, market sizes, and pricing trends in the industry.

Market Forecast

Driven by increasing demand for frozen, dried and smoked fish worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market volume to 58M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +0.4% for the period from 2022 to 2030, which is projected to bring the market value to $270.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Frozen, Dried And Smoked Fish

After ten years of growth, consumption of frozen, dried and smoked fish decreased by -0.7% to 50M tons in 2022. The total consumption volume increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 4.2% against the previous year. As a result, consumption attained the peak volume of 50M tons, leveling off in the following year.

The value of the market for frozen, dried and smoked fish worldwide shrank to $261.3B 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). The market value increased at an average annual rate of +3.4% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $262B, leveling off in the following year.

Consumption By Country

The country with the largest volume of frozen, dried and smoked fish consumption was China (17M tons), accounting for 34% of total volume. Moreover, frozen, dried and smoked fish consumption in China exceeded the figures recorded by the second-largest consumer, Japan (2.6M tons), sixfold. The United States (2.4M tons) ranked third in terms of total consumption with a 4.9% share.

In China, frozen, dried and smoked fish consumption increased at an average annual rate of +3.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (-2.1% per year) and the United States (+1.6% per year).

In value terms, China ($56.8B) led the market, alone. The second position in the ranking was taken by the United States ($19.2B). It was followed by Japan.

In China, the frozen, dried and smoked fish market increased at an average annual rate of +5.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+4.4% per year) and Japan (-2.6% per year).

The countries with the highest levels of frozen, dried and smoked fish per capita consumption in 2022 were Thailand (31 kg per person), South Korea (25 kg per person) and Japan (21 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by China (with a CAGR of +3.2%), while consumption for the other global leaders experienced more modest paces of growth.

Consumption By Type

Frozen whole fish (31M tons) constituted the product with the largest volume of consumption, accounting for 64% of total volume. Moreover, frozen whole fish exceeded the figures recorded for the second-largest type, dried or smoked fish (5.6M tons), sixfold. The third position in this ranking was taken by frozen crustaceans (5.5M tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of the volume of frozen whole fish consumption amounted to +2.0%. For the other products, the average annual rates were as follows: dried or smoked fish (+0.4% per year) and frozen crustaceans (+2.7% per year).

In value terms, frozen whole fish ($71B), frozen crustaceans ($53.9B) and dried or smoked fish ($37.3B) appeared to be the products with the highest levels of market value in 2022, together comprising 85% of the global market. Frozen fish fillet and frozen fish meat lagged somewhat behind, together comprising a further 15%.

Frozen fish fillet, with a CAGR of +3.4%, saw the highest growth rate of market size among the main consumed products over the period under review, while market for the other products experienced more modest paces of growth.

Production

World Production of Frozen, Dried And Smoked Fish

In 2022, after three years of growth, there was decline in production of frozen, dried and smoked fish, when its volume decreased by -1% to 49M tons. The total output volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 4.7% against the previous year. As a result, production attained the peak volume of 50M tons, and then declined modestly in the following year.

In value terms, frozen, dried and smoked fish production dropped to $193.1B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when the production volume increased by 16% against the previous year. As a result, production reached the peak level of $207.8B, and then fell in the following year.

Production By Country

China (15M tons) constituted the country with the largest volume of frozen, dried and smoked fish production, comprising approx. 30% of total volume. Moreover, frozen, dried and smoked fish production in China exceeded the figures recorded by the second-largest producer, Russia (3.9M tons), fourfold. India (2.2M tons) ranked third in terms of total production with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +2.3%. In the other countries, the average annual rates were as follows: Russia (+1.6% per year) and India (+4.0% per year).

Production By Type

Frozen whole fish (31M tons) constituted the product with the largest volume of production, comprising approx. 65% of total volume. Moreover, frozen whole fish exceeded the figures recorded for the second-largest type, frozen crustaceans (5.6M tons), fivefold. Dried or smoked fish (5.5M tons) ranked third in terms of total production with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of the volume of frozen whole fish production amounted to +2.0%. With regard to the other produced products, the following average annual rates of growth were recorded: frozen crustaceans (+2.6% per year) and dried or smoked fish (+0.4% per year).

In value terms, the largest types of frozen, dried and smoked fish in terms of market size were frozen whole fish ($73.1B), frozen crustaceans ($48B) and dried or smoked fish ($36.1B), with a combined 86% share of global production.

In terms of the main produced products, frozen whole fish, with a CAGR of +3.5%, recorded the highest rates of growth with regard to market size over the period under review, while production for the other products experienced more modest paces of growth.

Imports

World Imports of Frozen, Dried And Smoked Fish

After two years of decline, supplies from abroad of frozen, dried and smoked fish increased by 4.1% to 20M tons in 2022. The total import volume increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 7.9% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, frozen, dried and smoked fish imports rose markedly to $88.5B in 2022. The total import value increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 13%. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, China (3.4M tons), distantly followed by the United States (1.6M tons), Thailand (1.4M tons), Japan (1.3M tons) and South Korea (1.1M tons) represented the major importers of frozen, dried and smoked fish, together comprising 44% of total imports. The following importers - the Netherlands (703K tons), Spain (656K tons), Cote d'Ivoire (632K tons), Vietnam (464K tons), Germany (461K tons), France (436K tons), Poland (309K tons) and the Philippines (307K tons) - together made up 20% of total imports.

Imports into China increased at an average annual rate of +5.0% from 2012 to 2022. At the same time, Cote d'Ivoire (+8.4%), the Philippines (+4.3%), the United States (+2.5%), Poland (+2.4%), South Korea (+2.3%) and the Netherlands (+1.8%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in the world, with a CAGR of +8.4% from 2012-2022. France, Thailand and Spain experienced a relatively flat trend pattern. By contrast, Vietnam (-1.5%), Japan (-1.8%) and Germany (-2.1%) illustrated a downward trend over the same period. China (+5 p.p.) and Cote d'Ivoire (+1.5 p.p.) significantly strengthened its position in terms of the global imports, while Japan saw its share reduced by -2.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest frozen, dried and smoked fish importing markets worldwide were the United States ($15.6B), China ($12.7B) and Japan ($9B), with a combined 42% share of global imports. Spain, South Korea, Germany, France, Thailand, the Netherlands, Vietnam, Poland, Cote d'Ivoire and the Philippines lagged somewhat behind, together accounting for a further 25%.

The Philippines, with a CAGR of +14.9%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Frozen whole fish was the major type of frozen, dried and smoked fish in the world, with the volume of imports resulting at 12M tons, which was near 59% of total imports in 2022. Frozen crustaceans (3.4M tons) held a 17% share (based on physical terms) of total imports, which put it in second place, followed by frozen fish fillet (16%) and frozen fish meat (4.8%). Dried or smoked fish (846K tons) followed a long way behind the leaders.

Frozen whole fish experienced a relatively flat trend pattern with regard to volume of imports. At the same time, frozen crustaceans (+5.2%) and frozen fish fillet (+1.1%) displayed positive paces of growth. Moreover, frozen crustaceans emerged as the fastest-growing type imported in the world, with a CAGR of +5.2% from 2012-2022. Frozen fish meat and dried or smoked fish experienced a relatively flat trend pattern. From 2012 to 2022, the share of frozen crustaceans increased by +5.3 percentage points. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of imported frozen, dried and smoked fish were frozen crustaceans ($30.1B), frozen whole fish ($27.9B) and frozen fish fillet ($20.1B), together comprising 88% of global imports.

Among the main imported products, frozen crustaceans, with a CAGR of +5.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

In 2022, the average import price for frozen, dried and smoked fish amounted to $4,365 per ton, picking up by 8.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The growth pace was the most rapid in 2021 when the average import price increased by 13%. Global import price peaked in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by the product type; the product with the highest price was frozen crustaceans ($8,806 per ton), while the price for frozen whole fish ($2,349 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by frozen fish fillet (+2.3%), while the other products experienced more modest paces of growth.

Import Prices By Country

In 2022, the average import price for frozen, dried and smoked fish amounted to $4,365 per ton, surging by 8.2% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2021 an increase of 13%. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($9,523 per ton), while Cote d'Ivoire ($1,163 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+10.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Frozen, Dried And Smoked Fish

In 2022, overseas shipments of frozen, dried and smoked fish increased by 3.3% to 20M tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2017 when exports increased by 9.8%. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, frozen, dried and smoked fish exports expanded sharply to $84.8B in 2022. The total export value increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 14%. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports By Country

The shipments of the twelve major exporters of frozen, dried and smoked fish, namely Russia, China, Vietnam, Ecuador, Norway, India, the Netherlands, the United States, Chile, South Korea, Spain and Mauritania, represented more than half of total export. Taiwan (Chinese) (477K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +10.5%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest frozen, dried and smoked fish supplying countries worldwide were Ecuador ($8.3B), China ($7.4B) and Russia ($6.7B), with a combined 26% share of global exports.

Ecuador, with a CAGR of +11.7%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Frozen whole fish was the key exported product with an export of about 12M tons, which finished at 59% of total exports. Frozen crustaceans (3.5M tons) took a 17% share (based on physical terms) of total exports, which put it in second place, followed by frozen fish fillet (15%) and frozen fish meat (4.8%). Dried or smoked fish (810K tons) held a little share of total exports.

Frozen whole fish experienced a relatively flat trend pattern with regard to volume of exports. At the same time, frozen crustaceans (+4.8%) and frozen fish meat (+1.4%) displayed positive paces of growth. Moreover, frozen crustaceans emerged as the fastest-growing type exported in the world, with a CAGR of +4.8% from 2012-2022. Frozen fish fillet and dried or smoked fish experienced a relatively flat trend pattern. While the share of frozen crustaceans (+5.2 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of frozen whole fish (-4.1 p.p.) displayed negative dynamics. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of exported frozen, dried and smoked fish were frozen crustaceans ($30.1B), frozen whole fish ($26.6B) and frozen fish fillet ($18.5B), together comprising 88% of global exports.

Among the main exported products, frozen crustaceans, with a CAGR of +5.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

In 2022, the average export price for frozen, dried and smoked fish amounted to $4,237 per ton, growing by 7.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2021 an increase of 13%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was frozen crustaceans ($8,590 per ton), while the average price for exports of frozen whole fish ($2,257 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by frozen fish fillet (+2.7%), while the other products experienced more modest paces of growth.

Export Prices By Country

The average export price for frozen, dried and smoked fish stood at $4,237 per ton in 2022, rising by 7.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2021 when the average export price increased by 13% against the previous year. Over the period under review, the average export prices hit record highs 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 Ecuador ($6,512 per ton), while Mauritania ($715 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mauritania (+4.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform