Frozen Whole Fish Market

The article provides a comprehensive analysis of the global frozen whole fish market, highlighting trends in consumption, production, and trade. It forecasts a positive growth trajectory with increasing demand driving market expansion. The data reveals key players in consumption and production, with China leading in both categories. The article also covers import and export dynamics, showcasing countries with significant market shares and growth rates. Overall, the frozen whole fish market shows promise for continued growth in the coming years.

Market Forecast

Driven by increasing demand for frozen whole fish worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market volume to 38M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.8% for the period from 2022 to 2030, which is projected to bring the market value to $102.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Frozen Whole Fish

In 2022, after three years of growth, there was decline in consumption of frozen whole fish, when its volume decreased by -1.5% to 31M tons. The total consumption volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 4% against the previous year. As a result, consumption reached the peak volume of 31M tons, and then fell slightly in the following year.

The global frozen whole fish market size reduced slightly to $71B in 2022, dropping by -3.4% 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% 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 $73.4B, and then shrank modestly in the following year.

Consumption By Country

The country with the largest volume of frozen whole fish consumption was China (14M tons), comprising approx. 45% of total volume. Moreover, frozen whole fish consumption in China exceeded the figures recorded by the second-largest consumer, Thailand (1.9M tons), sevenfold. The third position in this ranking was held by Russia (1.7M tons), with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +2.9%. In the other countries, the average annual rates were as follows: Thailand (+0.8% per year) and Russia (-0.9% per year).

In value terms, China ($38.6B) led the market, alone. The second position in the ranking was taken by Russia ($3.6B). It was followed by Thailand.

From 2012 to 2022, the average annual growth rate of value in China totaled +4.6%. The remaining consuming countries recorded the following average annual rates of market growth: Russia (-1.0% per year) and Thailand (+0.7% per year).

The countries with the highest levels of frozen whole fish per capita consumption in 2022 were Thailand (27 kg per person), Cote d'Ivoire (23 kg per person) and South Korea (19 kg per person).

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +5.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Frozen Whole Fish

In 2022, after three years of growth, there was decline in production of frozen whole fish, when its volume decreased by -2.1% to 31M tons. The total output volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 when the production volume increased by 5%. As a result, production attained the peak volume of 32M tons, and then dropped in the following year.

In value terms, frozen whole fish production declined to $73.1B in 2022 estimated in export price. The total output value increased at an average annual rate of +3.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 24% against the previous year. As a result, production attained the peak level of $80.2B, and then reduced in the following year.

Production By Country

China (12M tons) remains the largest frozen whole fish producing country worldwide, accounting for 40% of total volume. Moreover, frozen whole fish production in China exceeded the figures recorded by the second-largest producer, Russia (3.4M tons), fourfold. The third position in this ranking was held by Japan (1.3M tons), with a 4.2% share.

In China, frozen whole fish production increased at an average annual rate of +2.8% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Russia (+1.7% per year) and Japan (-1.1% per year).

Imports

World Imports of Frozen Whole Fish

In 2022, after three years of decline, there was growth in overseas purchases of frozen whole fish, when their volume increased by 2.8% to 12M tons. Overall, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by 10% against the previous year. Over the period under review, global imports reached the peak figure at 13M tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, frozen whole fish imports rose sharply to $27.9B in 2022. The total import value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, China (2.1M tons), followed by Thailand (1,285K tons), South Korea (822K tons), Cote d'Ivoire (631K tons) and Japan (580K tons) were the largest importers of frozen whole fish, together committing 45% of total imports. The Netherlands (420K tons), Vietnam (383K tons), Spain (296K tons), the Philippines (275K tons), Nigeria (263K tons), Ukraine (220K tons), Ghana (208K tons) and the United States (203K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Cote d'Ivoire (with a CAGR of +8.4%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest frozen whole fish importing markets worldwide were China ($5.1B), Japan ($3.2B) and Thailand ($2.2B), together comprising 38% of global imports. South Korea, the United States, Vietnam, Spain, Cote d'Ivoire, the Netherlands, Nigeria, the Philippines, Ukraine and Ghana lagged somewhat behind, together accounting for a further 28%.

The Philippines, with a CAGR of +13.4%, recorded the highest growth rate of 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.

Import Prices By Country

In 2022, the average frozen whole fish import price amounted to $2,349 per ton, increasing by 10% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 ($5,551 per ton), while Ghana ($960 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 (+9.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Frozen Whole Fish

In 2022, overseas shipments of frozen whole fish increased by 1% to 12M tons for the first time since 2017, thus ending a four-year declining trend. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 10%. As a result, the exports attained the peak of 12M tons. From 2018 to 2022, the growth of the global exports remained at a lower figure.

In value terms, frozen whole fish exports rose remarkably to $26.6B in 2022. The total export value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports By Country

In 2022, Russia (1.8M tons), distantly followed by Norway (759K tons), China (680K tons), South Korea (627K tons), the Netherlands (617K tons), the United States (571K tons) and Chile (563K tons) represented the main exporters of frozen whole fish, together mixing up 47% of total exports. Mauritania (486K tons), Taiwan (Chinese) (463K tons), Japan (377K tons), Spain (375K tons), Morocco (354K tons) and India (334K tons) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to frozen whole fish exports from Russia stood at +2.3%. At the same time, Morocco (+11.2%), Chile (+5.4%), Mauritania (+4.1%), South Korea (+4.0%), the Netherlands (+2.8%) and Japan (+2.1%) displayed positive paces of growth. Moreover, Morocco emerged as the fastest-growing exporter exported in the world, with a CAGR of +11.2% from 2012-2022. India and Norway experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-1.6%), the United States (-1.9%), Spain (-2.0%) and China (-3.5%) illustrated a downward trend over the same period. Russia (+2.4 p.p.), Morocco (+1.9 p.p.), Chile (+1.8 p.p.) and South Korea (+1.5 p.p.) significantly strengthened its position in terms of the global exports, while China saw its share reduced by -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 whole fish supplying countries worldwide were Russia ($4B), China ($2.3B) and Chile ($2.1B), together comprising 31% of global exports. The United States, Norway, South Korea, Taiwan (Chinese), the Netherlands, Spain, India, Japan, Morocco and Mauritania lagged somewhat behind, together accounting for a further 37%.

Morocco, with a CAGR of +10.4%, saw the highest rates of growth with regard to 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

In 2022, the average frozen whole fish export price amounted to $2,257 per ton, surging by 11% against the previous year. In general, the export price recorded 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 ($3,674 per ton), while Mauritania ($666 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mauritania (+4.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform