Frozen Fish Market

The demand for frozen fish worldwide is on the rise, with the market expected to grow steadily over the next eight years. By 2030, the market volume is projected to reach 46M tons, with a value of $157.7B. China leads in both consumption and production, with frozen whole fish being the most popular product. The market is forecasted to continue its growth trend, driven by increasing imports and exports, as well as rising per capita consumption in key countries like Mauritania and Thailand.

Market Forecast

Driven by increasing demand for frozen 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 +2.5% for the period from 2022 to 2030, which is projected to bring the market volume to 46M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.0% for the period from 2022 to 2030, which is projected to bring the market value to $157.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Frozen Fish

In 2022, consumption of frozen fish decreased by -0.3% to 38M tons, falling for the second consecutive year after nine years of growth. The total consumption volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 4.3%. As a result, consumption reached the peak volume of 38M tons. From 2021 to 2022, the growth of the global consumption remained at a lower figure.

The global frozen fish market value rose remarkably to $134.8B in 2022, with an increase of 5.3% 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 +2.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market attained the peak level in 2022 and is expected to retain growth in years to come.

Consumption By Country

China (14M tons) constituted the country with the largest volume of frozen fish consumption, accounting for 37% of total volume. Moreover, frozen fish consumption in China exceeded the figures recorded by the second-largest consumer, Japan (2M tons), sevenfold. Thailand (2M tons) ranked third in terms of total consumption with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China totaled +2.8%. In the other countries, the average annual rates were as follows: Japan (-1.8% per year) and Thailand (+1.2% per year).

In value terms, China ($35.4B) led the market, alone. The second position in the ranking was held by the United States ($10B). It was followed by Japan.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +3.9%. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+6.1% per year) and Japan (-1.6% per year).

In 2022, the highest levels of frozen fish per capita consumption was registered in Mauritania (265 kg per person), followed by Thailand (29 kg per person), Cote d'Ivoire (23 kg per person) and Japan (16 kg per person), while the world average per capita consumption of frozen fish was estimated at 0.1 kg per person.

From 2012 to 2022, the average annual growth rate of the frozen fish per capita consumption in Mauritania stood at +2.4%. In the other countries, the average annual rates were as follows: Thailand (+0.9% per year) and Cote d'Ivoire (+5.7% per year).

Consumption By Type

Frozen whole fish (31M tons) constituted the product with the largest volume of consumption, comprising approx. 84% of total volume. Moreover, frozen whole fish exceeded the figures recorded for the second-largest type, frozen fish fillet (4.6M tons), sevenfold.

For frozen whole fish, consumption increased at an average annual rate of +2.0% over the period from 2012-2022. For the other products, the average annual rates were as follows: frozen fish fillet (+1.4% per year) and frozen fish meat (+1.1% per year).

In value terms, frozen whole fish ($71B) led the market, alone. The second position in the ranking was held by frozen fish fillet ($26B).

For frozen whole fish, market expanded at an average annual rate of +2.9% over the period from 2012-2022. With regard to the other consumed products, the following average annual rates of growth were recorded: frozen fish fillet (+3.4% per year) and frozen fish meat (+1.1% per year).

Production

World Production of Frozen Fish

In 2022, the amount of frozen fish produced worldwide was estimated at 38M tons, leveling off at the previous year. The total output volume increased at an average annual rate of +1.7% 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 2019 when the production volume increased by 3.5%. Global production peaked in 2022 and is likely to see gradual growth in years to come.

In value terms, frozen fish production contracted modestly to $94.2B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.6% 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 2018 when the production volume increased by 15% against the previous year. Over the period under review, global production attained the peak level at $105.2B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

The country with the largest volume of frozen fish production was China (13M tons), comprising approx. 34% of total volume. Moreover, frozen fish production in China exceeded the figures recorded by the second-largest producer, Russia (3.6M tons), fourfold. The third position in this ranking was taken by Mauritania (1.8M tons), with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +2.1%. The remaining producing countries recorded the following average annual rates of production growth: Russia (+1.9% per year) and Mauritania (+5.1% per year).

Production By Type

Frozen whole fish (31M tons) constituted the product with the largest volume of production, comprising approx. 84% of total volume. Moreover, frozen whole fish exceeded the figures recorded for the second-largest type, frozen fish fillet (4.5M tons), sevenfold.

For frozen whole fish, production expanded at an average annual rate of +2.0% over the period from 2012-2022. For the other products, the average annual rates were as follows: frozen fish fillet (+1.1% per year) and frozen fish meat (+1.5% per year).

In value terms, frozen whole fish ($73.1B) led the market, alone. The second position in the ranking was held by frozen fish fillet ($23.6B).

For frozen whole fish, production expanded at an average annual rate of +3.5% over the period from 2012-2022. With regard to the other produced products, the following average annual rates of growth were recorded: frozen fish fillet (+3.4% per year) and frozen fish meat (+0.8% per year).

Imports

World Imports of Frozen Fish

In 2022, purchases abroad of frozen fish increased by 4.5% to 16M tons for the first time since 2018, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 8.3%. Over the period under review, global imports attained the maximum at 17M tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, frozen fish imports skyrocketed to $51.7B in 2022. The total import value increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, China (2.3M tons), followed by Thailand (1.4M tons), Japan (1.1M tons), South Korea (1M tons) and the United States (0.9M tons) represented the main importers of frozen fish, together committing 41% of total imports. The following importers - Cote d'Ivoire (632K tons), the Netherlands (571K tons), Spain (438K tons), Vietnam (395K tons), Germany (343K tons), Poland (300K tons), the Philippines (275K tons) and France (273K tons) - together made up 20% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Vietnam (with a CAGR of +24.6%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($6.6B), the United States ($6.5B) and China ($5.8B) constituted the countries with the highest levels of imports in 2022, together accounting for 37% of global imports. Thailand, South Korea, Germany, Spain, the Netherlands, France, Vietnam, Poland, Cote d'Ivoire and the Philippines lagged somewhat behind, together accounting for a further 29%.

In terms of the main importing countries, the Philippines, with a CAGR of +15.4%, recorded the highest rates of growth with regard to the value of imports, 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 largest type of frozen fish in the world, with the volume of imports recording 12M tons, which was approx. 74% of total imports in 2022. Frozen fish fillet (3.2M tons) held a 20% share (based on physical terms) of total imports, which put it in second place, followed by frozen fish meat (6.1%).

Frozen whole fish experienced a relatively flat trend pattern with regard to volume of imports. At the same time, frozen fish fillet (+1.1%) displayed positive paces of growth. Moreover, frozen fish fillet emerged as the fastest-growing type imported in the world, with a CAGR of +1.1% from 2012-2022. Frozen fish meat experienced a relatively flat trend pattern. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, frozen whole fish ($27.9B), frozen fish fillet ($20.1B) and frozen fish meat ($3.1B) were the products with the highest levels of imports in 2022.

Frozen fish fillet, with a CAGR of +3.5%, saw the highest growth rate of the value of imports, in terms of the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

The average frozen fish import price stood at $3,174 per ton in 2022, increasing by 12% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. 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 imported products. In 2022, the product with the highest price was frozen fish fillet ($6,373 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

The average frozen fish import price stood at $3,174 per ton in 2022, picking up by 12% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. As a result, import price reached 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 the United States ($7,611 per ton), while Cote d'Ivoire ($1,162 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 (+11.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Frozen Fish

In 2022, shipments abroad of frozen fish increased by 6.6% to 16M tons, rising for the second year in a row 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 somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2017 with an increase of 9.7% against the previous year. Over the period under review, the global exports hit record highs at 17M tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, frozen fish exports surged to $51B in 2022. The total export value increased at an average annual rate of +2.8% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

In 2022, Russia (2.2M tons), followed by China (1.4M tons), Vietnam (1.1M tons), Norway (1M tons), the United States (0.9M tons) and the Netherlands (0.8M tons) represented the key exporters of frozen fish, together generating 45% of total exports. The following exporters - Chile (722K tons), South Korea (655K tons), Mauritania (506K tons), Taiwan (Chinese) (479K tons), India (454K tons), Spain (435K tons) and Japan (392K tons) - together made up 22% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Vietnam (with a CAGR of +5.0%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest frozen fish supplying countries worldwide were China ($6.3B), Russia ($6.1B) and Vietnam ($4.2B), with a combined 33% share of global exports. Chile, Norway, the United States, the Netherlands, South Korea, Spain, Taiwan (Chinese), India, Japan and Mauritania lagged somewhat behind, together accounting for a further 37%.

Mauritania, with a CAGR of +8.4%, saw 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.

Exports By Type

In 2022, frozen whole fish (12M tons) was the major type of frozen fish, constituting 75% of total exports. Frozen fish fillet (3M tons) took the second position in the ranking, distantly followed by frozen fish meat (968K tons). All these products together took near 25% share of total exports.

Frozen whole fish experienced a relatively flat trend pattern with regard to volume of exports. At the same time, frozen fish meat (+1.4%) displayed positive paces of growth. Moreover, frozen fish meat emerged as the fastest-growing type exported in the world, with a CAGR of +1.4% from 2012-2022. Frozen fish fillet experienced a relatively flat trend pattern. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, frozen whole fish ($26.6B), frozen fish fillet ($18.5B) and frozen fish meat ($3.3B) appeared to be the products with the highest levels of exports in 2022.

In terms of the main exported products, frozen fish fillet, with a CAGR of +3.4%, recorded the highest growth rate of 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 frozen fish export price amounted to $3,098 per ton, rising by 12% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. 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 exported products. In 2022, the product with the highest price was frozen fish fillet ($6,148 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 frozen fish export price stood at $3,098 per ton in 2022, picking up by 12% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. 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 ($5,639 per ton), while Mauritania ($644 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mauritania (+3.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform