Fish or marine mammal fats and oils market in Norway

Earlier Report Observations

The market for fish and marine mammal fats and oils in Norway expanded from $660 million in 2018 to $1 382 million by 2023. Early growth was partly attributable to sustained price increases for seafood and oils, which elevated the market's monetary value. Regulatory developments, such as the introduction of limits for glycidyl esters in marine oils in 2020, helped standardize product quality and supported market stability.

The market's strong growth trajectory continued after 2021, supported by ongoing regulatory focus on contaminant purification, which enhanced the value of marine oils. Furthermore, shifts in the use of pelagic fish raw materials, with more direct sales for consumption and by-products used for oil and meal, alongside research into producing high-value oils for salmon feed from biomass, contributed to innovation and higher market valuation.

In subsequent years, significant price increases for seafood and oils continued to shape consumer behavior, while government strategies emphasizing sustainable aquaculture growth and international market development remained influential contextual factors for the industry.

Production fish or marine mammal fats and oils in Norway

In value, 2018-2021, M $ US

Norway's production of fish or marine mammal fats and oils has increased for the second year in a row. In 2021, output was valued at 593.9 million US dollars, marking a sharp rise of 29.9% compared to 2020. From 2018 to 2021, production grew by 39%, which translates to an annualized rate of 11.6%. The lowest value was recorded in 2019 at 398.7 million US dollars, with the largest decline that year of 6.7%.

Annual dynamics of production in Norway in value, 2018-2021, M $ US

In kind, 2018-2021, M t

Norway's production of fish or marine mammal fats and oils has risen for the second consecutive year. In 2021, 191.2 million tonnes were produced, showing a sharp increase of 48.5% compared to 2020. Over the period from 2018 to 2021, production increased by 33.2%, with a compound annual growth rate of 10.0%. The minimum volume was recorded in 2019 at 105.3 million tonnes, when the largest decline of 26.6% occurred.

Annual dynamics of production in Norway in kind, 2018-2021, M t

Exports fish or marine mammal fats and oils from Norway

Exports in kind, K t

After two years of growth, Norway's exports of fish or marine mammal fats and oils declined. In 2021, exports amounted to 126.5 thousand tonnes, a moderate drop of 9.2% compared to the previous year. From 2018 to 2021, exports increased by 26.6%, with a compound annual growth rate of 8.2%. The peak was in 2020 at 139.3 thousand tonnes, which also saw the largest increase of 18.9%.

Annual dynamics of product's exports from Norway in kind, 2018-2021, K t

From 2018 to 2021, Turkey, Denmark, and Greece remained the main buyers of fish or marine mammal fats and oils from Norway, accounting for 29.1%, 18.8%, and 14.2% of exports in kind, respectively. Together, they formed 62.2% of total exports in kind.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Norway in kind, 2018-2021

Exports in value, M $ US

Norway's exports of fish or marine mammal fats and oils have increased for the third consecutive year. In 2021, exports totaled 205.1 million US dollars, showing little change year-over-year compared to 2020. Over the period from 2018 to 2021, exports grew by 35.5%, with a compound annual growth rate of 10.7%.

Annual dynamics of product's exports from Norway in value, 2018-2021, M $ US

From 2018 to 2021, Turkey, Denmark, and the United States consistently remained the top destinations for Norway's exports in value terms, accounting for 20.9%, 17.5%, and 13.7% of exports, respectively. Together, they made up 52.0% of total export flows.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Norway in value, 2018-2021

Imports fish or marine mammal fats and oils to Norway

Imports in kind, K t

In 2021, Norway's imports of fish or marine mammal fats and oils stood at 219.0 thousand tonnes, up by 2.6% compared to 2020. Over the period from 2018 to 2021, imports increased by 6.5%, with a compound annual growth rate of 2.1%. The highest volume was recorded in 2019 at 221.5 thousand tonnes, when the largest increase of 7.7% occurred. The largest decline was in 2020, with a drop of 3.6%.

Annual dynamics of product's imports to Norway in kind, 2018-2021, K t

From 2018 to 2021, Peru, Denmark, and the United States were the largest contributors to Norway's imports in kind, accounting for 26.6%, 23.0%, and 11.1% of imports, respectively. Together, they represented 60.6% of total import flows.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Norway in kind, 2018-2021

Imports in value, M $ US

After two years of increase, Norway's imports of fish or marine mammal fats and oils declined. In 2021, imports reached 464.1 million US dollars, a small decline of 1.6% compared to the previous year. From 2018 to 2021, imports grew by 20.8%, with a compound annual growth rate of 6.5%. The peak value was in 2020 at 471.8 million US dollars, which also saw the largest increase of 11.2%.

Annual dynamics of product's imports to Norway in value, 2018-2021, M $ US

From 2018 to 2021, three principal markets—Peru, Denmark, and the United States—together accounted for 60.6% of total imports in value terms of fish or marine mammal fats and oils to Norway.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Norway in value, 2018-2021