Russia's fishmeal export share grows, prices remain lower than those of major competitors

Russia has seen a significant increase in its global market share in fishmeal exports, rising from 4.3% in 2023 to 5.5% in the first nine months of 2024. The country exported 133,000 tons of fishmeal, with its main markets being South Korea, China, and Belarus. The Russian Fisheries Association (FSA) anticipates that the annual export volume will reach at least 160,000 tons in 2024, marking a 12% increase from the previous year. Despite this growth and geopolitical challenges, the price of Russian fishmeal remains lower than that of its main competitors.

According to data released by the Russian Fisheries Association (FSA), in the first nine months of 2024, Russia's share of the global fishmeal export market reached 5.5%, up from 4.3% last year, making it one of the world's top five fishmeal exporters. During this period, Russia exported a total of 133,000 tons of fishmeal, with the main export destinations being South Korea, China and Belarus. FSA predicts that the annual fishmeal export volume in 2024 will reach at least 160,000 tons, an increase of about 12% from the total volume of slightly more than 143,000 tons in 2023. Data shows that between 2017 and 2023, Russia's fishmeal exports grew at an average annual rate of 13.2%, ranking among the top major exporters in the world; while the average annual growth rate of global fishmeal exports during the same period was only 0.9%. Despite the steady growth in Russia's fishmeal exports, its price is still lower than that of its major global competitors. FSA pointed out that in 2 ...