ASEAN: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in ASEAN

The ASEAN fish fat and oil market declined to $X in 2022, which is down by -2.1% against the previous year. The total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.1% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Fish Fats And Oils in ASEAN

In value terms, fish fat and oil production dropped modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 24%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Fish Fats And Oils

Exports in ASEAN

In 2022, approx. X tons of fish fats and oils were exported in ASEAN; which is down by -26.2% compared with the previous year's figure. Overall, exports saw a deep reduction. The pace of growth was the most pronounced in 2019 with an increase of 103% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, fish fat and oil exports shrank dramatically to $X in 2022. Over the period under review, exports showed a mild curtailment. The pace of growth was the most pronounced in 2019 with an increase of 98% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Vietnam (X tons) was the main exporter of fish fats and oils, mixing up 69% of total exports. It was distantly followed by Thailand (X tons) and Malaysia (X tons), together achieving a 26% share of total exports. The Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to fish fat and oil exports from Vietnam stood at -9.7%. At the same time, the Philippines (+30.1%), Malaysia (+15.3%) and Thailand (+8.3%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +30.1% from 2012-2022. Thailand (+14 p.p.), Malaysia (+7.1 p.p.) and the Philippines (+4.1 p.p.) significantly strengthened its position in terms of the total exports, while Vietnam saw its share reduced by -25.1% from 2012 to 2022, respectively.

In value terms, the largest fish fat and oil supplying countries in ASEAN were Vietnam ($X), Thailand ($X) and Malaysia ($X), together comprising 92% of total exports. The Philippines lagged somewhat behind, comprising a further 6.8%.

The Philippines, with a CAGR of +18.4%, recorded 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 leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, growing by 9.9% against the previous year. Export price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fish fat and oil export price increased by +55.7% against 2019 indices. The growth pace was the most rapid in 2017 an increase of 36%. The level of export peaked in 2022 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 Thailand ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+4.2%), while the other leaders experienced mixed trends in the export price figures.

Imports of Fish Fats And Oils

Imports in ASEAN

For the third consecutive year, ASEAN recorded decline in overseas purchases of fish fats and oils, which decreased by -26.7% to X tons in 2022. In general, imports recorded a slight decrease. The pace of growth appeared the most rapid in 2016 when imports increased by 45%. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, fish fat and oil imports dropped to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 29%. The level of import peaked at $X in 2021, and then reduced modestly in the following year.

Imports by Country

Singapore represented the largest importing country with an import of about X tons, which finished at 39% of total imports. Vietnam (X tons) took the second position in the ranking, distantly followed by Thailand (X tons), Indonesia (X tons) and Malaysia (X tons). All these countries together took near 59% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Singapore (with a CAGR of +2.4%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest fish fat and oil importing markets in ASEAN were Singapore ($X), Vietnam ($X) and Thailand ($X), with a combined 71% share of total imports.

Singapore, with a CAGR of +6.3%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, picking up by 32% against the previous year. Import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fish fat and oil import price increased by +76.3% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Thailand ($X per ton) and Malaysia ($X per ton), while Singapore ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform