ASEAN: Fresh Fish Fillet Market 2024

Fresh Fish Fillet Market Size in ASEAN

In 2021, the ASEAN fresh fish fillet market decreased by -17.4% to $X for the first time since 2015, thus ending a five-year rising trend. The total consumption indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +67.2% against 2013 indices. As a result, consumption attained the peak level of $X, and then declined notably in the following year.

Fresh Fish Fillet Production in ASEAN

In value terms, fresh fish fillet production shrank to $X in 2021 estimated in export price. The total production indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +50.9% against 2015 indices. The pace of growth was the most pronounced in 2020 when the production volume increased by 42% against the previous year. As a result, production reached the peak level of $X, and then contracted in the following year.

Fresh Fish Fillet Exports

Exports in ASEAN

In 2021, shipments abroad of fresh or chilled fish fillets was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, exports, however, showed a drastic downturn. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, fresh fish fillet exports soared to $X in 2021. In general, exports, however, continue to indicate a deep contraction. The pace of growth was the most pronounced in 2017 with an increase of 74%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Vietnam was the major exporter of fresh or chilled fish fillets in ASEAN, with the volume of exports reaching X tons, which was approx. 53% of total exports in 2021. It was distantly followed by Myanmar (X tons), Malaysia (X tons) and Indonesia (X tons), together committing a 41% share of total exports. The following exporters - Thailand (X tons), the Philippines (X tons) and Singapore (X tons) - each reached a 5.7% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to fresh fish fillet exports from Vietnam stood at -10.2%. At the same time, Myanmar (+44.7%), Singapore (+8.4%) and Malaysia (+5.0%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +44.7% from 2012-2021. By contrast, Indonesia (-19.0%), Thailand (-21.7%) and the Philippines (-25.6%) illustrated a downward trend over the same period. While the share of Myanmar (+20 p.p.), Malaysia (+7.6 p.p.) and the Philippines (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Vietnam (-6.1 p.p.), Thailand (-6.4 p.p.) and Indonesia (-18.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) emerged as the largest fresh fish fillet supplier in ASEAN, comprising 49% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 24% share of total exports. It was followed by Malaysia, with an 11% share.

In Vietnam, fresh fish fillet exports plunged by an average annual rate of -9.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Indonesia (-12.0% per year) and Malaysia (-1.4% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, which is down by -22.9% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the export price increased by 54% against the previous year. The level of export peaked at $X per ton in 2020, and then declined remarkably in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+8.7%), while the other leaders experienced more modest paces of growth.

Fresh Fish Fillet Imports

Imports in ASEAN

In 2021, fresh fish fillet imports in ASEAN rose slightly to X tons, increasing by 2.1% against the year before. Total imports indicated a mild increase from 2012 to 2021: its volume increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -8.1% against 2018 indices. The pace of growth was the most pronounced in 2018 when imports increased by 54% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, fresh fish fillet imports expanded slightly to $X in 2021. Total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +79.1% against 2012 indices. The pace of growth was the most pronounced in 2018 with an increase of 25%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Thailand (X tons) and Singapore (X tons) represented roughly 79% of total imports in 2021. It was distantly followed by Malaysia (X tons), creating a 14% share of total imports. The following importers - Vietnam (X tons) and the Philippines (X tons) - each recorded a 6.1% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Thailand (with a CAGR of +7.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest fresh fish fillet importing markets in ASEAN were Singapore ($X), Thailand ($X) and Malaysia ($X), with a combined 92% share of total imports.

Singapore, with a CAGR of +10.0%, 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 more modest paces of growth.

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, surging by 1.9% against the previous year. Import price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, fresh fish fillet import price decreased by -13.7% against 2019 indices. The pace of growth was the most pronounced in 2019 when the import price increased by 39% against the previous year. As a result, import price attained the peak level of $X per ton. From 2020 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Vietnam ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+8.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform