ASEAN: Frozen Fish Meat Market 2024

Frozen Fish Meat Market Size in ASEAN

The ASEAN frozen fish meat market surged to $X in 2021, with an increase of 43% against the previous year. Over the period under review, consumption, however, enjoyed a prominent expansion. The level of consumption peaked in 2021 and is likely to see gradual growth in years to come.

Frozen Fish Meat Production in ASEAN

In value terms, frozen fish meat production stood at $X in 2021 estimated in export price. Overall, production, however, continues to indicate a pronounced decline. The most prominent rate of growth was recorded in 2017 with an increase of 14% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Frozen Fish Meat Exports

Exports in ASEAN

Frozen fish meat exports rose rapidly to X tons in 2021, picking up by 9.1% against the year before. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 12%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, frozen fish meat exports skyrocketed to $X in 2021. Overall, exports showed a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Vietnam (X tons) represented the key exporter of frozen fish meat, comprising 75% of total exports. It was distantly followed by Thailand (X tons) and Indonesia (X tons), together generating a 19% share of total exports. The following exporters - the Philippines (X tons) and Malaysia (X tons) - together made up 4.8% of total exports.

Vietnam experienced a relatively flat trend pattern with regard to volume of exports of frozen fish meat. At the same time, the Philippines (+87.4%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +87.4% from 2012-2021. By contrast, Indonesia (-4.5%), Malaysia (-5.8%) and Thailand (-6.5%) illustrated a downward trend over the same period. While the share of Vietnam (+10 p.p.) and the Philippines (+2.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Indonesia (-3.7 p.p.) and Thailand (-7.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest frozen fish meat supplier in ASEAN, comprising 69% of total exports. The second position in the ranking was held by Thailand ($X), with a 14% share of total exports. It was followed by Indonesia, with a 9.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Vietnam amounted to +3.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (-5.7% per year) and Indonesia (-8.3% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, increasing by 6.9% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. 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 2021, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+4.8%), while the other leaders experienced more modest paces of growth.

Frozen Fish Meat Imports

Imports in ASEAN

Frozen fish meat imports soared to X tons in 2021, picking up by 23% against 2020 figures. In general, imports continue to indicate prominent growth. The growth pace was the most rapid in 2017 with an increase of 31% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, frozen fish meat imports soared to $X in 2021. Over the period under review, imports showed strong growth. The most prominent rate of growth was recorded in 2014 with an increase of 31%. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in years to come.

Imports by Country

Thailand was the key importer of frozen fish meat in ASEAN, with the volume of imports accounting for X tons, which was near 56% of total imports in 2021. It was distantly followed by Malaysia (X tons) and the Philippines (X tons), together committing a 35% share of total imports. Vietnam (X tons), Indonesia (X tons) and Singapore (X tons) held a minor share of total imports.

Imports into Thailand increased at an average annual rate of +18.7% from 2012 to 2021. At the same time, Singapore (+19.2%), Malaysia (+17.4%), Indonesia (+9.9%) and the Philippines (+2.2%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +19.2% from 2012-2021. By contrast, Vietnam (-8.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Thailand, the Philippines and Malaysia increased by +15, +8.7 and +5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X), Malaysia ($X) and the Philippines ($X) were the countries with the highest levels of imports in 2021, together accounting for 91% of total imports.

The Philippines, with a CAGR of +30.4%, recorded the highest growth rate of the value of imports, among 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

The import price in ASEAN stood at $X per ton in 2021, increasing by 1.7% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 12% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+27.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform