ASEAN: Frozen Whole Fish Market 2024

Frozen Whole Fish Market Size in ASEAN

In 2021, the ASEAN frozen whole fish market increased by 1.9% to $X, rising for the second year in a row after two years of decline. Overall, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Frozen Whole Fish Production in ASEAN

In value terms, frozen whole fish production rose to $X in 2021 estimated in export price. The total production indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -6.0% against 2017 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 19%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Frozen Whole Fish Exports

Exports in ASEAN

After two years of growth, shipments abroad of frozen whole fish decreased by -10.5% to X tons in 2021. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 24% against the previous year. The volume of export peaked at X tons in 2020, and then contracted in the following year.

In value terms, frozen whole fish exports reduced to $X in 2021. Total exports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +57.3% against 2015 indices. The most prominent rate of growth was recorded in 2017 with an increase of 28%. The level of export peaked at $X in 2020, and then shrank in the following year.

Exports by Country

The biggest shipments were from Indonesia (X tons), Vietnam (X tons) and Myanmar (X tons), together recording 74% of total export. Malaysia (X tons) ranks next in terms of the total exports with a 13% share, followed by Thailand (8.1%). The Philippines (X tons) held a minor share of total exports.

From 2012 to 2021, the biggest increases were recorded for Myanmar (with a CAGR of +95.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen whole fish supplying countries in ASEAN were Indonesia ($X), Vietnam ($X) and Myanmar ($X), with a combined 76% share of total exports.

In terms of the main exporting countries, Myanmar, with a CAGR of +91.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, growing by 3.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.2%. The pace of growth was the most pronounced in 2015 when the export price increased by 15% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+5.2%), while the other leaders experienced more modest paces of growth.

Frozen Whole Fish Imports

Imports in ASEAN

In 2021, the amount of frozen whole fish imported in ASEAN declined modestly to X tons, therefore, remained relatively stable against 2020. Overall, imports continue to indicate a slight slump. The most prominent rate of growth was recorded in 2020 when imports increased by 15%. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, frozen whole fish imports totaled $X in 2021. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 19%. The level of import peaked at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Thailand was the major importer of frozen whole fish in ASEAN, with the volume of imports recording X tons, which was near 60% of total imports in 2021. It was distantly followed by Vietnam (X tons), the Philippines (X tons), Malaysia (X tons) and Indonesia (X tons), together generating a 39% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to frozen whole fish imports into Thailand stood at -1.1%. At the same time, Malaysia (+2.1%) and the Philippines (+1.6%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +2.1% from 2012-2021. By contrast, Vietnam (-2.1%) and Indonesia (-4.4%) illustrated a downward trend over the same period. While the share of the Philippines (+2.3 p.p.) and Malaysia (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Indonesia (-1.6 p.p.) and Vietnam (-1.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) constitutes the largest market for imported frozen whole fish in ASEAN, comprising 51% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 22% share of total imports. It was followed by the Philippines, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Thailand stood at -2.3%. In the other countries, the average annual rates were as follows: Vietnam (-1.1% per year) and the Philippines (+12.8% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, rising by 2.7% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 13%. The level of import peaked at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a 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 ($X per ton), while Indonesia ($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 (+11.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform