ASEAN: Preserved Herring Market 2024

Preserved Herring Market Size in ASEAN

The ASEAN preserved herring market contracted slightly to $X in 2021, falling by -4.9% against the previous year. The total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +7.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +48.5% against 2016 indices. Over the period under review, the market hit record highs at $X in 2020, and then shrank modestly in the following year.

Preserved Herring Production in ASEAN

In value terms, preserved herring production fell to $X in 2021 estimated in export price. The total production indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +8.4% 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 increased by +60.4% against 2016 indices. The most prominent rate of growth was recorded in 2013 with an increase of 27%. Over the period under review, production hit record highs at $X in 2020, and then declined in the following year.

Preserved Herring Exports

Exports in ASEAN

In 2021, approx. X tons of herrings (prepared or preserved) were exported in ASEAN; which is down by -19.3% on 2020 figures. Overall, exports showed a deep slump. The growth pace was the most rapid in 2016 with an increase of 179%. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, preserved herring exports fell remarkably to $X in 2021. In general, exports showed a deep reduction. The pace of growth was the most pronounced in 2016 when exports increased by 140% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Vietnam (X tons) was the main exporter of herrings (prepared or preserved), comprising 60% of total exports. Thailand (X tons) took a 32% share (based on physical terms) of total exports, which put it in second place, followed by the Philippines (4.7%). Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Myanmar (with a CAGR of +15.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest preserved herring supplying countries in ASEAN were Vietnam ($X), Thailand ($X) and the Philippines ($X), together accounting for 94% of total exports. These countries were followed by Myanmar, which accounted for a further 2.7%.

In terms of the main exporting countries, Myanmar, with a CAGR of +21.2%, 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

The export price in ASEAN stood at $X per ton in 2021, almost unchanged from the previous year. Over the last nine-year period, it increased at an average annual rate of +1.0%. The pace of growth appeared the most rapid in 2017 when the export price increased by 13%. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 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 Myanmar ($X per ton), while Thailand ($X per ton) was amongst the lowest.

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

Preserved Herring Imports

Imports in ASEAN

In 2021, the amount of herrings (prepared or preserved) imported in ASEAN shrank rapidly to X tons, which is down by -35.8% on 2020. Over the period under review, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2018 with an increase of 136% against the previous year. The volume of import peaked at X tons in 2020, and then reduced remarkably in the following year.

In value terms, preserved herring imports shrank markedly to $X in 2021. In general, imports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2019 with an increase of 121%. Over the period under review, imports hit record highs at $X in 2020, and then reduced rapidly in the following year.

Imports by Country

In 2021, Vietnam (X tons) represented the major importer of herrings (prepared or preserved), creating 62% of total imports. Indonesia (X tons) took the second position in the ranking, distantly followed by Thailand (X tons) and Singapore (X tons). All these countries together took approx. 31% share of total imports. The Philippines (X tons) and Lao People's Democratic Republic (X tons) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to preserved herring imports into Vietnam stood at +28.8%. At the same time, Lao People's Democratic Republic (+71.2%), Indonesia (+14.4%) and Thailand (+1.0%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +71.2% from 2012-2021. By contrast, the Philippines (-3.4%) and Singapore (-4.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Vietnam, Indonesia, the Philippines and Lao People's Democratic Republic increased by +46, +4.4, +3.4 and +2.3 percentage points, respectively.

In value terms, Vietnam ($X) constitutes the largest market for imported herrings (prepared or preserved) in ASEAN, comprising 54% of total imports. The second position in the ranking was taken by Thailand ($X), with a 25% share of total imports. It was followed by Singapore, with a 13% share.

In Vietnam, preserved herring imports expanded at an average annual rate of +30.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Thailand (+5.0% per year) and Singapore (-2.4% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, surging by 23% against the previous year. Overall, the import price, however, saw a pronounced descent. The pace of growth was the most pronounced in 2019 when the import price increased by 196% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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 Thailand ($X per ton), while Indonesia ($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 (+22.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform