ASEAN: Inedible Fish Products Market 2024

Inedible Fish Products Market Size in ASEAN

The ASEAN inedible fish products market declined rapidly to $X in 2022, falling by -17.3% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Inedible Fish Products Production in ASEAN

In value terms, inedible fish products production dropped to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 69%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Inedible Fish Products Exports

Exports in ASEAN

Inedible fish products exports reduced to X tons in 2022, with a decrease of -14.9% compared with the previous year. In general, exports, however, enjoyed prominent growth. The growth pace was the most rapid in 2018 with an increase of 87% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, inedible fish products exports expanded slightly to $X in 2022. Overall, exports, however, posted a prominent increase. The growth pace was the most rapid in 2019 with an increase of 68%. As a result, the exports attained 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 major exporter of inedible fish products, making up 59% of total exports. Singapore (X tons) ranks second in terms of the total exports with a 13% share, followed by Indonesia (9.5%), Cambodia (9.3%) and Thailand (6.2%). Malaysia (X tons) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to inedible fish products exports from Vietnam stood at +12.5%. At the same time, Cambodia (+58.4%), Malaysia (+9.2%), Thailand (+8.9%) and Indonesia (+2.3%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +58.4% from 2012-2022. By contrast, Singapore (-1.0%) illustrated a downward trend over the same period. While the share of Vietnam (+18 p.p.) and Cambodia (+9.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Indonesia (-7.5 p.p.) and Singapore (-20.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X), Thailand ($X) and Indonesia ($X) constituted the countries with the highest levels of exports in 2022, with a combined 85% share of total exports. Singapore, Cambodia and Malaysia lagged somewhat behind, together comprising a further 15%.

Cambodia, with a CAGR of +19.2%, saw the highest growth rate of the value of exports, among 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, picking up by 22% against the previous year. Export price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 an increase of 76% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+8.9%), while the other leaders experienced more modest paces of growth.

Inedible Fish Products Imports

Imports in ASEAN

In 2022, imports of inedible fish products in ASEAN contracted dramatically to X tons, shrinking by -63.1% compared with the previous year's figure. Overall, imports, however, posted moderate growth. The pace of growth appeared the most rapid in 2021 with an increase of 223% against the previous year. As a result, imports attained the peak of X tons, and then shrank notably in the following year.

In value terms, inedible fish products imports expanded remarkably to $X in 2022. The total import value increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when imports increased by 36%. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

Thailand represented the largest importer of inedible fish products in ASEAN, with the volume of imports resulting at X tons, which was approx. 64% of total imports in 2022. Singapore (X tons) ranks second in terms of the total imports with a 20% share, followed by Indonesia (7.3%) and Vietnam (6.1%). Malaysia (X tons) took a minor share of total imports.

Thailand was also the fastest-growing in terms of the inedible fish products imports, with a CAGR of +18.6% from 2012 to 2022. At the same time, Indonesia (+16.2%) displayed positive paces of growth. By contrast, Singapore (-2.3%), Malaysia (-5.5%) and Vietnam (-13.8%) illustrated a downward trend over the same period. Thailand (+47 p.p.) and Indonesia (+5 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia, Singapore and Vietnam saw its share reduced by -2.5%, -16.4% and -33.1% from 2012 to 2022, respectively.

In value terms, Vietnam ($X), Thailand ($X) and Indonesia ($X) were the countries with the highest levels of imports in 2022, with a combined 86% share of total imports.

Among the main importing countries, Indonesia, with a CAGR of +14.6%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, rising by 185% against the previous year. In general, the import price, however, saw a noticeable reduction. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($X per ton), while Thailand ($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 (+20.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform