Asia: Market for Cod, Salted or in Brine 2024

Market Size for Cod, Salted or in Brine in Asia

The Asian market for cod, salted or in brine declined to $X in 2022, with a decrease of -3% against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Production of Cod, Salted or in Brine in Asia

In value terms, cod, salted or in brine production declined to $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 26%. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Exports of Cod, Salted or in Brine

Exports in Asia

In 2022, shipments abroad of cod, salted or in brine increased by 7.8% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports recorded a resilient increase. The growth pace was the most rapid in 2018 when exports increased by 50% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, cod, salted or in brine exports skyrocketed to $X in 2022. Overall, exports showed strong growth. The growth pace was the most rapid in 2018 when exports increased by 69% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

China prevails in exports structure, reaching X tons, which was approx. 95% of total exports in 2022. Vietnam (X tons) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to cod, salted or in brine exports from China stood at +8.9%. At the same time, Vietnam (+31.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia, with a CAGR of +31.5% from 2012-2022. Vietnam (+2.5 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -3.8% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest cod, salted or in brine supplier in Asia, comprising 95% of total exports. The second position in the ranking was held by Vietnam ($X), with a 3.8% share of total exports.

From 2012 to 2022, the average annual growth rate of value in China amounted to +8.0%.

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, picking up by 22% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while China totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+10.2%).

Imports of Cod, Salted or in Brine

Imports in Asia

In 2022, the amount of cod, salted or in brine imported in Asia reduced rapidly to X tons, waning by -34.1% on the previous year. Over the period under review, imports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2021 when imports increased by 1,005%. As a result, imports reached the peak of X tons, and then shrank significantly in the following year.

In value terms, cod, salted or in brine imports declined rapidly to $X in 2022. Overall, imports, however, continue to indicate a mild increase. The pace of growth was the most pronounced in 2021 with an increase of 215%. Over the period under review, imports attained the peak figure at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

China prevails in imports structure, reaching X tons, which was near 86% of total imports in 2022. It was distantly followed by Japan (X tons), generating a 6% share of total imports. The following importers - Qatar (X tons), Macao SAR (X tons), Hong Kong SAR (X tons) and Vietnam (X tons) - each recorded a 7.2% share of total imports.

Imports into China increased at an average annual rate of +8.3% from 2012 to 2022. At the same time, Qatar (+366.0%), Vietnam (+68.5%), Japan (+64.9%) and Macao SAR (+11.9%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in Asia, with a CAGR of +366.0% from 2012-2022. By contrast, Hong Kong SAR (-2.4%) illustrated a downward trend over the same period. While the share of China (+16 p.p.), Japan (+6 p.p.), Qatar (+2.3 p.p.) and Vietnam (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Hong Kong SAR (-2.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported cod, salted or in brine in Asia, comprising 59% of total imports. The second position in the ranking was held by Macao SAR ($X), with an 11% share of total imports. It was followed by Japan, with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +3.2%. The remaining importing countries recorded the following average annual rates of imports growth: Macao SAR (+20.0% per year) and Japan (+32.3% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, picking up by 13% against the previous year. Over the period under review, the import price, however, recorded a perceptible reduction. The most prominent rate of growth was recorded in 2016 an increase of 55% against the previous year. The level of import peaked at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Macao SAR ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Macao SAR (+7.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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