Asia: Frozen Cuttlefishes Market 2024

Frozen Cuttlefishes Market Size in Asia

In 2021, the Asian frozen cuttlefishes market decreased by -2.9% to $X for the first time since 2016, thus ending a four-year rising trend. Over the period under review, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Frozen Cuttlefishes Production in Asia

In value terms, frozen cuttlefishes production declined modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 14%. The level of production peaked at $X in 2020, and then declined modestly in the following year.

Frozen Cuttlefishes Exports

Exports in Asia

In 2021, overseas shipments of frozen cuttlefishes were finally on the rise to reach X tons for the first time since 2015, thus ending a five-year declining trend. Overall, exports, however, faced a dramatic contraction. The growth pace was the most rapid in 2013 with an increase of 20%. The volume of export peaked at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, frozen cuttlefishes exports reached $X in 2021. In general, exports, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2016 when exports increased by 22%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2021, Vietnam (X tons) and China (X tons) were the major exporters of frozen cuttlefishes in Asia, together recording near 68% of total exports. India (X tons) held a 6.3% share (based on physical terms) of total exports, which put it in second place, followed by the Philippines (5.6%) and Democratic People's Republic of Korea (4.5%). Taiwan (Chinese) (X tons) and Pakistan (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Pakistan (with a CAGR of -3.1%), while the other leaders experienced a decline in the exports figures.

In value terms, the largest frozen cuttlefishes supplying countries in Asia were China ($X), Vietnam ($X) and Democratic People's Republic of Korea ($X), together comprising 75% of total exports. The Philippines, India, Taiwan (Chinese) and Pakistan lagged somewhat behind, together comprising a further 14%.

In terms of the main exporting countries, Pakistan, with a CAGR of +1.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, remaining relatively unchanged against the previous year. Overall, the export price, however, posted a perceptible increase. The growth pace was the most rapid in 2016 an increase of 28% against the previous year. The level of export peaked at $X per ton in 2020, and then fell modestly in the following year.

Prices varied noticeably country of origin: the country with the highest price was Democratic People's Republic of Korea ($X per ton), while Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Democratic People's Republic of Korea (+16.6%), while the other leaders experienced more modest paces of growth.

Frozen Cuttlefishes Imports

Imports in Asia

In 2021, after six years of decline, there was significant growth in purchases abroad of frozen cuttlefishes, when their volume increased by 8.4% to X tons. Over the period under review, imports, however, continue to indicate a abrupt contraction. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, frozen cuttlefishes imports rose significantly to $X in 2021. In general, imports, however, showed a deep downturn. The most prominent rate of growth was recorded in 2016 when imports increased by 9.7% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The Philippines represented the main importing country with an import of about X tons, which recorded 40% of total imports. Democratic People's Republic of Korea (X tons) took a 22% share (based on physical terms) of total imports, which put it in second place, followed by China (13%), Thailand (8.7%) and South Korea (6.2%). The following importers - Malaysia (X tons) and Japan (X tons) - together made up 5.6% of total imports.

From 2012 to 2021, the biggest increases were recorded for Democratic People's Republic of Korea (with a CAGR of +25.2%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the Philippines ($X), Thailand ($X) and South Korea ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 53% of total imports. Democratic People's Republic of Korea, China, Malaysia and Japan lagged somewhat behind, together comprising a further 38%.

Democratic People's Republic of Korea, with a CAGR of +29.1%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, therefore, remained relatively stable against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the import price increased by 63% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Japan ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+12.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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