Asia: Frozen Whole Fish Market 2024

Frozen Whole Fish Market Size in Asia

In 2021, the Asian frozen whole fish market decreased by -5.1% to $X for the first time since 2016, thus ending a four-year rising trend. The market value increased at an average annual rate of +1.8% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020, and then declined in the following year.

Frozen Whole Fish Production in Asia

In value terms, frozen whole fish production totaled $X in 2021 estimated in export price. The total production indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.7% 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 -13.1% against 2019 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by 37% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Frozen Whole Fish Exports

Exports in Asia

In 2021, shipments abroad of frozen whole fish decreased by -7% to X tons, falling for the fourth consecutive year after two years of growth. In general, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when exports increased by 9.9%. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, frozen whole fish exports reached $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when exports increased by 12% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons), Taiwan (Chinese) (X tons), Japan (X tons) and South Korea (X tons) represented roughly 58% of total exports in 2021. Indonesia (X tons) ranks next in terms of the total exports with a 6.6% share, followed by Oman (6.2%), India (5.9%), Vietnam (5.3%) and Myanmar (5%).

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Myanmar (with a CAGR of +95.0%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest frozen whole fish supplier in Asia, comprising 32% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 14% share of total exports. It was followed by South Korea, with a 9.7% share.

From 2012 to 2021, the average annual growth rate of value in China was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (-2.2% per year) and South Korea (-3.1% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, growing by 7.5% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while Oman ($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 Asia

In 2021, overseas purchases of frozen whole fish decreased by -6.9% to X tons, falling for the fourth year in a row after four years of growth. Overall, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 6.2%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, frozen whole fish imports expanded slightly to $X in 2021. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by 11%. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

China (X tons) and Thailand (X tons) represented roughly 50% of total imports in 2021. It was distantly followed by South Korea (X tons), Japan (X tons) and Vietnam (X tons), together achieving a 31% share of total imports. The Philippines (X tons), Malaysia (X tons), Indonesia (X tons) and Taiwan (Chinese) (X tons) held a relatively small share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by South Korea (with a CAGR of +2.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and Thailand ($X) constituted the countries with the highest levels of imports in 2021, together comprising 65% of total imports. These countries were followed by South Korea, Vietnam, the Philippines, Malaysia, Taiwan (Chinese) and Indonesia, which together accounted for a further 26%.

The Philippines, with a CAGR of +12.8%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, growing by 11% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while Indonesia ($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

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