Asia-Pacific: Fresh Fish Fillet Market 2024

Fresh Fish Fillet Market Size in Asia-Pacific

In 2021, the Asia-Pacific fresh fish fillet market decreased by -2.9% to $X for the first time since 2018, thus ending a two-year rising trend. The market value increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2020, and then declined modestly in the following year.

Fresh Fish Fillet Production in Asia-Pacific

In value terms, fresh fish fillet production fell modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 when the production volume increased by 13%. Over the period under review, production reached the peak level at $X in 2020, and then contracted in the following year.

Fresh Fish Fillet Exports

Exports in Asia-Pacific

In 2021, overseas shipments of fresh or chilled fish fillets were finally on the rise to reach X tons after three years of decline. Overall, exports, however, continue to indicate a abrupt setback. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, fresh fish fillet exports skyrocketed to $X in 2021. In general, exports, however, showed a abrupt setback. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Vietnam (X tons), distantly followed by China (X tons), Myanmar (X tons), Sri Lanka (X tons), Malaysia (X tons), Indonesia (X tons), Japan (X tons) and New Zealand (X tons) represented the major exporters of fresh or chilled fish fillets, together comprising 93% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Myanmar (with a CAGR of +44.7%), while the other leaders experienced more modest paces of growth.

In value terms, Sri Lanka ($X), Japan ($X) and Vietnam ($X) constituted the countries with the highest levels of exports in 2021, with a combined 60% share of total exports. These countries were followed by China, Indonesia, New Zealand, Malaysia and Myanmar, which together accounted for a further 34%.

Among the main exporting countries, Myanmar, with a CAGR of +28.8%, saw 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

In 2021, the export price in Asia-Pacific amounted to $X per ton, shrinking by -10.5% against the previous year. Export price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 an increase of 36%. Over the period under review, the export prices reached the peak figure at $X per ton in 2020, and then declined in the following year.

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 Japan ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+8.7%), while the other leaders experienced more modest paces of growth.

Fresh Fish Fillet Imports

Imports in Asia-Pacific

In 2021, fresh fish fillet imports in Asia-Pacific skyrocketed to X tons, rising by 20% against 2020 figures. Total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +7.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +83.6% against 2012 indices. The most prominent rate of growth was recorded in 2016 with an increase of 21%. The volume of import peaked in 2021 and is likely to see steady growth in years to come.

In value terms, fresh fish fillet imports soared to $X in 2021. Over the period under review, imports posted prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of 29% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in years to come.

Imports by Country

Japan represented the largest importing country with an import of about X tons, which resulted at 47% of total imports. South Korea (X tons) ranks second in terms of the total imports with a 13% share, followed by Thailand (7.3%), Singapore (7.1%), Hong Kong SAR (6.5%) and Pakistan (6%). Australia (X tons) took a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to fresh fish fillet imports into Japan stood at +11.2%. At the same time, Pakistan (+42.1%), South Korea (+19.1%), Hong Kong SAR (+7.5%), Thailand (+7.1%) and Singapore (+2.3%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +42.1% from 2012-2021. By contrast, Australia (-11.5%) illustrated a downward trend over the same period. Japan (+14 p.p.), South Korea (+8.1 p.p.) and Pakistan (+5.6 p.p.) significantly strengthened its position in terms of the total imports, while Singapore and Australia saw its share reduced by -3.5% and -17.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported fresh or chilled fish fillets in Asia-Pacific, comprising 60% of total imports. The second position in the ranking was taken by South Korea ($X), with a 16% share of total imports. It was followed by Singapore, with a 5.5% share.

In Japan, fresh fish fillet imports increased at an average annual rate of +12.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: South Korea (+25.2% per year) and Singapore (+10.0% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, increasing by 3.5% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.9%. The most prominent rate of growth was recorded in 2019 an increase of 6.4%. The level of import peaked in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+7.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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