Eastern Asia: Market for Fish Fillets and Other Fish Meat 2024

Market Size for Fish Fillets and Other Fish Meat in Eastern Asia

For the fifth consecutive year, the East Asian market for fish fillets and other fish meat recorded growth in sales value, which increased by 6.3% to $X in 2022. The total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +102.3% against 2013 indices. The level of consumption peaked in 2022 and is likely to continue growth in the near future.

Production of Fish Fillets and Other Fish Meat in Eastern Asia

In value terms, production of fish fillets and other fish meat totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2016 when the production volume increased by 17%. As a result, production attained the peak level of $X. From 2017 to 2022, production of growth failed to regain momentum.

Exports of Fish Fillets and Other Fish Meat

Exports in Eastern Asia

After four years of decline, overseas shipments of fish fillets and other fish meat increased by 12% to X tons in 2022. Over the period under review, exports, however, recorded a pronounced curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 21%. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, exports of fish fillets and other fish meat soared to $X in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China dominates meat structure, resulting at X tons, which was approx. 92% of total exports in 2022. South Korea (X tons), Taiwan (Chinese) (X tons) and Japan (X tons) followed a long way behind the leaders.

Exports from China decreased at an average annual rate of -3.3% from 2012 to 2022. At the same time, Japan (+4.8%) and South Korea (+3.4%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +4.8% from 2012-2022. Taiwan (Chinese) experienced a relatively flat trend pattern. While the share of South Korea (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of China (-3.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest fish fillets and other fish meat supplier in Eastern Asia, comprising 84% of total exports. The second position in the ranking was taken by South Korea ($X), with a 6.9% share of total exports. It was followed by Japan, with a 6.1% share.

In China, exports of fish fillets and other fish meat remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+2.6% per year) and Japan (+7.5% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, increasing by 10% against the previous year. Over the last decade, it increased at an average annual rate of +3.2%. The growth pace was the most rapid in 2016 an increase of 19% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.1%), while the other leaders experienced more modest paces of growth.

Imports of Fish Fillets and Other Fish Meat

Imports in Eastern Asia

After two years of decline, supplies from abroad of fish fillets and other fish meat increased by 14% to X tons in 2022. The total import volume increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of fish fillets and other fish meat surged to $X in 2022. Total imports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +23.8% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Japan (X tons) represented the main importer of fish fillets and other fish meat, making up 49% of total imports. China (X tons) ranks second in terms of the total imports with a 25% share, followed by South Korea (18%) and Taiwan (Chinese) (4.7%). Hong Kong SAR (X tons) followed a long way behind the leaders.

Japan experienced a relatively flat trend pattern with regard to volume of imports of fish fillets and other fish meat. At the same time, China (+22.8%) and South Korea (+2.9%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +22.8% from 2012-2022. Taiwan (Chinese) and Hong Kong SAR experienced a relatively flat trend pattern. From 2012 to 2022, the share of China increased by +20 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported fish fillets and other fish meat in Eastern Asia, comprising 66% of total imports. The second position in the ranking was taken by South Korea ($X), with a 14% share of total imports. It was followed by China, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan amounted to +1.1%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+7.6% per year) and China (+23.5% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, rising by 2.4% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by 13%. The level of import peaked in 2022 and is likely to continue growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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