Eastern Asia: Smoked Salmon Market 2024

Smoked Salmon Market Size in Eastern Asia

The East Asian smoked salmon market declined slightly to $X in 2022, approximately reflecting the previous year. The total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +1.0% against 2020 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Smoked Salmon Production in Eastern Asia

In value terms, smoked salmon production declined to $X in 2022 estimated in export price. The total production indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.2% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 29%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Smoked Salmon Exports

Exports in Eastern Asia

In 2022, the amount of smoked pacific, atlantic and danube salmon exported in Eastern Asia contracted rapidly to X tons, declining by -29.2% on 2021. Over the period under review, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 162% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, smoked salmon exports contracted to $X in 2022. In general, exports, however, enjoyed a notable expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 128%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China dominates exports structure, reaching X tons, which was approx. 86% of total exports in 2022. Taiwan (Chinese) (X tons) held a 6.8% share (based on physical terms) of total exports, which put it in second place, followed by Hong Kong SAR (5.5%). South Korea (X tons) held a little share of total exports.

Exports from China increased at an average annual rate of +2.3% from 2012 to 2022. At the same time, Taiwan (Chinese) (+43.6%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +43.6% from 2012-2022. By contrast, South Korea (-1.6%) and Hong Kong SAR (-16.3%) illustrated a downward trend over the same period. While the share of China (+23 p.p.) and Taiwan (Chinese) (+6.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Hong Kong SAR (-24.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest smoked salmon supplier in Eastern Asia, comprising 85% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 6.9% share of total exports. It was followed by Hong Kong SAR, with a 6.2% share.

In China, smoked salmon exports expanded at an average annual rate of +8.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+51.5% per year) and Hong Kong SAR (-13.7% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, jumping by 30% against the previous year. Over the last decade, it increased at an average annual rate of +3.9%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Hong Kong SAR ($X per ton) and South Korea ($X per ton), while China ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.8%), while the other leaders experienced more modest paces of growth.

Smoked Salmon Imports

Imports in Eastern Asia

For the fifth consecutive year, Eastern Asia recorded decline in purchases abroad of smoked pacific, atlantic and danube salmon, which decreased by -10.9% to X tons in 2022. In general, imports continue to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 58% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, smoked salmon imports contracted to $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 45% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Hong Kong SAR represented the key importing country with an import of around X tons, which recorded 60% of total imports. Japan (X tons) held a 28% share (based on physical terms) of total imports, which put it in second place, followed by Taiwan (Chinese) (7.4%). Macao SAR (X tons) and South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to smoked salmon imports into Hong Kong SAR stood at -3.7%. At the same time, Taiwan (Chinese) (+3.7%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +3.7% from 2012-2022. By contrast, Macao SAR (-1.2%), Japan (-2.6%) and South Korea (-3.8%) illustrated a downward trend over the same period. Taiwan (Chinese) (+3.6 p.p.) significantly strengthened its position in terms of the total imports, while Hong Kong SAR saw its share reduced by -4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($X), Japan ($X) and Taiwan (Chinese) ($X) were the countries with the highest levels of imports in 2022, with a combined 94% share of total imports.

In terms of the main importing countries, Taiwan (Chinese), with a CAGR of +8.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, picking up by 5.2% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. The growth pace was the most rapid in 2014 an increase of 16%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Taiwan (Chinese) ($X per ton) and Macao SAR ($X per ton), while Hong Kong SAR ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Macao SAR (+7.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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