Malaysia: Fresh Fish Fillet Market 2024

Fresh Fish Fillet Market Size in Malaysia

In 2021, the Malaysian fresh fish fillet market decreased by -3.4% to $X, falling for the second consecutive year after two years of growth. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Fresh Fish Fillet Production in Malaysia

In value terms, fresh fish fillet production stood at $X in 2021 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the production volume increased by 26% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Fresh Fish Fillet Exports

Exports from Malaysia

In 2021, exports of fresh or chilled fish fillets from Malaysia skyrocketed to X tons, picking up by 277% compared with the previous year's figure. In general, exports saw a strong increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, fresh fish fillet exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a mild contraction. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Singapore (X tons) was the main destination for fresh fish fillet exports from Malaysia, with a 76% share of total exports. Moreover, fresh fish fillet exports to Singapore exceeded the volume sent to the second major destination, Cote d'Ivoire (X tons), ninefold. The third position in this ranking was taken by Senegal (X tons), with a 3.8% share.

From 2012 to 2021, the average annual growth rate of volume to Singapore amounted to +14.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+24.8% per year) and Senegal (+114.0% per year).

In value terms, Singapore ($X) emerged as the key foreign market for fresh or chilled fish fillets exports from Malaysia, comprising 60% of total exports. The second position in the ranking was taken by South Korea ($X), with a 19% share of total exports. It was followed by the United States, with a 5.8% share.

From 2012 to 2021, the average annual growth rate of value to Singapore amounted to +21.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+471.6% per year) and the United States (-18.6% per year).

Export Prices by Country

The average fresh fish fillet export price stood at $X per ton in 2021, jumping by 26% against the previous year. Overall, the export price, however, continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2020 when the average export price increased by 58%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+44.3%), while the prices for the other major destinations experienced more modest paces of growth.

Fresh Fish Fillet Imports

Imports into Malaysia

In 2021, the amount of fresh or chilled fish fillets imported into Malaysia skyrocketed to X tons, jumping by 22% against 2020 figures. In general, imports showed a pronounced increase. The most prominent rate of growth was recorded in 2014 with an increase of 142%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, fresh fish fillet imports soared to $X in 2021. Over the period under review, imports showed a buoyant expansion. The growth pace was the most rapid in 2014 with an increase of 151%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Vietnam (X tons), Thailand (X tons) and China (X tons) were the main suppliers of fresh fish fillet imports to Malaysia, together accounting for 72% of total imports. These countries were followed by Indonesia, New Zealand, Norway and Singapore, which together accounted for a further 18%.

From 2012 to 2021, the biggest increases were recorded for New Zealand (with a CAGR of +110.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest fresh fish fillet suppliers to Malaysia were Norway ($X), Vietnam ($X) and China ($X), with a combined 58% share of total imports. These countries were followed by New Zealand, Thailand, Singapore and Indonesia, which together accounted for a further 19%.

New Zealand, with a CAGR of +94.4%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average fresh fish fillet import price amounted to $X per ton, growing by 53% against the previous year. In general, import price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, fresh fish fillet import price increased by +75.4% against 2019 indices. As a result, import 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 supplying countries. In 2021, amid the top importers, the country with the highest price was Norway ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (+17.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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