South-Eastern Asia: Fresh Fish Fillet Market 2024

Fresh Fish Fillet Market Size in South-Eastern Asia

In 2021, the Southeast Asian fresh fish fillet market decreased by -17.4% to $X for the first time since 2015, thus ending a five-year rising trend. The total consumption indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +67.2% against 2013 indices. As a result, consumption attained the peak level of $X, and then declined markedly in the following year.

Fresh Fish Fillet Production in South-Eastern Asia

In value terms, fresh fish fillet production shrank to $X in 2021 estimated in export price. The total production indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +2.2% 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 increased by +50.9% against 2015 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by 42% against the previous year. As a result, production reached the peak level of $X, and then fell in the following year.

Fresh Fish Fillet Exports

Exports in South-Eastern Asia

In 2021, overseas shipments of fresh or chilled fish fillets increased by 124% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, exports, however, recorded a deep reduction. Over the period under review, the exports hit record highs 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 surged to $X in 2021. Over the period under review, exports, however, continue to indicate a abrupt contraction. The pace of growth was the most pronounced in 2017 with an increase of 74% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam represented the major exporter of fresh or chilled fish fillets in South-Eastern Asia, with the volume of exports finishing at X tons, which was near 53% of total exports in 2021. Myanmar (X tons) held a 20% share (based on physical terms) of total exports, which put it in second place, followed by Malaysia (11%) and Indonesia (10%). The following exporters - Thailand (X tons), the Philippines (X tons) and Singapore (X tons) - each resulted at a 5.7% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to fresh fish fillet exports from Vietnam stood at -10.2%. At the same time, Myanmar (+44.7%), Singapore (+8.4%) and Malaysia (+5.0%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +44.7% from 2012-2021. By contrast, Indonesia (-19.0%), Thailand (-21.7%) and the Philippines (-25.6%) illustrated a downward trend over the same period. While the share of Myanmar (+20 p.p.), Malaysia (+7.6 p.p.) and the Philippines (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Vietnam (-6.1 p.p.), Thailand (-6.4 p.p.) and Indonesia (-18.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) emerged as the largest fresh fish fillet supplier in South-Eastern Asia, comprising 49% of total exports. The second position in the ranking was held by Indonesia ($X), with a 24% share of total exports. It was followed by Malaysia, with an 11% share.

In Vietnam, fresh fish fillet exports contracted by an average annual rate of -9.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Indonesia (-12.0% per year) and Malaysia (-1.4% per year).

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per ton, which is down by -22.9% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the export price increased by 54%. Over the period under review, the export prices reached the maximum at $X per ton in 2020, and then shrank sharply 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 the Philippines ($X per ton), while Thailand ($X per ton) was amongst the lowest.

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

Fresh Fish Fillet Imports

Imports in South-Eastern Asia

Fresh fish fillet imports totaled X tons in 2021, increasing by 2.1% against the previous year. Total imports indicated a mild expansion from 2012 to 2021: its volume increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -8.1% against 2018 indices. The pace of growth appeared the most rapid in 2018 when imports increased by 54% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, fresh fish fillet imports reached $X in 2021. Total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +78.0% against 2012 indices. The most prominent rate of growth was recorded in 2018 with an increase of 25%. The level of import peaked in 2021 and is likely to see steady growth in the near future.

Imports by Country

In 2021, Thailand (X tons) and Singapore (X tons) were the main importers of fresh or chilled fish fillets in South-Eastern Asia, together finishing at near 79% of total imports. It was distantly followed by Malaysia (X tons), committing a 14% share of total imports. The following importers - Vietnam (X tons) and the Philippines (X tons) - each accounted for a 6.1% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Thailand (with a CAGR of +7.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest fresh fish fillet importing markets in South-Eastern Asia were Singapore ($X), Thailand ($X) and Malaysia ($X), together accounting for 92% of total imports.

In terms of the main importing countries, Singapore, with a CAGR of +10.0%, recorded the highest growth rate of 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

The import price in South-Eastern Asia stood at $X per ton in 2021, picking up by 1.9% against the previous year. Import price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, fresh fish fillet import price decreased by -13.7% against 2019 indices. The pace of growth was the most pronounced in 2019 an increase of 39% against the previous year. As a result, import price attained the peak level of $X per ton. From 2020 to 2021, the import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+8.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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