South-Eastern Asia: Frozen Fish Fillet Market 2024

Frozen Fish Fillet Market Size in South-Eastern Asia

In 2022, the Southeast Asian frozen fish fillet market decreased by -19.1% to $X, falling for the second consecutive year after six years of growth. Overall, consumption, however, continues to indicate a strong increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Frozen Fish Fillet Production in South-Eastern Asia

In value terms, frozen fish fillet production reached $X in 2022 estimated in export price. Overall, production showed a prominent increase. The growth pace was the most rapid in 2018 with an increase of 37%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Frozen Fish Fillet Exports

Exports in South-Eastern Asia

In 2022, shipments abroad of frozen fish fillet increased by 31% to X tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, frozen fish fillet exports surged to $X in 2022. Total exports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +46.6% against 2020 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 47%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Vietnam prevails in exports structure, resulting at X tons, which was near 88% of total exports in 2022. It was distantly followed by Indonesia (X tons), committing a 7.6% share of total exports. Thailand (X tons) held a little share of total exports.

Exports from Vietnam increased at an average annual rate of +3.0% from 2012 to 2022. At the same time, Indonesia (+4.4%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +4.4% from 2012-2022. By contrast, Thailand (-2.6%) illustrated a downward trend over the same period. While the share of Thailand (-1.8 p.p.) decreased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest frozen fish fillet supplier in South-Eastern Asia, comprising 77% of total exports. The second position in the ranking was held by Indonesia ($X), with a 17% share of total exports.

In Vietnam, frozen fish fillet exports expanded at an average annual rate of +6.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Indonesia (+11.5% per year) and Thailand (-4.2% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, waning by -2.4% against the previous year. Export price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen fish fillet export price decreased by -4.6% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the export price increased by 27% against the previous year. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

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 Indonesia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+6.7%), while the other leaders experienced mixed trends in the export price figures.

Frozen Fish Fillet Imports

Imports in South-Eastern Asia

In 2022, approx. X tons of frozen fish fillet were imported in South-Eastern Asia; falling by -7.8% against the year before. Total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 28% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, frozen fish fillet imports rose notably to $X in 2022. Total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.0% 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 +23.6% against 2020 indices. The pace of growth was the most pronounced in 2018 with an increase of 31% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Thailand represented the key importer of frozen fish fillet in South-Eastern Asia, with the volume of imports reaching X tons, which was approx. 42% of total imports in 2022. It was distantly followed by Singapore (X tons), the Philippines (X tons), Vietnam (X tons) and Malaysia (X tons), together making up a 55% share of total imports. Indonesia (X tons) followed a long way behind the leaders.

Thailand was also the fastest-growing in terms of the frozen fish fillet imports, with a CAGR of +14.6% from 2012 to 2022. At the same time, Indonesia (+6.4%) and Singapore (+2.0%) displayed positive paces of growth. By contrast, Vietnam (-2.3%), Malaysia (-7.1%) and the Philippines (-9.8%) illustrated a downward trend over the same period. While the share of Thailand (+26 p.p.) and the Philippines (+13 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Singapore (-5.6 p.p.), Vietnam (-10.5 p.p.) and Malaysia (-23.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest frozen fish fillet importing markets in South-Eastern Asia were Thailand ($X), Singapore ($X) and Vietnam ($X), with a combined 75% share of total imports.

In terms of the main importing countries, Thailand, with a CAGR of +11.9%, saw 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 2022, increasing by 23% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+19.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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