South-Eastern Asia: Frozen Whole Fish Market 2024

Frozen Whole Fish Market Size in South-Eastern Asia

In 2021, the Southeast Asian frozen whole fish market increased by 1.8% to $X, rising for the second consecutive year after two years of decline. In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Frozen Whole Fish Production in South-Eastern Asia

In value terms, frozen whole fish production rose slightly to $X in 2021 estimated in export price. The total production indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +4.8% 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 decreased by -6.0% against 2017 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 19%. As a result, production attained the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Frozen Whole Fish Exports

Exports in South-Eastern Asia

In 2021, after two years of growth, there was significant decline in shipments abroad of frozen whole fish, when their volume decreased by -10.5% to X tons. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when exports increased by 24% against the previous year. The volume of export peaked at X tons in 2020, and then shrank in the following year.

In value terms, frozen whole fish exports reduced to $X in 2021. Total exports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +57.3% against 2015 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 28%. The level of export peaked at $X in 2020, and then shrank in the following year.

Exports by Country

Indonesia (X tons), Vietnam (X tons) and Myanmar (X tons) represented roughly 74% of total exports in 2021. Malaysia (X tons) held a 13% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (8.1%). The Philippines (X tons) took a little share of total exports.

From 2012 to 2021, the biggest increases were recorded for Myanmar (with a CAGR of +95.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen whole fish supplying countries in South-Eastern Asia were Indonesia ($X), Vietnam ($X) and Myanmar ($X), with a combined 76% share of total exports.

Among the main exporting countries, Myanmar, with a CAGR of +91.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per ton, growing by 3.7% against the previous year. Over the last nine years, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2015 an increase of 15% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+5.2%), while the other leaders experienced more modest paces of growth.

Frozen Whole Fish Imports

Imports in South-Eastern Asia

In 2021, frozen whole fish imports in South-Eastern Asia fell modestly to X tons, remaining stable against the year before. Overall, imports recorded a slight decrease. The growth pace was the most rapid in 2020 with an increase of 15% against the previous year. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, frozen whole fish imports reached $X in 2021. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 19% against the previous year. The level of import peaked at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Thailand (X tons) was the main importer of frozen whole fish, achieving 60% of total imports. Vietnam (X tons) took the second position in the ranking, followed by the Philippines (X tons), Malaysia (X tons) and Indonesia (X tons). All these countries together took approx. 39% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to frozen whole fish imports into Thailand stood at -1.1%. At the same time, Malaysia (+2.1%) and the Philippines (+1.6%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +2.1% from 2012-2021. By contrast, Vietnam (-2.1%) and Indonesia (-4.4%) illustrated a downward trend over the same period. While the share of the Philippines (+2.3 p.p.) and Malaysia (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Indonesia (-1.6 p.p.) and Vietnam (-1.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) constitutes the largest market for imported frozen whole fish in South-Eastern Asia, comprising 50% of total imports. The second position in the ranking was held by Vietnam ($X), with a 22% share of total imports. It was followed by the Philippines, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Thailand stood at -2.3%. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (-1.1% per year) and the Philippines (+12.8% per year).

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per ton, picking up by 2.7% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 13%. The level of import peaked at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Vietnam ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+11.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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