Southern Asia: Frozen Whole Fish Market 2024

Frozen Whole Fish Market Size in Southern Asia

In 2021, the South Asian frozen whole fish market increased by 0.9% to $X, rising for the third consecutive year after three years of decline. The total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +7.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +77.8% against 2018 indices. Over the period under review, the market attained the maximum level in 2021 and is likely to see gradual growth in years to come.

Frozen Whole Fish Production in Southern Asia

In value terms, frozen whole fish production expanded to $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 14%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Frozen Whole Fish Exports

Exports in Southern Asia

In 2021, shipments abroad of frozen whole fish decreased by -8.3% to X tons, falling for the fourth year in a row after two years of growth. In general, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 36%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, frozen whole fish exports contracted to $X in 2021. Over the period under review, exports showed a abrupt setback. The pace of growth was the most pronounced in 2017 when exports increased by 25% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

India represented the key exporter of frozen whole fish in Southern Asia, with the volume of exports amounting to X tons, which was approx. 72% of total exports in 2021. It was distantly followed by Pakistan (X tons), constituting a 23% share of total exports. The following exporters - Bangladesh (X tons) and Sri Lanka (X tons) - together made up 5.4% of total exports.

From 2012 to 2021, average annual rates of growth with regard to frozen whole fish exports from India stood at -5.8%. At the same time, Sri Lanka (+16.0%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +16.0% from 2012-2021. By contrast, Pakistan (-1.2%) and Bangladesh (-3.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Pakistan and Sri Lanka increased by +7.1 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest frozen whole fish supplier in Southern Asia, comprising 71% of total exports. The second position in the ranking was held by Pakistan ($X), with a 20% share of total exports. It was followed by Bangladesh, with a 6.3% share.

From 2012 to 2021, the average annual growth rate of value in India stood at -5.4%. In the other countries, the average annual rates were as follows: Pakistan (-2.7% per year) and Bangladesh (+1.1% per year).

Export Prices by Country

In 2021, the export price in Southern Asia amounted to $X per ton, approximately reflecting the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 19% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2015; however, from 2016 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 Bangladesh ($X per ton), while Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bangladesh (+4.3%), while the other leaders experienced mixed trends in the export price figures.

Frozen Whole Fish Imports

Imports in Southern Asia

For the fifth year in a row, Southern Asia recorded growth in purchases abroad of frozen whole fish, which increased by 9.9% to X tons in 2021. In general, imports showed significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 183% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, frozen whole fish imports surged to $X in 2021. Overall, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 127% against the previous year. The level of import peaked in 2021 and is likely to see steady growth in the near future.

Imports by Country

Bangladesh was the key importing country with an import of around X tons, which amounted to 60% of total imports. India (X tons) held the second position in the ranking, distantly followed by Sri Lanka (X tons). All these countries together held near 39% share of total imports.

Bangladesh was also the fastest-growing in terms of the frozen whole fish imports, with a CAGR of +43.2% from 2012 to 2021. At the same time, India (+42.2%) and Sri Lanka (+5.5%) displayed positive paces of growth. Bangladesh (+43 p.p.) and India (+17 p.p.) significantly strengthened its position in terms of the total imports, while Sri Lanka saw its share reduced by -50.1% from 2012 to 2021, respectively.

In value terms, Bangladesh ($X) constitutes the largest market for imported frozen whole fish in Southern Asia, comprising 54% of total imports. The second position in the ranking was held by Sri Lanka ($X), with a 24% share of total imports.

In Bangladesh, frozen whole fish imports increased at an average annual rate of +56.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Sri Lanka (+10.2% per year) and India (+24.9% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2021, increasing by 31% against the previous year. Overall, the import price, however, saw a mild setback. The growth pace was the most rapid in 2019 when the import price increased by 32% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bangladesh (+9.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :