Sri Lanka: Frozen Fish Fillet Market 2024

Frozen Fish Fillet Market Size in Sri Lanka

In 2022, the Sri Lankan frozen fish fillet market increased by 2% to $X, rising for the second consecutive year after two years of decline. In general, consumption showed significant growth. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Frozen Fish Fillet Production in Sri Lanka

In value terms, frozen fish fillet production shrank to $X in 2022 estimated in export price. In general, production, however, recorded a noticeable contraction. The pace of growth was the most pronounced in 2021 with an increase of 12% against the previous year. Frozen fish fillet production peaked at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Frozen Fish Fillet Exports

Exports from Sri Lanka

In 2022, approx. X tons of frozen fish fillet were exported from Sri Lanka; declining by -22.3% against the previous year. Overall, exports faced a deep contraction. The most prominent rate of growth was recorded in 2018 with an increase of 67%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, frozen fish fillet exports dropped to $X in 2022. Over the period under review, exports showed a precipitous contraction. The growth pace was the most rapid in 2018 with an increase of 69% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

France (X tons), the UK (X tons) and the United States (X tons) were the main destinations of frozen fish fillet exports from Sri Lanka, together accounting for 58% of total exports. Spain, Australia, Ireland, Portugal and the Netherlands lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the biggest increases were recorded for Ireland (with a CAGR of +470.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for frozen fish fillet exported from Sri Lanka were the United States ($X), France ($X) and the UK ($X), with a combined 67% share of total exports. Australia, Spain, Ireland, the Netherlands and Portugal lagged somewhat behind, together comprising a further 27%.

In terms of the main countries of destination, Ireland, with a CAGR of +502.7%, recorded 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

The average frozen fish fillet export price stood at $X per ton in 2022, surging by 25% against the previous year. Over the period under review, the export price, however, showed a slight setback. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Portugal (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Fish Fillet Imports

Imports into Sri Lanka

In 2022, supplies from abroad of frozen fish fillet increased by 83% to X tons, rising for the second consecutive year after two years of decline. Overall, imports enjoyed modest growth. The most prominent rate of growth was recorded in 2015 when imports increased by 1,413%. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, frozen fish fillet imports soared to $X in 2022. Over the period under review, imports, however, recorded a mild descent. The most prominent rate of growth was recorded in 2015 with an increase of 620% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest supplier of frozen fish fillet to Sri Lanka, with a 62% share of total imports. Moreover, frozen fish fillet imports from Vietnam exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Vietnam amounted to +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (0.0% per year) and the United Arab Emirates (+4.2% per year).

In value terms, Vietnam ($X), the United Arab Emirates ($X) and Taiwan (Chinese) ($X) were the largest frozen fish fillet suppliers to Sri Lanka, with a combined 100% share of total imports.

In terms of the main suppliers, the United Arab Emirates, with a CAGR of +13.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average frozen fish fillet import price amounted to $X per ton, falling by -4.2% against the previous year. In general, the import price showed a noticeable decrease. The growth pace was the most rapid in 2017 when the average import price increased by 48% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while the price for Taiwan (Chinese) ($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 United Arab Emirates (+9.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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