Sri Lanka: Frozen Whole Fish Market 2024

Frozen Whole Fish Market Size in Sri Lanka

For the fourth consecutive year, the Sri Lankan frozen whole fish market recorded decline in sales value, which decreased by -8.5% to $X in 2021. Over the period under review, consumption showed a abrupt slump. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Frozen Whole Fish Production in Sri Lanka

In value terms, frozen whole fish production rose significantly to $X in 2021 estimated in export price. In general, production continues to indicate a abrupt decrease. The pace of growth was the most pronounced in 2017 when the production volume increased by 246%. Frozen whole fish production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Frozen Whole Fish Exports

Exports from Sri Lanka

In 2021, the amount of frozen whole fish exported from Sri Lanka skyrocketed to X tons, rising by 105% against the previous year's figure. In general, exports recorded a strong expansion. The pace of growth was the most pronounced in 2018 when exports increased by 640%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, frozen whole fish exports soared to $X in 2021. Overall, exports enjoyed resilient growth. The most prominent rate of growth was recorded in 2018 when exports increased by 321%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Vietnam (X tons), China (X tons) and Thailand (X tons) were the main destinations of frozen whole fish exports from Sri Lanka, together comprising 51% of total exports.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +60.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for frozen whole fish exported from Sri Lanka were Vietnam ($X), China ($X) and Thailand ($X), together accounting for 54% of total exports.

In terms of the main countries of destination, Thailand, with a CAGR of +65.0%, saw the highest rates of growth with regard to 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 whole fish export price stood at $X per ton in 2021, with a decrease of -7.7% against the previous year. Over the period under review, the export price saw a deep setback. The pace of growth appeared the most rapid in 2017 an increase of 220%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+6.5%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Whole Fish Imports

Imports into Sri Lanka

In 2021, the amount of frozen whole fish imported into Sri Lanka dropped modestly to X tons, shrinking by -4.9% on the year before. In general, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2013 with an increase of 91%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, frozen whole fish imports rose to $X in 2021. Overall, imports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of 102% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of frozen whole fish to Sri Lanka, with a 54% share of total imports. Moreover, frozen whole fish imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), sevenfold. Vietnam (X tons) ranked third in terms of total imports with a 6.9% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +39.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+0.2% per year) and Vietnam (+16.5% per year).

In value terms, China ($X) constituted the largest supplier of frozen whole fish to Sri Lanka, comprising 55% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 12% share of total imports. It was followed by Vietnam, with a 5.9% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +54.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+4.5% per year) and Vietnam (+23.6% per year).

Import Prices by Country

In 2021, the average frozen whole fish import price amounted to $X per ton, rising by 7% against the previous year. Over the period under review, import price indicated measured growth from 2012 to 2021: its price 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, frozen whole fish import price decreased by -0.4% against 2019 indices. The pace of growth appeared the most rapid in 2019 when the average import price increased by 85%. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+11.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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