Thailand: Frozen Fish Meat Market 2024

Frozen Fish Meat Market Size in Thailand

The Thai frozen fish meat market soared to $X in 2021, picking up by 35% against the previous year. In general, consumption recorded a prominent expansion. Over the period under review, the market hit record highs in 2021 and is likely to see steady growth in the immediate term.

Frozen Fish Meat Production in Thailand

In value terms, frozen fish meat production stood at $X in 2021 estimated in export price. Over the period under review, production, however, saw a deep downturn. The pace of growth appeared the most rapid in 2014 when the production volume increased by 14%. Frozen fish meat production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Frozen Fish Meat Exports

Exports from Thailand

In 2021, shipments abroad of frozen fish meat decreased by -5.4% to X tons for the first time since 2017, thus ending a three-year rising trend. Overall, exports saw a abrupt setback. The pace of growth was the most pronounced in 2014 when exports increased by 14%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, frozen fish meat exports totaled $X in 2021. Over the period under review, exports recorded a abrupt slump. The pace of growth was the most pronounced in 2018 when exports increased by 15% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for frozen fish meat exports from Thailand, accounting for a 70% share of total exports. Moreover, frozen fish meat exports to Japan exceeded the volume sent to the second major destination, Russia (X tons), sixfold. South Korea (X tons) ranked third in terms of total exports with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan stood at -8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+9.6% per year) and South Korea (-6.0% per year).

In value terms, Japan ($X) remains the key foreign market for frozen fish meat exports from Thailand, comprising 76% of total exports. The second position in the ranking was held by Russia ($X), with an 8.7% share of total exports. It was followed by Taiwan (Chinese), with a 3.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan stood at -6.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+11.3% per year) and Taiwan (Chinese) (+13.1% per year).

Export Prices by Country

In 2021, the average frozen fish meat export price amounted to $X per ton, rising by 9.8% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to South Korea ($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) (+4.5%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Fish Meat Imports

Imports into Thailand

In 2021, approx. X tons of frozen fish meat were imported into Thailand; jumping by 24% on 2020. Overall, imports recorded a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of 53%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, frozen fish meat imports soared to $X in 2021. Over the period under review, imports saw prominent growth. The pace of growth was the most pronounced in 2015 when imports increased by 56%. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in years to come.

Imports by Country

In 2021, Vietnam (X tons) constituted the largest frozen fish meat supplier to Thailand, accounting for a 59% share of total imports. Moreover, frozen fish meat imports from Vietnam exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. The United States (X tons) ranked third in terms of total imports with a 5.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Vietnam amounted to +14.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+39.1% per year) and the United States (+26.8% per year).

In value terms, Vietnam ($X) constituted the largest supplier of frozen fish meat to Thailand, comprising 55% of total imports. The second position in the ranking was taken by India ($X), with a 23% share of total imports. It was followed by the United States, with an 8.1% share.

From 2012 to 2021, the average annual growth rate of value from Vietnam amounted to +14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+41.0% per year) and the United States (+27.9% per year).

Import Prices by Country

The average frozen fish meat import price stood at $X per ton in 2021, remaining stable against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 21%. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Vietnam ($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 (+1.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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