Vietnam: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Vietnam

For the fourth consecutive year, the Vietnamese fish fat and oil market recorded growth in sales value, which increased by 3% to $X in 2022. Over the period under review, consumption, however, showed a remarkable increase. Fish fat and oil consumption peaked in 2022 and is expected to retain growth in years to come.

Production of Fish Fats And Oils in Vietnam

In value terms, fish fat and oil production contracted to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the production volume increased by 249% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Exports of Fish Fats And Oils

Exports from Vietnam

In 2022, exports of fish fats and oils from Vietnam reduced rapidly to X tons, which is down by -35.6% against the previous year's figure. Overall, exports showed a deep contraction. The pace of growth appeared the most rapid in 2019 when exports increased by 135% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, fish fat and oil exports shrank rapidly to $X in 2022. Over the period under review, exports showed a deep setback. The pace of growth appeared the most rapid in 2019 with an increase of 208%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Singapore (X tons), China (X tons) and South Korea (X tons) were the main destinations of fish fat and oil exports from Vietnam, with a combined 82% share of total exports. Cambodia, Taiwan (Chinese), Lao People's Democratic Republic and Bangladesh lagged somewhat behind, together comprising a further 14%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Lao People's Democratic Republic (with a CAGR of +76.7%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the key foreign market for fish fats and oils exports from Vietnam, comprising 48% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 20% share of total exports. It was followed by China, with a 17% share.

From 2012 to 2022, the average annual growth rate of value to Singapore totaled -2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-9.6% per year) and China (-9.3% per year).

Export Prices by Country

The average fish fat and oil export price stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Over the period under review, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fish fat and oil export price increased by +81.8% against 2018 indices. The pace of growth was the most pronounced in 2017 an increase of 49%. The export price peaked at $X per ton in 2021, and then reduced in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Bangladesh ($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 Taiwan (Chinese) (+27.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into Vietnam

Fish fat and oil imports into Vietnam declined remarkably to X tons in 2022, dropping by -37.7% on 2021 figures. In general, imports saw a mild decline. The pace of growth was the most pronounced in 2016 when imports increased by 49% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, fish fat and oil imports contracted to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 38% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Chile (X tons) constituted the largest fish fat and oil supplier to Vietnam, accounting for a 48% share of total imports. Moreover, fish fat and oil imports from Chile exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was held by Mauritania (X tons), with a 9.7% share.

From 2012 to 2022, the average annual growth rate of volume from Chile amounted to -1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+38.0% per year) and Mauritania (+11.8% per year).

In value terms, Chile ($X) constituted the largest supplier of fish fats and oils to Vietnam, comprising 42% of total imports. The second position in the ranking was held by Japan ($X), with a 16% share of total imports. It was followed by Thailand, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Chile was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+34.1% per year) and Thailand (+12.8% per year).

Import Prices by Country

In 2022, the average fish fat and oil import price amounted to $X per ton, surging by 37% against the previous year. Overall, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fish fat and oil import price increased by +69.7% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+13.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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