Vietnam: Market for Fish Fillets and Other Fish Meat 2024

Market Size for Fish Fillets and Other Fish Meat in Vietnam

In 2022, after two years of growth, there was significant decline in the Vietnamese market for fish fillets and other fish meat, when its value decreased by -11.9% to $X. Over the period under review, consumption recorded a perceptible downturn. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Production of Fish Fillets and Other Fish Meat in Vietnam

In value terms, production of fish fillets and other fish meat reduced to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 9.9%. Production of peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Fish Fillets and Other Fish Meat

Exports from Vietnam

In 2022, shipments abroad of fish fillets and other fish meat increased by 2.7% to X tons for the first time since 2019, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2019 with an increase of 18%. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of fish fillets and other fish meat fell modestly to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 26%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), the United States (X tons) and Mexico (X tons) were the main destinations of exports of fish fillets and other fish meat from Vietnam, with a combined 54% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +30.5%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Mexico ($X) appeared to be the largest markets for fish fillets and other fish meat exported from Vietnam worldwide, together comprising 54% of total exports.

Among the main countries of destination, China, with a CAGR of +26.1%, recorded 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 export price for fish fillets and other fish meat stood at $X per ton in 2022, shrinking by -5.8% against the previous year. Overall, the export price saw a noticeable slump. The most prominent rate of growth was recorded in 2015 an increase of 16%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Mexico ($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 the Philippines (+2.0%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Fish Fillets and Other Fish Meat

Imports into Vietnam

In 2022, supplies from abroad of fish fillets and other fish meat increased by 0.1% to X tons, rising for the second year in a row after two years of decline. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 40% against the previous year. Over the period under review, imports of reached the maximum at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of fish fillets and other fish meat stood at $X in 2022. Overall, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -13.2% against 2019 indices. The growth pace was the most rapid in 2013 when imports increased by 43%. Over the period under review, imports of attained the peak figure at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Norway (X tons), Poland (X tons) and Myanmar (X tons) were the main suppliers of imports of fish fillets and other fish meat to Vietnam, with a combined 53% share of total imports. China, Germany, the United States, Chile, France, South Korea, Japan, Sri Lanka and Canada lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2022, the biggest increases were recorded for Sri Lanka (with a CAGR of +76.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest fish fillets and other fish meat suppliers to Vietnam were Norway ($X), Poland ($X) and China ($X), with a combined 56% share of total imports. Chile, the United States, Germany, Japan, France, Myanmar, South Korea, Sri Lanka and Canada lagged somewhat behind, together accounting for a further 13%.

Myanmar, with a CAGR of +87.7%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for fish fillets and other fish meat amounted to $X per ton, with an increase of 2.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +5.1%. The pace of growth was the most pronounced in 2013 an increase of 41%. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

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 Chile ($X per ton), while the price for Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+12.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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