Vietnam: Preserved Fish Fillet Market 2024

Preserved Fish Fillet Market Size in Vietnam

The Vietnamese preserved fish fillet market expanded slightly to $X in 2021, growing by 2.5% against the previous year. Overall, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -1.1% against 2019 indices. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Preserved Fish Fillet Production in Vietnam

In value terms, preserved fish fillet production rose to $X in 2021 estimated in export price. In general, production posted a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 92% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Preserved Fish Fillet Exports

Exports from Vietnam

In 2021, shipments abroad of fish fillets (dried, salted or in brine, but not smoked) decreased by -9.9% to X tons, falling for the second consecutive year after two years of growth. In general, exports recorded a abrupt downturn. The pace of growth appeared the most rapid in 2018 with an increase of 43%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, preserved fish fillet exports reached $X in 2021. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when exports increased by 70%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons), Malaysia (X tons) and Russia (X tons) were the main destinations of preserved fish fillet exports from Vietnam, together accounting for 52% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Malaysia (with a CAGR of +72.3%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Russia ($X) and Japan ($X) constituted the largest markets for preserved fish fillet exported from Vietnam worldwide, with a combined 55% share of total exports. Moldova, Malaysia, Australia, Lao People's Democratic Republic, China and the United Arab Emirates lagged somewhat behind, together comprising a further 26%.

Malaysia, with a CAGR of +36.1%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average preserved fish fillet export price amounted to $X per ton, increasing by 16% against the previous year. Overall, the export price enjoyed prominent growth. The most prominent rate of growth was recorded in 2017 when the average export price increased by 24% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Russia ($X per ton), while the average price for exports to Lao People's Democratic Republic ($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 the United States (+17.0%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Fish Fillet Imports

Imports into Vietnam

For the ninth consecutive year, Vietnam recorded decline in supplies from abroad of fish fillets (dried, salted or in brine, but not smoked), which decreased by -42.5% to X tons in 2021. Over the period under review, imports recorded a sharp reduction. The smallest decline of -12.6% was in 2018. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, preserved fish fillet imports reduced remarkably to $X in 2021. In general, imports faced a abrupt decrease. The most prominent rate of growth was recorded in 2013 when imports increased by 51% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Pakistan (X tons) was the main supplier of preserved fish fillet to Vietnam, with a 96% share of total imports. It was followed by Malaysia (X tons), with a 2.2% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from Pakistan totaled -30.4%.

In value terms, Pakistan ($X) constituted the largest supplier of fish fillets (dried, salted or in brine, but not smoked) to Vietnam, comprising 88% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 2.2% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Pakistan stood at -17.8%.

Import Prices by Country

In 2021, the average preserved fish fillet import price amounted to $X per ton, approximately mirroring the previous year. Over the period under review, the import price showed resilient growth. The growth pace was the most rapid in 2013 when the average import price increased by 89%. Over the period under review, average import prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was Malaysia ($X per ton), while the price for Pakistan totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Pakistan (+18.1%).

Source: IndexBox Platform

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