Vietnam: Battered Fish Fillet Market 2024

Battered Fish Fillet Market Size in Vietnam

The Vietnamese battered fish fillet market totaled $X in 2021, with an increase of 7.3% against the previous year. In general, consumption, however, continues to indicate a mild curtailment. Battered fish fillet consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Battered Fish Fillet Production in Vietnam

In value terms, battered fish fillet production rose slightly to $X in 2021 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 11% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Battered Fish Fillet Exports

Exports from Vietnam

In 2021, after two years of growth, there was significant decline in overseas shipments of fish fillets in batter or breadcrumbs, when their volume decreased by -9.9% to X tons. In general, total exports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +6.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of 30%. Over the period under review, the exports attained the peak figure at X tons in 2020, and then reduced in the following year.

In value terms, battered fish fillet exports dropped to $X in 2021. Overall, total exports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -20.1% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 22% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

South Korea (X tons), Japan (X tons) and the UK (X tons) were the main destinations of battered fish fillet exports from Vietnam, with a combined 67% share of total exports. The United States, Ukraine, China, Cambodia, Australia, Thailand and the Netherlands lagged somewhat behind, together comprising a further 27%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +64.1%), while the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Japan ($X) and the UK ($X) were the largest markets for battered fish fillet exported from Vietnam worldwide, together accounting for 68% of total exports. These countries were followed by the United States, Ukraine, China, Cambodia, Australia, Thailand and the Netherlands, which together accounted for a further 27%.

China, with a CAGR of +61.4%, saw the highest growth rate of 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 battered fish fillet export price amounted to $X per ton, reducing by -5.1% against the previous year. In general, the export price recorded a noticeable contraction. The growth pace was the most rapid in 2018 when the average export price increased by 6.8%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the countries with the highest prices were China ($X per ton) and Ukraine ($X per ton), while the average price for exports to the UK ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ukraine (+5.6%), while the prices for the other major destinations experienced more modest paces of growth.

Battered Fish Fillet Imports

Imports into Vietnam

In 2021, after three years of decline, there was significant growth in supplies from abroad of fish fillets in batter or breadcrumbs, when their volume increased by 27% to X tons. Overall, imports showed a prominent increase. The most prominent rate of growth was recorded in 2015 with an increase of 675% against the previous year. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, battered fish fillet imports stood at $X in 2021. In general, imports, however, saw a abrupt curtailment. The pace of growth was the most pronounced in 2015 with an increase of 700% 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, Thailand (X tons) constituted the largest supplier of battered fish fillet to Vietnam, accounting for a 45% share of total imports. Moreover, battered fish fillet imports from Thailand exceeded the figures recorded by the second-largest supplier, Lao People's Democratic Republic (X tons), threefold. The United Arab Emirates (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Thailand totaled +58.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Lao People's Democratic Republic (0.0% per year) and the United Arab Emirates (+18.8% per year).

In value terms, Thailand ($X) constituted the largest supplier of fish fillets in batter or breadcrumbs to Vietnam, comprising 60% of total imports. The second position in the ranking was taken by South Korea ($X), with a 13% share of total imports. It was followed by the United Arab Emirates, with a 4.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Thailand totaled +57.1%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+12.3% per year) and the United Arab Emirates (+11.0% per year).

Import Prices by Country

The average battered fish fillet import price stood at $X per ton in 2021, with a decrease of -19.1% against the previous year. In general, the import price recorded a deep contraction. The most prominent rate of growth was recorded in 2014 when the average import price increased by 34%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood 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 ($X per ton), while the price for Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+5.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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