Vietnam: Market for Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs 2024

Market Size for Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs in Vietnam

After two years of growth, the Vietnamese seafood meals and pellets market decreased by -27.5% to $X in 2021. In general, consumption, however, continues to indicate a relatively flat trend pattern. Seafood meals and pellets consumption peaked at $X in 2020, and then dropped notably in the following year.

Production of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs in Vietnam

In value terms, seafood meals and pellets production totaled less than $X in 2021 estimated in export price. Overall, production recorded a deep reduction. The most prominent rate of growth was recorded in 2013 with an increase of 58%. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Exports of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

Exports from Vietnam

In 2021, shipments abroad of flours, meals and pellets of fish or of crustaceans and molluscs was finally on the rise to reach X tons after four years of decline. In general, total exports indicated a tangible increase from 2012 to 2021: its volume increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 30%. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, seafood meals and pellets exports soared to $X in 2021. Overall, total exports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +9.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 53% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for seafood meals and pellets exports from Vietnam, accounting for a 81% share of total exports. Moreover, seafood meals and pellets exports to China exceeded the volume sent to the second major destination, Thailand (X tons), ninefold. South Korea (X tons) ranked third in terms of total exports with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+4.0% per year) and South Korea (+11.4% per year).

In value terms, China ($X) remains the key foreign market for flours, meals and pellets of fish or of crustaceans and molluscs exports from Vietnam, comprising 81% of total exports. The second position in the ranking was held by Thailand ($X), with a 9% share of total exports. It was followed by South Korea, with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to +12.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+9.5% per year) and South Korea (+17.3% per year).

Export Prices by Country

The average seafood meals and pellets export price stood at $X per ton in 2021, stabilizing at the previous year. Over the last nine years, it increased at an average annual rate of +5.3%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 29%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2021, the countries with the highest prices were Japan ($X per ton) and Thailand ($X per ton), while the average price for exports to China ($X per ton) and South Korea ($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 Indonesia (+5.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

Imports into Vietnam

In 2021, after nine years of growth, there was significant decline in purchases abroad of flours, meals and pellets of fish or of crustaceans and molluscs, when their volume decreased by -36.9% to X tons. In general, imports, however, saw a pronounced increase. The growth pace was the most rapid in 2017 with an increase of 34% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020, and then contracted rapidly in the following year.

In value terms, seafood meals and pellets imports contracted rapidly to $X in 2021. Over the period under review, total imports indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.0% 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 2017 with an increase of 28% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

India (X tons), Peru (X tons) and Oman (X tons) were the main suppliers of seafood meals and pellets imports to Vietnam, together comprising 60% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Oman (with a CAGR of +197.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest seafood meals and pellets suppliers to Vietnam were India ($X), Peru ($X) and South Korea ($X), with a combined 61% share of total imports. Oman, Chile, China and Thailand lagged somewhat behind, together accounting for a further 26%.

Oman, with a CAGR of +153.3%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average seafood meals and pellets import price stood at $X per ton in 2021, approximately reflecting the previous year. Overall, the import price, however, continues to indicate a perceptible decline. The pace of growth was the most pronounced in 2015 an increase of 17% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were India ($X per ton) and Peru ($X per ton), while the price for Oman ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Peru (-2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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