Vietnam: Frozen Cuttlefishes Market 2024

Frozen Cuttlefishes Market Size in Vietnam

In 2021, the Vietnamese frozen cuttlefishes market decreased by -5.5% to $X, falling for the fourth year in a row after two years of growth. Overall, consumption showed a sharp descent. Frozen cuttlefishes consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Frozen Cuttlefishes Production in Vietnam

In value terms, frozen cuttlefishes production shrank to $X in 2021 estimated in export price. In general, production faced a deep reduction. The pace of growth was the most pronounced in 2020 with an increase of 8.8%. Frozen cuttlefishes production peaked at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Frozen Cuttlefishes Exports

Exports from Vietnam

In 2021, overseas shipments of frozen cuttlefishes increased by 1.2% to X tons, rising for the fourth year in a row after five years of decline. Over the period under review, exports, however, recorded a pronounced contraction. The growth pace was the most rapid in 2020 with an increase of 18%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, frozen cuttlefishes exports fell modestly to $X in 2021. In general, exports, however, saw a deep contraction. The pace of growth was the most pronounced in 2020 with an increase of 29% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons), Italy (X tons) and Thailand (X tons) were the main destinations of frozen cuttlefishes exports from Vietnam, with a combined 60% share of total exports. China, South Korea, the Netherlands, Israel, Malaysia, Belgium and Portugal lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +14.3%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Thailand ($X) and Italy ($X) were the largest markets for frozen cuttlefishes exported from Vietnam worldwide, with a combined 61% share of total exports. These countries were followed by China, South Korea, Malaysia, Israel, Belgium, Portugal and the Netherlands, which together accounted for a further 32%.

Among the main countries of destination, Israel, with a CAGR of +6.8%, saw 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

In 2021, the average frozen cuttlefishes export price amounted to $X per ton, remaining constant against the previous year. In general, the export price continues to indicate a pronounced setback. The pace of growth appeared the most rapid in 2013 an increase of 16% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Thailand ($X per ton), while the average price for exports to the Netherlands ($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 Malaysia (+3.3%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Cuttlefishes Imports

Imports into Vietnam

In 2021, supplies from abroad of frozen cuttlefishes decreased by -12.9% to X tons, falling for the fourth consecutive year after two years of growth. In general, imports faced a dramatic decline. The pace of growth was the most pronounced in 2016 when imports increased by 84% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, frozen cuttlefishes imports shrank sharply to $X in 2021. Overall, imports faced a sharp descent. The most prominent rate of growth was recorded in 2017 with an increase of 100% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest frozen cuttlefishes supplier to Vietnam, with a 45% share of total imports. Moreover, frozen cuttlefishes imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Sri Lanka (X tons), fourfold. Pakistan (X tons) ranked third in terms of total imports with an 8% share.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates totaled -46.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (-29.3% per year) and Pakistan (-8.5% per year).

In value terms, the largest frozen cuttlefishes suppliers to Vietnam were the United Arab Emirates ($X), Sri Lanka ($X) and Thailand ($X), together comprising 47% of total imports. These countries were followed by Oman, South Korea, Chile, Bahrain, the Philippines, Pakistan, Hong Kong SAR, Iran, Yemen and Myanmar, which together accounted for a further 39%.

Pakistan, with a CAGR of -16.0%, 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 a decline.

Import Prices by Country

The average frozen cuttlefishes import price stood at $X per ton in 2021, falling by -8.1% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 26% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Thailand ($X per ton), while the price for Yemen ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+36.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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