Vietnam: Frozen Fish Meat Market 2024

Frozen Fish Meat Market Size in Vietnam

In 2021, after two years of growth, there was significant decline in the Vietnamese frozen fish meat market, when its value decreased by -85.7% to $X. Over the period under review, consumption continues to indicate a noticeable decrease. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Frozen Fish Meat Production in Vietnam

In value terms, frozen fish meat production amounted to $X in 2021 estimated in export price. In general, the total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -1.3% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 25% against the previous year. Frozen fish meat production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Frozen Fish Meat Exports

Exports from Vietnam

After two years of decline, overseas shipments of frozen fish meat increased by 23% to X tons in 2021. Over the period under review, exports saw a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, frozen fish meat exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +3.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

South Korea (X tons), Thailand (X tons) and Japan (X tons) were the main destinations of frozen fish meat exports from Vietnam, with a combined 48% share of total exports. China, the United States, Russia, Malaysia, Taiwan (Chinese), Saudi Arabia and France lagged somewhat behind, together comprising a further 33%.

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of +21.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for frozen fish meat exported from Vietnam were South Korea ($X), Thailand ($X) and Japan ($X), with a combined 49% share of total exports. These countries were followed by China, the United States, Russia, Malaysia, Taiwan (Chinese), Saudi Arabia and France, which together accounted for a further 34%.

Malaysia, with a CAGR of +27.6%, recorded 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

The average frozen fish meat export price stood at $X per ton in 2021, surging by 7.5% against the previous year. Over the last nine years, it increased at an average annual rate of +2.7%. The growth pace was the most rapid in 2013 an increase of 14%. Over the period under review, the average export prices attained the peak figure in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Saudi Arabia ($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 Taiwan (Chinese) (+7.9%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Fish Meat Imports

Imports into Vietnam

In 2021, overseas purchases of frozen fish meat increased by 5.2% to X tons for the first time since 2016, thus ending a four-year declining trend. Over the period under review, imports, however, saw a abrupt contraction. The growth pace was the most rapid in 2016 when imports increased by 13% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, frozen fish meat imports shrank to $X in 2021. Overall, imports, however, saw a deep setback. The pace of growth appeared the most rapid in 2014 when imports increased by 25% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

Indonesia (X tons), Norway (X tons) and Pakistan (X tons) were the main suppliers of frozen fish meat imports to Vietnam, with a combined 54% share of total imports. These countries were followed by Sri Lanka, the United States, Myanmar, Poland, France, Canada, the Netherlands, Russia, India and Denmark, which together accounted for a further 29%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sri Lanka (with a CAGR of +183.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Norway ($X) and Pakistan ($X) appeared to be the largest frozen fish meat suppliers to Vietnam, with a combined 59% share of total imports. France, Myanmar, the United States, Sri Lanka, Poland, Canada, Russia, the Netherlands, India and Denmark lagged somewhat behind, together accounting for a further 21%.

Among the main suppliers, Sri Lanka, with a CAGR of +149.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average frozen fish meat import price stood at $X per ton in 2021, shrinking by -11.4% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 21% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Myanmar (+20.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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