Vietnam: Preserved Sardines Market 2024

Preserved Sardines Market Size in Vietnam

The Vietnamese preserved sardines market declined to $X in 2022, waning by -9.3% against the previous year. In general, consumption saw a mild slump. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Preserved Sardines Production in Vietnam

In value terms, preserved sardines production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 when the production volume increased by 18%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Preserved Sardines Exports

Exports from Vietnam

In 2022, preserved sardines exports from Vietnam surged to X tons, increasing by 27% on the previous year. In general, exports posted buoyant growth. The most prominent rate of growth was recorded in 2014 with an increase of 186% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, preserved sardines exports surged to $X in 2022. Overall, exports recorded a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of 124%. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Thailand (X tons), the United States (X tons) and Japan (X tons) were the main destinations of preserved sardines exports from Vietnam, together accounting for 71% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +35.4%), while the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), the United States ($X) and Japan ($X) appeared to be the largest markets for preserved sardines exported from Vietnam worldwide, together comprising 71% of total exports.

In terms of the main countries of destination, Thailand, with a CAGR of +31.5%, recorded 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 2022, the average preserved sardines export price amounted to $X per ton, which is down by -5.5% against the previous year. Over the period under review, the export price saw a slight setback. The pace of growth was the most pronounced in 2017 an increase of 11% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the United States ($X per ton) and Japan ($X per ton), while the average price for exports to Thailand ($X per ton) and Cambodia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-0.8%), while the prices for the other major destinations experienced a decline.

Preserved Sardines Imports

Imports into Vietnam

In 2022, preserved sardines imports into Vietnam contracted markedly to X tons, waning by -30.3% compared with 2021. Overall, imports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2021 with an increase of 154% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, preserved sardines imports fell rapidly to $X in 2022. In general, imports recorded a slight contraction. The growth pace was the most rapid in 2021 with an increase of 131% against the previous year. As a result, imports reached the peak of $X, and then shrank sharply in the following year.

Imports by Country

In 2022, Thailand (X tons) constituted the largest supplier of preserved sardines to Vietnam, with a 77% share of total imports. Moreover, preserved sardines imports from Thailand exceeded the figures recorded by the second-largest supplier, Japan (X tons), more than tenfold. The third position in this ranking was taken by the Philippines (X tons), with a 5.1% share.

From 2012 to 2022, the average annual growth rate of volume from Thailand totaled +1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-22.1% per year) and the Philippines (-28.0% per year).

In value terms, Thailand ($X) constituted the largest supplier of sardines (prepared or preserved) to Vietnam, comprising 77% of total imports. The second position in the ranking was taken by Japan ($X), with a 5.9% share of total imports. It was followed by the Philippines, with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Thailand stood at +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-23.1% per year) and the Philippines (-23.4% per year).

Import Prices by Country

In 2022, the average preserved sardines import price amounted to $X per ton, with an increase of 2.7% against the previous year. Over the last decade, it increased at an average annual rate of +5.9%. The growth pace was the most rapid in 2013 when the average import price increased by 67% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the Philippines ($X per ton) and Malaysia ($X per ton), while the price for France ($X per ton) and Morocco ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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