Asia's Fish Fillet Market - China's Export Share Exceeded 50%

IndexBox has just published a new report: 'Asia - Frozen Fish Fillet - Market Analysis, Forecast, Size, Trends and Insights'. Here is a summary of the report's key findings.

The revenue of the frozen fish fillet market in Asia amounted to $3.9B in 2017, growing by 4.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.9% over the period from 2007 to 2017; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2009, when the market value increased by 35% against the previous year. Over the period under review, the frozen fish fillet market attained its peak figure level at $4.6B in 2011; however, from 2012 to 2017, consumption remained at a lower figure.

Production in Asia

In 2017, production of frozen fish fillet in Asia amounted to 1.9M tonnes, remaining relatively unchanged against the previous year. The total output volume increased at an average annual rate of +1.6% from 2007 to 2017; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period.

Exports in Asia

The exports totaled 1.7M tonnes in 2017, flattening at the previous year. The total export volume increased at an average annual rate of +3.5% over the period from 2007 to 2017; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years.

In value terms, frozen fish fillet exports amounted to $7B (IndexBox estimates) in 2017.

Exports by Country

China was the main exporting country with an export of around 901K tonnes, which accounted for 53% of total exports. It was distantly followed by Viet Nam (597K tonnes), constituting 35% share of total exports. The following exporters - Indonesia (43K tonnes) and Thailand (27K tonnes) - together made up 4.2% of total exports.

From 2007 to 2017, the most notable rate of growth in terms of exports, amongst the main exporting countries, was attained by Viet Nam, while the other leaders experienced more modest paces of growth.

In value terms, China ($4B) remains the largest frozen fish fillet supplier in Asia, comprising 57% of total frozen fish fillet exports. The second position in the ranking was occupied by Viet Nam ($1.6B), with a 23% share of total exports. It was followed by Indonesia, with a 3.8% share.

Export Prices by Country

In 2017, the frozen fish fillet export price in Asia amounted to $4,130 per tonne, therefore, remained relatively stable against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. The growth pace was the most rapid in 2008, an increase of 14% against the previous year. Over the period under review, the export prices for frozen fish fillet attained their maximum at $4,486 per tonne in 2011; however, from 2012 to 2017, export prices failed to regain their momentum.

Export prices varied noticeably by the country of origin; the country with the highest export price was Thailand ($7,128 per tonne), while Viet Nam ($2,629 per tonne) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of export prices was attained by Thailand, while the other leaders experienced more modest paces of growth.

Imports in Asia

In 2017, imports of frozen fish fillet in Asia totaled 864K tonnes, picking up by 4.2% against the previous year. The total imports indicated a strong growth from 2007 to 2017: its volume increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2017 figures, the frozen fish fillet imports increased by +93.6% against 2007 indices.

In value terms, frozen fish fillet imports amounted to $3.5B (IndexBox estimates) in 2017.

Imports by Country

Japan dominates frozen fish fillet imports structure, amounting to 524K tonnes, which was approx. 61% of total imports in 2017. It was distantly followed by China (56K tonnes), comprising 6.4% share of total imports. Israel (39K tonnes), South Korea (38K tonnes), the Philippines (26K tonnes), China, Hong Kong SAR (25K tonnes), Singapore (21K tonnes), Malaysia (19K tonnes), Iran (14K tonnes), Taiwan, Chinese (14K tonnes), Saudi Arabia (14K tonnes) and Viet Nam (14K tonnes) followed a long way behind the leaders.

From 2007 to 2017, average annual rates of growth with regard to frozen fish fillet imports into Japan stood at +5.8%. At the same time, the Philippines (+60.0%), Taiwan, Chinese (+24.6%), Viet Nam (+21.3%), China (+20.3%), Singapore (+18.5%), Iran (+18.0%), Malaysia (+15.3%), Saudi Arabia (+10.8%), China, Hong Kong SAR (+1.4%), Israel (+1.2%) and South Korea (+1.2%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest growing importer in Asia, with a CAGR of +60.0% from 2007-2017. Malaysia (-1.6%), Singapore (-2%), the Philippines (-3%), China (-5.4%) and Japan (-26.2%) significantly weakened its position in terms of the global imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($2.1B) constitutes the largest market for imported frozen fish fillet in Asia, comprising 61% of total frozen fish fillet imports. The second position in the ranking was occupied by South Korea ($233M), with a 6.7% share of total imports. It was followed by Israel, with a 6.1% share.

Import Prices by Country

In 2017, the frozen fish fillet import price in Asia amounted to $3,996 per tonne, surging by 8.9% against the previous year. Overall, the frozen fish fillet import price, however, continues to indicate a relatively flat trend pattern.

There were significant differences in the average import prices amongst the major importing countries. In 2017, the country with the highest import price was Taiwan, Chinese ($6,346 per tonne), while the Philippines ($1,515 per tonne) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of import prices was attained by Saudi Arabia, while the other leaders experienced more modest paces of growth.

Source: IndexBox AI Platform