ASEAN: Market for Frozen Fish and Seafood 2024

Market Size for Frozen Fish and Seafood in ASEAN

In 2023, after three years of growth, there was decline in the ASEAN frozen fish and seafood market, when its value decreased by X% to $X. The market value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2022, and then dropped in the following year.

Production of Frozen Fish and Seafood in ASEAN

In value terms, frozen fish and seafood production rose modestly to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

Exports of Frozen Fish and Seafood

Exports in ASEAN

In 2023, approx. X tons of frozen fish and seafood were exported in ASEAN; with a decrease of X% compared with the previous year. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. The volume of export peaked at X tons in 2022, and then reduced slightly in the following year.

In value terms, frozen fish and seafood exports shrank to $X in 2023. The total export value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2022 when exports increased by X%. As a result, the exports attained the peak of $X, and then fell in the following year.

Exports by Country

In 2023, Vietnam (X tons) was the main exporter of frozen fish and seafood, achieving X% of total exports. Indonesia (X tons) ranks second in terms of the total exports with a X% share, followed by Thailand (X%), Myanmar (X%) and Malaysia (X%). The Philippines (X tons) held a little share of total exports.

From 2012 to 2023, average annual rates of growth with regard to frozen fish and seafood exports from Vietnam stood at X%. At the same time, Myanmar (X%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of X% from 2012-2023. Indonesia and Malaysia experienced a relatively flat trend pattern. By contrast, the Philippines (X%) and Thailand (X%) illustrated a downward trend over the same period. Vietnam (X p.p.) and Myanmar (X p.p.) significantly strengthened its position in terms of the total exports, while Indonesia and Thailand saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest frozen fish and seafood supplying countries in ASEAN were Vietnam ($X), Indonesia ($X) and Thailand ($X), together accounting for X% of total exports. Malaysia, Myanmar and the Philippines lagged somewhat behind, together comprising a further X%.

Among the main exporting countries, Myanmar, with a CAGR of X%, recorded the highest growth rate of 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 2023, the export price in ASEAN amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the other leaders experienced more modest paces of growth.

Imports of Frozen Fish and Seafood

Imports in ASEAN

In 2023, purchases abroad of frozen fish and seafood decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2023, imports remained at a lower figure.

In value terms, frozen fish and seafood imports dropped to $X in 2023. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then fell in the following year.

Imports by Country

Thailand was the major importer of frozen fish and seafood in ASEAN, with the volume of imports recording X tons, which was near X% of total imports in 2023. Vietnam (X tons) took an X% share (based on physical terms) of total imports, which put it in second place, followed by the Philippines (X%), Malaysia (X%) and Indonesia (X%). Singapore (X tons) took a little share of total imports.

Thailand experienced a relatively flat trend pattern with regard to volume of imports of frozen fish and seafood. At the same time, Malaysia (X%) and the Philippines (X%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of X% from 2012-2023. Singapore and Indonesia experienced a relatively flat trend pattern. By contrast, Vietnam (X%) illustrated a downward trend over the same period. Malaysia (X p.p.), the Philippines (X p.p.) and Thailand (X p.p.) significantly strengthened its position in terms of the total imports, while Vietnam saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest frozen fish and seafood importing markets in ASEAN were Thailand ($X), Vietnam ($X) and Malaysia ($X), together comprising X% of total imports. The Philippines, Indonesia and Singapore lagged somewhat behind, together comprising a further X%.

Among the main importing countries, the Philippines, with a CAGR of X%, recorded the highest growth rate of 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

In 2023, the import price in ASEAN amounted to $X per ton, almost unchanged from the previous year. Over the last eleven years, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2017 when the import price increased by X% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Philippines (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform