Asia: Market for Frozen Fish and Seafood 2024

Market Size for Frozen Fish and Seafood in Asia

In 2023, the Asian frozen fish and seafood market increased by X% to $X, rising for the seventh year in a row after two years of decline. The market value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. Over the period under review, the market attained the peak level in 2023 and is likely to continue growth in years to come.

Production of Frozen Fish and Seafood in Asia

In value terms, frozen fish and seafood production rose slightly 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 indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Exports of Frozen Fish and Seafood

Exports in Asia

For the third year in a row, Asia recorded growth in overseas shipments of frozen fish and seafood, which increased by less than X% to X tons in 2023. In general, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of X%. As a result, the exports reached the peak of X tons. From 2017 to 2023, the growth of the exports failed to regain momentum.

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 consistent, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2022 with an increase of X% against the previous year. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

In 2023, China (X tons), Vietnam (X tons) and India (X tons) represented the major exporter of frozen fish and seafood in Asia, mixing up X% of total export. Indonesia (X tons) took the next position in the ranking, followed by South Korea (X tons) and Taiwan (Chinese) (X tons). All these countries together held approx. X% share of total exports. The following exporters - Japan (X tons), Pakistan (X tons), Thailand (X tons), Oman (X tons) and Myanmar (X tons) - together made up X% of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Myanmar (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and Vietnam ($X) were the countries with the highest levels of exports in 2023, with a combined X% share of total exports. Indonesia, South Korea, Taiwan (Chinese), Thailand, Japan, Pakistan, Myanmar and Oman lagged somewhat behind, together comprising a further X%.

Oman, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main exporting countries 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 Asia amounted to $X per ton, declining by X% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the export price increased by X%. Over the period under review, the export prices hit record highs at $X per ton in 2022, and then dropped in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Oman ($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 Asia

In 2023, approx. X tons of frozen fish and seafood were imported in Asia; flattening at the previous year's figure. The total import volume 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 recorded in certain years. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, imports reached the peak figure at X tons in 2022, and then dropped modestly in the following year.

In value terms, frozen fish and seafood imports declined to $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2022 with an increase of X%. As a result, imports reached the peak of $X, and then shrank in the following year.

Imports by Country

In 2023, China (X tons) represented the key importer of frozen fish and seafood, creating X% of total imports. It was distantly followed by Thailand (X tons), Japan (X tons), South Korea (X tons) and Vietnam (X tons), together comprising a X% share of total imports. The following importers - the Philippines (X tons) and Malaysia (X tons) - each resulted at a X% share of total imports.

China was also the fastest-growing in terms of the frozen fish and seafood imports, with a CAGR of X% from 2012 to 2023. At the same time, Malaysia (X%), the Philippines (X%) and South Korea (X%) displayed positive paces of growth. Thailand experienced a relatively flat trend pattern. By contrast, Japan (X%) and Vietnam (X%) illustrated a downward trend over the same period. While the share of China (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Thailand (X p.p.), Vietnam (X p.p.) and Japan (X p.p.) displayed negative dynamics. 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 Asia were China ($X), Japan ($X) and South Korea ($X), with a combined X% share of total imports. Thailand, Vietnam, Malaysia and the Philippines lagged somewhat behind, together comprising a further X%.

Among the main importing countries, the Philippines, with a CAGR of X%, saw 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

The import price in Asia stood at $X per ton in 2023, falling by X% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2022, and then shrank in the following year.

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 Japan ($X per ton), while Thailand ($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