South-Eastern Asia: Market for Fish Fillets and Other Fish Meat 2024

Market Size for Fish Fillets and Other Fish Meat in South-Eastern Asia

In 2022, the Southeast Asian market for fish fillets and other fish meat increased by 2.6% to $X, rising for the third consecutive year after two years of decline. The total consumption indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +52.1% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Production of Fish Fillets and Other Fish Meat in South-Eastern Asia

In value terms, production of fish fillets and other fish meat fell to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 7%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Fish Fillets and Other Fish Meat

Exports in South-Eastern Asia

In 2022, shipments abroad of fish fillets and other fish meat was finally on the rise to reach X tons after two years of decline. The total export volume increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2019 when exports increased by 16% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of fish fillets and other fish meat expanded to $X in 2022. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 22%. Over the period under review, the exports of reached the maximum at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam represented the largest exporter of fish fillets and other fish meat in South-Eastern Asia, with the volume of exports amounting to X tons, which was approx. 81% of total exports in 2022. It was distantly followed by Indonesia (X tons), generating an 11% share of total exports. The following exporters - Thailand (X tons), the Philippines (X tons) and Malaysia (X tons) - together made up 7.6% of total exports.

From 2012 to 2022, average annual rates of growth with regard to fish fillets and other fish meat exports from Vietnam stood at +1.5%. At the same time, the Philippines (+4.5%), Indonesia (+3.0%) and Malaysia (+2.3%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +4.5% from 2012-2022. By contrast, Thailand (-5.7%) illustrated a downward trend over the same period. While the share of Vietnam (+2 p.p.) and Indonesia (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Thailand (-4.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest fish fillets and other fish meat supplier in South-Eastern Asia, comprising 66% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 23% share of total exports. It was followed by Thailand, with a 6.9% share.

In Vietnam, exports of fish fillets and other fish meat remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Indonesia (+6.5% per year) and Thailand (-5.3% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, approximately equating the previous year. Over the period under review, the export price, however, recorded a slight shrinkage. The pace of growth appeared the most rapid in 2015 an increase of 14% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+3.4%), while the other leaders experienced mixed trends in the export price figures.

Imports of Fish Fillets and Other Fish Meat

Imports in South-Eastern Asia

In 2022, supplies from abroad of fish fillets and other fish meat increased by 6.3% to X tons, rising for the second consecutive year after two years of decline. Total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +17.3% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of 17% against the previous year. Over the period under review, imports of reached the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, imports of fish fillets and other fish meat skyrocketed to $X in 2022. Total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +9.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +35.0% against 2020 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 28%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Thailand represented the largest importing country with an import of around X tons, which accounted for 45% of total imports. Malaysia (X tons) ranks second in terms of the total imports with a 22% share, followed by Singapore (10%), Vietnam (9.9%) and the Philippines (9%). Indonesia (X tons) took a relatively small share of total imports.

Thailand was also the fastest-growing in terms of the fish fillets and other fish meat imports, with a CAGR of +15.3% from 2012 to 2022. At the same time, Malaysia (+8.5%), Indonesia (+8.4%) and Singapore (+2.1%) displayed positive paces of growth. Vietnam and the Philippines experienced a relatively flat trend pattern. From 2012 to 2022, the share of Thailand and Malaysia increased by +23 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) constitutes the largest market for imported fish fillets and other fish meat in South-Eastern Asia, comprising 39% of total imports. The second position in the ranking was held by Malaysia ($X), with a 17% share of total imports. It was followed by Singapore, with a 16% share.

From 2012 to 2022, the average annual growth rate of value in Thailand stood at +15.0%. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (+7.0% per year) and Singapore (+6.1% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, growing by 11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The pace of growth was the most pronounced in 2018 an increase of 13% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+11.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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