Asia: Market for Frozen Fish and Seafood 2024

Market Size for Frozen Fish and Seafood in Asia

In 2023, after seven years of growth, there was significant decline in the Asian frozen fish and seafood market, when its value decreased by X% to $X. The market value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, the market attained the peak level at $X in 2022, and then declined in the following year.

Production of Frozen Fish and Seafood in Asia

In value terms, frozen fish and seafood production reduced to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of X%. The level of production peaked at $X in 2022, and then fell in the following year.

Exports of Frozen Fish and Seafood

Exports in Asia

After two years of growth, shipments abroad of frozen fish and seafood decreased by X% to X tons in 2023. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2023, the exports failed to regain momentum.

In value terms, frozen fish and seafood exports dropped to $X in 2023. The total export 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 throughout the analyzed period. The most prominent rate of growth was recorded in 2022 when exports increased by X% against the previous year. As a result, the exports attained 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 key exporter of frozen fish and seafood in Asia, generating X% of total export. Indonesia (X tons) took an X% share (based on physical terms) of total exports, which put it in second place, followed by South Korea (X%), Taiwan (Chinese) (X%) and Japan (X%).

From 2012 to 2023, the biggest increases were recorded for India (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and Vietnam ($X) appeared to be the countries with the highest levels of exports in 2023, together comprising X% of total exports.

In terms of the main exporting countries, India, with a CAGR of X%, 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

The export price in Asia stood at $X per ton in 2023, shrinking by X% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2022, and then reduced 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 Indonesia ($X per ton), while South Korea ($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; remaining constant against 2022 figures. The total import volume increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2022 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons, leveling off in the following year.

In value terms, frozen fish and seafood imports reduced 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 throughout the analyzed period. 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 shrank in the following year.

Imports by Country

China was the major importer of frozen fish and seafood in Asia, with the volume of imports amounting to X tons, which was approx. X% of total imports in 2023. Thailand (X tons) held the second position in the ranking, followed by Japan (X tons), South Korea (X tons) and Vietnam (X tons). All these countries together held near X% share of total imports. The following importers - the Philippines (X tons) and Malaysia (X tons) - each finished 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%) and the Philippines (X%) displayed positive paces of growth. South Korea and Thailand experienced a relatively flat trend pattern. By contrast, Japan (X%) and Vietnam (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of China increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Japan ($X) and South Korea ($X) constituted the countries with the highest levels of imports in 2023, together accounting for X% of total imports. Thailand, Vietnam, Malaysia and the Philippines lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, the Philippines, with a CAGR of X%, saw the highest rates of growth with regard to 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, reducing by X% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, import 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 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