2024 ASEAN Fish Fillet Export Market Analysis

Key Market Drivers

The market expansion is fueled by several factors: population growth exceeding 70 million new urban residents expected by 2025, rising disposable incomes, and shifting dietary patterns toward protein-rich foods. The Asia-Pacific fish processing market was valued at $49.47 billion in 2024 and is anticipated to reach $73.83 billion by 2033, growing at a CAGR of 4.55%.

Vietnam: Leading Regional Exporter

Vietnam emerged as the dominant ASEAN fish fillet exporter in 2024, with total seafood exports reaching $10.04 billion, representing an 11.93% increase from 2023. The country's pangasius exports alone achieved significant growth, with 670,000 metric tons exported in the first nine months of 2024, marking a 15.5% increase year-over-year. Vietnamese tra fish exports are projected to reach approximately $2 billion in 2025, driven by strong demand from China, which accounts for 60% of frozen tra fish fillet exports.

Key Vietnamese export destinations include:

United States: $1.83 billion (18.26% of total exports)

China: $1.73 billion (17.23% of total exports)

Japan: $1.53 billion (15.26% of total exports)

Indonesia: Largest Regional Producer

Indonesia maintains its position as the largest seafood producer in the ASEAN region, contributing approximately 45% of the total market share. The country's fisheries export value reached $5.9 billion in 2024, with total export volume of 1.43 million tons, representing a 5.7% growth. China remains Indonesia's largest export destination, accounting for 36% (518,000 tons) of fish exports valued at $1.24 billion.

Indonesian fish fillet export prices averaged $7,174 per ton in 2024, with projections indicating continued price appreciation reaching $8.00 per kilogram by 2024. The country's fresh fish fillet production and exports showed resilience despite global market challenges.

Thailand: Processing Hub Excellence

Thailand's seafood processing industry reached its highest revenue in 10 years, earning 240.06 billion baht in 2024 despite global economic challenges. The country's processed seafood exports, including frozen and processed products, increased by 22%, reaching 1.48 million tons valued at $2.5 billion. This growth was largely attributed to a 30% increase in canned and bagged tuna exports.

However, Thailand faces challenges with overall output contracting between -0.5% and -1.5% annually from 2023 to 2025, with exports declining at -1.0% to -2.0% per year due to increased competition from China, Ecuador, and Vietnam. The domestic market is expected to expand by 4.0-5.0% annually, driven by urbanization and tourism recovery.

Coastal aquaculture dominates Thailand's production, accounting for 54.83% of total output (521,003 tonnes annually) and consuming approximately 350,000 tonnes of aquafeed per year. Key species include shrimp (270,000 tonnes in 2024) and seabass (54,400 tonnes), though the industry faces challenges from disease outbreaks and price competition from Malaysia.

Malaysia: Strategic Market Positioning

Malaysia's fisheries exports were projected at $944.62 million in 2024, with steady growth expected to reach $1.01 billion by 2028, representing a CAGR of 1.68%. The country is establishing a cold storage air freight hub in Sabah to enhance seafood exports to China, capitalizing on Sabah's contribution of 25% of Malaysia's total fisheries production.

Malaysian seafood exports in 2022 from Sabah to China reached 174 million ringgit ($39.5 million), with an additional 43.6 million ringgit to Hong Kong. The country's strategic location and infrastructure development position it as a key gateway for regional seafood trade.

Fish Filleting Machine Market Growth

The global fish filleting machine market is experiencing robust growth, with the Asia-Pacific region emerging as a key driver. The market is projected to reach $400 million by 2033, growing at a CAGR of 5.5% from 2026 to 2033. Asia-Pacific fish viscera removal machine market revenue was valued at $120 million in 2024 and is estimated to reach $180 million by 2033, growing at a CAGR of 5%.

Regional Equipment Demand

The seafood processing equipment market in Southeast Asia is valued at $2.49 billion in 2024, projected to reach $3.81 billion by 2032, exhibiting a CAGR of 5.4%.. The Southeast Asia food processing equipment market is forecast to reach $1.25 billion by 2030, at a CAGR of 4.80%. This growth is driven by increasing demand for automated processing solutions and efficiency improvements in seafood processing operations.

Technology Adoption Trends

Modern fish filleting machines now process over 1,500 kilograms of fish per person per day, compared to just 150 kilograms in the 1990s. Semi-automatic filleting machines dominate the market, accounting for the majority of equipment sales due to their balance of efficiency and cost-effectiveness. The integration of artificial intelligence, machine vision systems, and automated portion control has become standard in modern processing facilities.

Intra-ASEAN Trade

ASEAN countries demonstrate strong intra-regional trade patterns, with significant fish fillet exports between member states. Vietnam's pangasius exports to ASEAN markets reached nearly 9,000 tons in May 2024, representing the highest import volume since November of the previous year. Thailand serves as both a major importer and processor of regional seafood products, while Malaysia and Singapore function as crucial distribution hubs.

Major Export Markets

China remains the dominant export destination for ASEAN fish fillets, accounting for substantial portions of regional exports. The United States continues as a significant market, particularly for Vietnamese pangasius and Indonesian fish products. Japan maintains its position as a premium market for high-quality fish fillets, especially from Thailand and Vietnam.

Price Dynamics

Export prices across ASEAN markets showed mixed performance in 2024. Vietnam's pangasius prices declined by 18% year-over-year to China despite increased volumes, while Indonesian fish fillet prices averaged $7,174 per ton. Malaysia's projected export prices indicate steady growth, with the country focusing on value-added processing to enhance margins.