冻品攻略

FAO Releases Quarterly Report on the Global Pangasius Market!

Source: 冻品攻略2025-06-18 08:00

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May 2025 Quarterly Report on the Global Pangasius Market!

Vietnam's pangasius industry showed strong growth momentum in 2025. The industry is actively opening up emerging market opportunities beyond traditional markets, responding to market fluctuations through diversified positioning. Despite price volatility and tariff challenges, Vietnam is expected to maintain stable growth in 2025 by focusing on high value-added products and expanding market coverage.

#### Production

Vietnam's pangasius output is expected to continue expanding in 2025, with the harvest forecast to reach 1.65 million tonnes, up 7% from 2024. The Directorate of Fisheries emphasized that it will focus on improving the quality of pangasius fry, while strengthening research to gradually replace fishmeal and fish oil in feed with plant-based ingredients, insects, microalgae, seaweed and other alternatives. According to data from the Vietnam Association of Seafood Exporters and Producers (VASEP), pangasius export value is expected to reach US$2 billion in 2024, confirming Vietnam's dominant position in global pangasius supply.

By contrast, affected by the prolonged El Niño phenomenon, the Indonesian Pangasius Producers Association (APCI) estimates that production will fall to 280,000-300,000 tonnes in 2024, compared with 350,000-400,000 tonnes in 2023.

Bangladesh's pangasius production has grown significantly over the past two decades and has become one of the most important freshwater aquaculture species in regions such as Mymensingh, Comilla and Jessore. Data from the Department of Fisheries show that total output in fiscal year 2022-2023 exceeded 400,000 tonnes. Because of their affordable prices, these products are mainly supplied to the domestic market, appearing both in traditional markets and increasingly in supermarkets and food service. At present, the average price of whole fresh pangasius of 3-4 kg in Dhaka supermarkets is US$2 per kilogram. Stable demand, together with government support and the potential for value-added processing, makes pangasius an important pillar of Bangladesh's food security and rural economy.

#### Trade and Markets

At the May Global Seafood Expo in Barcelona, Vietnam's pangasius industry participated on a large scale to actively promote its products. Facing possible additional tariffs from the United States, the industry is reducing its dependence on traditional export markets through diversified market positioning and expanding domestic demand. To maintain growth, the industry is focusing on opening up emerging markets such as the Middle East, where demand for pangasius is rising and standards such as halal certification need to be met. Companies have also increased investment in value-added products to develop the domestic market and reduce dependence on exports.

In 2024, 147 countries worldwide imported about 880,000 tonnes of frozen pangasius from Vietnam, up 20% from the previous year, confirming strong market demand for the product. The top ten importing countries absorbed 75% of supply, and most destinations, including emerging markets, showed significant growth. Asia (including China) accounted for 47% of global pangasius trade volume. China remained the largest importing country, with imports in 2024 up 17.60% from 2023. It was followed by the United States, Brazil, Thailand, Mexico and Singapore.

Although frozen fillets accounted for 81% of the total, imports of whole frozen fish grew more noticeably. In 2024, imports of frozen fillets were 710,000 tonnes and those of whole frozen pangasius were 165,000 tonnes, up 16.6% and 19.0% respectively from 2023. China was the largest market for both product categories. Countries that also saw significant growth in imports of whole frozen pangasius included Singapore (up 63.60% to 4,060 tonnes), Saudi Arabia (up 17.80% to 4,260 tonnes) and Iraq (up 1076% to 5,640 tonnes).

According to VASEP data, Singapore is the second-largest importer of Vietnamese pangasius among ASEAN economies, after Thailand. The rise in Singapore's imports offset declines in other ASEAN markets.

The United States remained the second-largest import market for Vietnamese pangasius. In 2024, driven by price advantages, increased demand and a favorable trade environment, US imports rose sharply by 33.7% to 119,760 tonnes.

The EU's imports of pangasius from Vietnam grew 8% year on year in 2024. The top five importing countries—Germany, Spain, Belgium, Italy and Poland—together accounted for 50% of total EU imports and all achieved growth during the reporting period. Vietnamese exporters continued to dominate this market, with most pangasius entering in the form of frozen fillets.

In Latin America, Brazil and Colombia are the main markets for Vietnamese pangasius. The former led with imports of 33,570 tonnes of frozen fillets (up 32.50% year on year), while the latter became the region's largest importer of whole fish with imports of 14,910 tonnes of whole frozen pangasius (up 15.90% year on year).

#### Price Trends

In 2024, Vietnam's pangasius industry experienced price fluctuations, affected by supply constraints and changes in global demand. The farm-gate price of pangasius over 1.2 kg was below VND 30,000/kg (US$1.15), the highest level since early 2023. By the end of the year, the price of fish over 1 kg had risen to VND 32,000-33,000/kg (US$1.23-1.27). In early 2025, Vietnamese pangasius prices reached a three-year high, with the price of fish over 1.2 kg at about VND 33,500/kg (US$1.30), a significant increase from the same period in 2024. This increase was attributed to supply shortages, as many farmers reduced stocking density due to weather uncertainty and financial pressure caused by earlier low prices. Limited supply of large-sized fish, mainly exported to China, pushed up prices and brought considerable profits to farmers.

#### Outlook

Facing emerging trade barriers (especially possible additional tariffs from the United States), Vietnam's pangasius industry is adopting an active market diversification strategy, which will keep the industry stable in 2025. Continued strong demand in major markets such as China, the United States, the EU and Latin America, together with rapid growth in smaller but dynamic markets such as Asia and the Middle East, will support this trend.

#### Vietnam Export Data: Frozen Catfish Fillets

Top three destinations Unit: thousand tonnes, January-December