EP 637 | AIRED 04/24/2023
Pangasius Update: Prices Rebalanced Since 2022, China/US Imports Increased, Affordability to Fuel More Demand
Apr 24th, 2023 - Pangasius is enjoying increasing popularity across all market segments as consumers, retailers and processors seek out more affordable fish products.
Vietnam saw production rise by over 200,000 tonnes in 2022, which was able to support strong demand in major markets, particularly China.
High prices seen at the beginning of 2022 have since rebalanced and remain significantly below other major whitefish species.
Chinese imports of pangasius from Vietnam recovered in 2022, with imports increasing significantly in the first 9 months, due to the relaxation of Chinese import requirements and the clearing of backlogs at the border.
US imports have increased as well with the fish performing well in the retail and hospitality sector due to consumer preference for more affordable fish.
Having peaked in early 2022, prices for pangasius fillets are returning to previous levels.
Increasing exports to China, which are sold at lower prices than other markets, and lower prices in the United States of America were the main contributing factors.
Vietnamese inventories are currently low, with a predicted slump in supply in the early months of 2023 likely to restrict supply.
Despite increased production, supplies are likely to remain tight at least until harvests pick back up in late spring going into the summer.
Prices for competing whitefish remain high, which will continue to fuel demand for pangasius among consumers adapting to the cost of living crisis.
Our recommendation is to develop a Pangasius Program for 2023 as this great quality and reliable whitefish is perfect for the market conditions in 2023.
Tradex Foods is a global leader in Vietnam Seafood Production and Logistics so get in touch with a Tradex Foods Business Rep today.
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