2022 saw the US experience a significant rise in imported catfish value, notably in frozen fillets with a 51% price increase, leading to imports surpassing 2021 levels by October despite pandemic challenges.

Fast forward through 2023, Vietnamese pangasius exports faced challenges in key markets such as the EU and the US, witnessing declines of 26% and 55% respectively.

Despite these challenges, the US restaurant sector showed signs of recovery, indicating improved demand in Q4.

Smaller markets like Germany, Finland, and New Zealand displayed growth, boosting industry optimism, even though there's an expected 32% decrease in export value from 2022.



Some challenges facing this category are that Vietnamese pangasius exports are challenged by reduced demand in key markets, falling prices, and market instability due to economic recession and changing consumer preferences.

Competition from alternative white fish products and the preference for sustainable, traceable seafood options also impact consumer choices in these markets.



However, despite challenges, there are positive indicators for Vietnamese pangasius exports.

The US market is showing signs of recovery with reduced inventories and improved inspection results, potentially opening new opportunities.

Certain markets like the UK remain stable, fostering possibilities for growth, and the industry is adapting by emphasizing sustainability, transparency, and innovation in pricing strategies and credit access.

Enhanced diplomatic relations, especially between Vietnam and the US, could lead to more favorable trade agreements and increased exports in the future.

It seems there may be a significant opportunity on the horizon for those who want to be a head of the market.

Waiting until demand begins to surge before entering may result in missing out on this market altogether.



Contact Tradex Foods if you are interested in developing a Pangasius/Swai/Basa program.

--- If you are not already, be sure to subscribe to our Weekly Seafood News Update using the signup form below.