Bright prospects for surimi and fishmeal exports in 2025

This meeting marked a year of continuous efforts by the Vietnam Association of Seafood Exporters and Producers (VASEP) to improve product quality. It also provided an opportunity for businesses to share experiences and sustainable business strategies and propose new solutions to bring significant benefits for the industry.

VASEP statistics indicated that surimi and fish meal exports this year are estimated to reach approximately US$300 million, representing a slight decrease compared to 2023 due to fierce competition from Russia’s cold-water surimi products.

Currently, due to the excess supply source as a result of embargo, surimi prices from Russia are 20% lower than tropical fish products from Asian countries with Vietnam, Thailand, and India being the most affected nations.

It is forecast that in 2025, the supply from Russia will remain a major competitive pressure. However, Vietnamese surimi still has the opportunity to increase its market share as the tourism industry in key consumer countries like Thailand and China is gradually recovering.

As for fish meal used in animal feed production, Vietnam’s production is ranked second in the world, only after Peru. Its fish meal export turnover in 2024 is expected to reach US$237 million USD, with most of the exports going to China thanks to geographical advantages.

In 2025, the demand for fish meal imports in this market is expected to increase slightly, estimated at 1.8 million tonnes, giving Vietnam the opportunity to boost export turnover. The trend of producing fish meal from marine ingredients will slow down, and the use of catfish ingredients will increase. In the near future, with the development of catfish farming and export, Vietnam’s fillet production industry will ensure a steady supply of raw materials for fish meal and fish oil production.