According to the latest report by IMARC Group, titled “Vietnam Shrimp Feed Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the Vietnam shrimp feed market size reached 560,458 Tons in 2019. Vietnam represents one of the biggest shrimp producers and exporters in the world. It has around 600,000 hectares of farming land, which is mostly concentrated in the Mekong Delta provinces. Most farmers in the country rely on shrimp feed to fulfill the nutritional requirements of farmed shrimp. It helps in regulating adequate levels of vitamins, minerals, fatty acids and essential amino acids in the shrimp, and also assists in improving profitability, production cycles and harvest per unit area. Owing to these benefits, the demand for shrimp feed is escalating in the country.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Vietnam Shrimp Feed Market Trends:
One of the leading trends being witnessed in the market is the impact of the coronavirus disease (COVID-19) on global shrimp consumption. As the major shrimp importers from Vietnam, including Europe and the United States, have a high number of COVID-19 cases, the demand from these markets has witnessed a significant fall. However, the projected shift from fresh to frozen and pre-cooked products, a decline in shrimp exports from China and the free trade agreement between the European Union and Vietnam, can provide a boost to shrimp production in the country, which, in turn, will lead to higher sales of shrimp feed. Furthermore, owing to the rising environmental concerns, the Government of Vietnam, along with various non-governmental organizations (NGOs), is focusing on improving the current farming methods with an emphasis on small-scale operators. This can be attributed to increasing erosion, deforestation and salinity levels that are threatening the stability of the entire Mekong region. The Government is also encouraging shrimp production by offering fiscal reliefs and incentives to farmers, which is anticipated to fuel the market growth in the upcoming years. Furthermore, international market players are also investing in the country to expand their business operations, owing to Vietnam’s central place in the global market. For instance, BioMar Group A/S, a Denmark-based global aquafeed producer, and Viet-UC Seafood Corporation, Vietnam’s leading shrimp hatchery, have signed a memorandum of understanding (MOU) to jointly own and operate a new shrimp feed factory in Vietnam. On account of these factors, the market is projected to experience strong growth during the forecast period (2020-2025).
- Based on the type, the market has been segmented into the starter, grower and finisher feed.
- On the basis of the ingredient, the market has been segregated into soybean meal, fish meal, wheat flour, fish oil and others.
- The market has been analyzed on the basis of the additives into vitamins and proteins, fatty acids, antioxidants, feed enzymes, antibiotics and others.
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