The Vietnam aquaculture market exhibited moderate growth during 2015-2020. Vietnam is one of the most suitable places for the seafood industry, including both aquaculture and open ocean fishing with its coastline of 3,260 kilometres and an Economic Exclusion Zone of 1 million square kilometres. Currently, Vietnam is ranked as the fourth-largest producer of seafood from aquaculture behind China, Indonesia and India. Aquaculture systems are diversified according to different geographical and climatic conditions as one moves from the north, through central to the south of Vietnam.
Over the past few years, there has been an increasing consumption of fish in Vietnam. Some of the key factors driving the consumption of fish in Vietnam is their heir high nutritional value, their easiness to digest and the fact that they are more economical compared to other protein sources such as beef or pork. Moreover, consumers in Vietnam prefer fish in their diet as it's easy to cook, widely available, and adds variety to the daily diet. Apart from its large domestic market, Vietnam also represents a major exporter of aquaculture products. In 2017, Vietnam exported aquaculture products worth more than US$ 8 Billion, a growth of 18% over 2016. Some of the important seafood products include shrimp, pangasius, tuna and marine fish. Shrimp, currently represents the most important export product, and accounted for around 50% of the total export turnover of the country. Driven by a strong domestic consumption and increasing exports, the Vietnam aquaculture market is expected to reach a volume of around 6 Million Tons by 2026, exhibiting moderate growth during the forecast period (2021-2026).
Market Breakup by Product Type
On the basis of product type, the market has been segmented as freshwater fish, crustaceans, mollusks and others. Currently, freshwater fish dominates the market, holding the largest share.
Market Breakup by Environment
Based on the environment, the market has been divided as fresh water, brackish water and marine water. Fresh water represents the biggest segment, accounting for the largest market share.
Market Breakup by Distribution Channel
Based on the distribution channel, the market has been segregated into traditional retail, specialized retailers, supermarkets and hypermarkets, online retailers and others.
Market Breakup by Region
Based on the region, the market has been segmented into northern, central and southern regions.
The report has also examined the competitive landscape of the Vietnam aquaculture market. Some of the major players include:
This report provides a deep insight into the Vietnam aquaculture market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Vietnam aquaculture market in any manner.
Along with this, IMARC Group has also done a study on the Vietnam Pangasius market, which has enabled our clients to set up and expand their businesses successfully.
Key Questions Answered in This Report:
The Vietnam aquaculture market size reached a volume of 4.4 Million Tons in 2020.
According to the estimates by IMARC Group, the Vietnam aquaculture market is expected to witness a CAGR of 4.8% from 2021 to 2026.
The growing export of aquaculture products and the increasing consumption of fish represents some of the key drivers for the Vietnam aquaculture market.
Governing agencies and leading players are adopting various strategies to enhance the efficiency and productivity of aquaculture products, thereby representing one of the key trends in the Vietnam aquaculture market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nation resulting in supply chain disruptions and halt in export and import of seafood.
On the basis of the product type, the market has been segmented into freshwater fish, crustaceans, mollusks, and others. At present, freshwater fish exhibits a clear dominance in the market.
On the basis of the environment, the market has been bifurcated into fresh water, brackish water, and marine water. Currently, fresh water holds the majority of the total market share.
On the basis of the distribution channel, the market has been bifurcated into traditional retail, specialized retailers, supermarkets and hypermarkets, online retailers, and others. Currently, traditional retail accounts for the majority of the market share.
Region-wise, the market has been classified into northern region, central region, and southern region, where southern region dominates Vietnam aquaculture market.
The key companies in the Vietnam aquaculture market are Ca Mau Seafood Processing & Service Joint Stock Corporation, Hung Vuong Corporation, Minh Phu seafood corporation, Vinh Hoan corporation, Quoc Viet seafood, Dong Nam Seafood, Phuong Dong Seafood, Ngoc Sinh seafood, SOC Trang Seafood Joint Stock Company, and Thuan Hung Fisheries Company Ltd.
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