Vietnam Aquaculture Market Driven by Adoption of Advanced Fishery Management Tools

According to the latest report by IMARC Group, titled “Vietnam Aquaculture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Vietnam aquaculture market size reached 4 Million Tons in 2018. Aquaculture is defined as the raising, breeding and harvesting of aquatic organisms, including shellfish, fish and aquatic plants, in both inland and coastal areas. Vietnam currently represents one of the largest producers of aquaculture products worldwide. The country possesses a vast potential for aquaculture with a total water surface area of above 1.7 million hectares. Farmers in Vietnam perform wild fishing and fish farming on a large scale at the Red River Delta and the Mekong River Delta. Over the last two decades, they have been adopting the production of exportable species and making the farming activities more consumer-oriented, environment-friendly and economically viable.

Vietnam Aquaculture Market Trends:

In 2018, Vietnam adopted the plan to develop its brackish shrimp industry till 2030 with an aim to improve production, productivity and the commercial value of the products. The production volume is expected to reach nearly 1.3 million tons with a shrimp farming area of approximately 750,000 hectares. Besides, the Nha Trang University of Vietnam and the United Nations Conference on Trade and Development (UNCTAD) recently opened a new Regional Centre of Excellence in Vietnam. The center serves as a hub for aquaculture and fisheries in minimally developed countries across Asia and Africa. However, due to excessive dependence on coastal resources and growing environmental concerns, nearly forty districts across eight provinces in Vietnam have started using an inter-sectional planning tool to manage fisheries better. Owing to the trends mentioned above, the market volume is expected to grow at a CAGR of around 4.2% during 2019-2024, exceeding 5 Million Tons by 2024.

Market Summary:

• The market has been segmented on the basis of the product type, which includes freshwater fish, crustaceans, mollusks and others. Amongst these, freshwater fishes are the most popular product as they are relatively economical, easy to digest and rich in nutrients.
• The report has analyzed the market according to the environment, covering fresh water, brackish water and marine water. Amongst these, fresh water is the largest segment utilized for cultivating and capturing catfishes, silver carp, grass carp, rohu and mrigal.
• Based on the distribution channel, the market has been segregated into traditional retail, specialized retailers, supermarkets and hypermarkets, online retailers, and others. Currently, traditional retailers exhibit clear dominance in the market as they offer more flexibility and convenience to the consumers, particularly in rural areas.
• On a regional basis, the Southern Region represents the biggest market for aquaculture in Vietnam, accounting for the majority of the market share. This can be attributed to the presence of diversified culture systems, which include pond, fence and cage culture of catfish and several indigenous species such as snakehead fish, climbing perch and giant river prawn. The Southern Region is followed by the Northern Region and Central Region.
• The competitive landscape of the market has also been examined with some of the key players being 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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