Vietnam Aquaculture Market Stimulated by Growing Focus on Exportable Species

According to the latest report by IMARC Group, titled “Vietnam Aquaculture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the Vietnam aquaculture market reached a production volume of 3.8 Million Tons in 2017. Aquaculture, also known as aquafarming, refers to the breeding, raising, and harvesting of fish, shellfish, and aquatic plants and other organisms. Vietnam is the third largest producer of aquaculture products due to its abundant natural aquatic resources, tropical climate, and the diversity of river and canal systems. Aquaculture is a vital source of nutritious, safe and sustainable seafood for the Vietnamese people. The aquaculture sector in the country is currently dominated by catfish and shrimp, with the black tiger shrimp being one of the most popular species among the aquaculturists. In recent years, the Pacific white leg shrimp (Litopenaeus vannamei) has also been introduced in Southern Vietnam which has provided a positive thrust to the aquaculture market.

Market Trends:

Aquaculture has gained momentum in Vietnam as fish sauce, fish and other aquatic animals, such as squid and eel, are central to the Vietnamese cuisine. The country has also adopted the production of exportable species at an increasing level to diversify its farming activities. Along with this, the Ministry of Fisheries is conducting research and development activities to improve the sustainability of the aquaculture industry in Vietnam. Moreover, the Vietnamese Government is supporting the aquaculture sector by implementing efficient policies, improving legal frameworks, building fishing ports, integrating and modernizing fishing logistics and developing offshore fishing facilities. As a result of these factors, the market is further expected to reach a production volume of 5 Million Tons by 2023, exhibiting a CAGR of around 4% during 2018-2023.

Market Summary:

• Based on product types, freshwater fish represents the most popular product type, accounting for the majority of the market share. Freshwater fish is followed by crustaceans, mollusks and others.
• On the basis of environments, the market has been divided into fresh water, brackish water and marine water. Currently, fresh water dominates the market, holding the largest share.
• Based on distribution channels, the report finds that specialized retailers form the largest distribution channel for aquaculture products in Vietnam. Other major channels include traditional retail, supermarkets and hypermarkets, and online retail.
• Region-wise, the Southern region exhibits a clear dominance in the Vietnam aquaculture market. The Southern region is followed by the Northern and Central regions.
• 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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