The latest report by IMARC Group, titled “Vietnam Aquafeed Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the Vietnam aquafeed market reached a value of US$ 280.4 Million in 2021. Aquafeed is a compounded meal that is used to feed various aquatic animals like fish, crustaceans, and mollusks. It is produced from a mixture of additives, other supplements, and raw materials such as soybean meal, fishmeal, fish oil, and carp, depending on the age and requirement of the species. Aquafeed offers high nutritional value, growth-promoting, and immune-resistant benefits to aquatic animals. It also mitigates the effects of stress, decreases susceptibility to diseases, and enhances immunity among sea animals.
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 Aquafeed Market Trends:
Vietnam is one of the largest aquaculture markets, with a high production volume of shrimp, pangasius, tuna, and marine fish. The market is primarily driven by the growing consumption of seafood among individuals, owing to the inflating per capita income level. Besides this, fish is widely preferred as a source of protein compared to cattle and poultry due to its low-fat, and high protein and vitamin content. As a result, the has been a rising demand for high-quality seafood products, which is propelling the market growth. Moreover, the market is also driven by the rising adoption of modern feeding practices and advancements in feed manufacturing technology. Furthermore, the introduction of new market players and the expansion of production capacities are also creating a positive outlook for the market. Looking forward, the market value is expected to reach US$ 513.5 Million by 2027, exhibiting a CAGR of 10.62% during the forecast period (2022-2027).
- Based on the ingredient, the market has been segmented into grains and cereals, soybean, fish meal, additives, fish oil, and others.
- On the basis of the additive, the market has been classified into amino acids, antibiotics, vitamins, feed acidifiers, and others.
- The market has been categorized based on the product form into pellets, extruded, powdered, and liquid.
- On the basis of the end user, the market has been segregated into catfish, shrimp, mollusks, tilapia, carps, salmon, and others.
- Based on the distribution channel, the market has been segmented into direct to farmers, local wholesalers, exports, and others.
- Region-wise, the market has been divided into Southern, Northern, and Central Vietnam.
- The competitive landscape of the market has been examined, with some of the key players being Cargill Incorporated, De Heus Voeders B.V., Proconco, GreenFeed Vietnam Corp., The Charoen Pokphand (CP) Group, and Uni President Vietnam Corporation Limited.
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