Vietnam Aquaculture Market

Vietnam Aquaculture Market Volume to Grow at a CAGR of 4.2% during 2022–2028

Published | 03 October 2022

Vietnam aquaculture market is flourishing due to the increasing demand for the country’s aquaculture products from major regional markets across the world, its favorable geographic condition for aquaculture production, and increasing adoption of advanced fishery management tools by aquafarmers in the country.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam Aquaculture Market volume at 5.12 million tons in 2021. During the forecast period between 2022 and 2028, BlueWeave expects the Vietnam aquaculture market size volume to grow at a CAGR of 4.2%, reaching a volume of 6.85 million tons by 2028. Major growth drivers for the market growth include increasing adoption of advanced fishery management tools in Vietnam and the country’s reduced dependence on primitive capture fish production methods.

Vietnam is a suitable location to produce various types of seafood. The country’s seafood sector comprises both aquaculture and open ocean fishing. Vietnam has a coastline of 3,260 kilometers and an Economic Exclusion Zone of 1 million square kilometers.

Vietnam Aquaculture Market - Trends

Increasing aquaculture export demand, a continuous shift in dietary habits, growing per capita spending, and rising sustainable shrimp farming could drive the expansion of Vietnam aquaculture market in the medium term. The development of high yield aquafeed has a positively impact on the increased production of aquaculture.

Vietnam shipped seafood to 154 markets in the first nine months of 2020, according to the Vietnam Association of Seafood Exporters and Producers. Nearly 80% of the export turnover was accounted for by the key markets, such as Japan, the United States, China, the EU, South Korea, and countries in the ASEAN region. As a result of the increased demand for aquaculture products, Vietnam aquaculture market is expected to grow during the period in analysis.

Consumers in Vietnam are expected to spend USD 48.8 per capita on fish and seafood in 2024, up from USD 33.4 in 2020. As a result, growing consumer expenditure on seafood could enhance demand for premium fish, which will help the aquaculture market grow. However, rising feed components and raw material costs could limit the growth of Vietnam aquaculture market.


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Export Demand for Vietnam Aquaculture Products - Regional Analysis

As an ASEAN member, Vietnam is a party to various bilateral and free trade agreements. It has resulted in a significant increase in demand for Vietnam aquaculture goods in major economies such as the United States, Japan, China. In June 2019, the European Union and Vietnam concluded a trade agreement. The value of pangasius fish exports to the EU increased by 31.5% between January 01 and May 15, 2019, compared to the same period in 2018.

The Netherlands, the United Kingdom, Germany, and Belgium accounted for the majority of the growth. Imports of pangasius fish from Central and Eastern European countries are also on the rise. The Netherlands and Germany imported a huge amount of pangasius fish, which was exported to Central and Eastern European countries with small import ports. Exports of aquaculture goods to the EU are expected rise during the period in analysis, owing to tax benefits provided by the EU-Vietnam Free Trade Agreement (EVFTA).

Impact of COVID-19 on Vietnam Aquaculture Market

To contain the COVID-19 pandemic, the Vietnamese government implemented a number of measures, including social isolation, mobility restrictions, and the closure of non-essential service institutions. The main impact of the confinement restrictions was on fish and other seafood exports, which negatively impacted the country's aquaculture market. However, the aquaculture market in Vietnam is expected to witness pre-Covid growth level after the relaxations of pandemic-related restrictions.

Competitive Landscape

Major companies in Vietnam aquaculture market include CaMau Seafood Processing & Service Joint Stock Corporation, Hung Vuong Corporation, Minh Phu Seafood Corporation, I.D.I. International Development & Investment Corporation, Sao Ta Food Joint Stock Company, Vinh Hoan corporation, Quoc Viet Co. Ltd, Dong Nam Seafood, Phuon Dong Seafood, Ngoc Sinh seafood, SOC Trang Seafood Joint Stock Company, and Thuan Hung Fisheries Company Ltd.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Vietnam Aquaculture Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam Aquaculture Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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