Blueweave
Vietnam Aquaculture Market

Vietnam Aquaculture Market

SPECIAL OFFER : 25% Super Discount For All !

Vietnam Aquaculture Market; By Product Type (Aquatic Plants, Fish, Crustaceans, Mollusca, Warm Water Species – Grouper, Barramundi, Seabream, Marine Tilapia, Silver Pompano, Yellowfin Tuna, Red Snapper, King Fish – Seriola lelandi, Meagre, Others (Largemouth Bass, Jade Perch, Catfish, Pangasius, and Carp)); By Environment (Fresh Water, Brackish Water, Marine Water); By Distribution Channel (Traditional Retail, Specialized Retailers, Supermarkets and Hypermarkets, Online Retailers, Others), Trend Analysis, Competitive Landscape & Forecast, 2018–2028

  • Published Date: October 2022
  • Report ID: BWC22415
  • Available Format: PDF
  • Page: 107

Report Overview

Growing demand for the country’s aquaculture products from key markets, such as the United States, Japan, and China, conducive environment for aquaculture production, and rapid adoption of advanced fishery management tools by companies and aquafarmers are major growth drivers for the Vietnam aquaculture market.

Vietnam Aquaculture Market, 2028 - Industry Trends & Forecast Report 2028

Vietnam Aquaculture Market size volume was estimated at 5.12 million tons in 2021. During the forecast period (2022–2028), the Vietnam aquaculture market size volume is expected to expand at a CAGR of 4.2% to reach 6.85 million tons by 2028. Increasing adoption of advanced fishery management tools by aquafarmers and aquaculture production companies in Vietnam, the country’s less reliance on primitive capture fish production methods, and increasing demand for the country’s aquaculture products from the world’s large aquaculture product importers, such as the United States, Japan, and China, are expected to be major drivers for the growth of Vietnam aquaculture market during the period in analysis.

Vietnam Aquaculture Market - Overview

With a long coastline of 3,260 kilometers and an Economic Exclusion Zone of 1 million square kilometers, Vietnam is one of the best areas in the world for the seafood business, including aquaculture and open ocean fishing. Vietnam is currently the fourth-largest aquaculture producer of seafood, trailing China, Indonesia, and India. The aquaculture systems become more diverse from the north to the south of Vietnam, due to the favorable geographic and climate conditions in the country.

The Vietnam government's initiatives to develop the brackish shrimp industry in the country until 2030 is also driving the aquaculture market. These initiatives aim to increase productivity, production, and the commercial value of the products. With a shrimp farming area of 750,000 hectares, production volume is expected to reach around 1.3 million tons. Aside from that, the UN Conference on Trade and Development (UNCTAD) and Vietnam's Nha Trang University recently opened a new Regional Centre of Excellence in the country. As a hub for aquaculture and fisheries in underdeveloped countries spanning Asia and Africa, the center will aid industry expansion.

Vietnam Aquaculture Market

Vietnam Aquaculture Market - Industry Trends and Forecast

The development of high-yield aqua feed spurs the increased demand for aquaculture goods. Commercially manufactured aqua feed is used in intensive aquaculture. As an ASEAN member, Vietnam is party to several bilateral and free trade agreements, which has resulted in a significant increase in demand for Vietnam aquaculture goods in major economies such as the United States, China, and Japan.

The European Union and Vietnam concluded the EU-Vietnam Free Trade Agreement (EVFTA) in June 2019. The EVFTA has further boosted the export of Vietnam aquaculture products to major European countries. The Netherlands, the United Kingdom, Germany, and Belgium accounted for most of the growth. 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 could rise in the coming years, due to tax benefits provided by the EVFTA.

Growth Drivers

Adoption of advanced fishery management tools

Increased consumer awareness of the many health advantages and nutritional value of seafood and aquaculture products and increasing discretionary spending have boosted the demand for aquaculture goods across the world, including in Vietnam. A major driver for the Vietnam aquaculture market is the expanding export of aquaculture products to major developed markets such as the United States, countries of European Union, Japan, and China. In line with this, the Government of Vietnam's positive policies for investing in sustainable aqua farming methods and semi-intensive shrimp farming projects to promote the growth of black tiger shrimps are pushing the market growth. In addition, the widespread use of fish oils in numerous industrial sectors, such as healthcare and pharmaceuticals, to produce nutritional supplements is boosting the market's prospects. To meet the rapidly growing demand for aquaculture goods, aquaculture companies and aquafarmers in Vietnam use sophisticated fishery management tools. The tools help them in increasing the operational efficiency to improve the aquaculture yield. Along with the increasing adoption of fishery management tools, the implementation of modern aquafarming techniques could boost the growth of Vietnam aquaculture market.

Restraints

Stringent export policies

The food products, including aquaculture products, are required to meet strict quality and safety measures implemented by various regulatory authorities in developed countries (the United States, Europe, Japan, and China), which are major export markets for Vietnam aquaculture products. The Covid-19 pandemic forced many regulatory authorities and governments to impose stricter food quality and safety standards. It could increase the operational costs of companies in Vietnam aquaculture market. This, in turn, may limit the growth of Vietnam aquaculture market.

Impact of COVID-19 on Vietnam aquaculture market

Despite the use of several containment techniques, the COVID-19 global pandemic persisted in most parts of the world in 2020. The world's leading economies suffered rising caseloads as the year continued, slowing the growth, and delaying the scheduled business reopening. This has merely added to the broad market uncertainties and increased the operational issues connected with the restrictions, driving down prices and revenues. At the same time, the new climate is spurring innovation throughout the supply chain as companies focus their efforts on producing new goods, marketing strategies, and sales channels to capitalize on their shifting circumstances.

In 2020, catch fisheries were also influenced by COVID-19 restrictions on people's movement and gatherings, as well as the broader market instability. However, the severity and duration of the effects on fishing activities varied by fishery and region, and in most cases, activity was partially or completely resumed once suitable protocols were established. Aquaculture firms have taken conservative measures to stocking to reduce their exposure to COVID-19 dangers and to limit financial losses in the face of decreased pricing, resulting in a 1.3% dip in overall output in 2020. Due to variances in growth rates, production cycle durations, and market requirements, the intensity of the impact and nature of aquaculture producers' response has varied per species. However, with the relaxations of Covid-19 related business, trade, and travel restrictions, Vietnam aquaculture market is expected to grow at the pre-Covid level.

Segmental Coverage

Vietnam Aquaculture Market – By Product Type

Based on product type, Vietnam aquaculture market is segmented as Aquatic Plants, Fish, Crustaceans, Mollusca, Warm Water Species (Grouper, Barramundi, Seabream, Marine Tilapia, Silver Pompano, Yellowfin Tuna, Red Snapper, King Fish – Seriola lelandi, Meagre) and others (including Largemouth Bass, Jade Perch, Catfish, Pangasius, and Carp). Among them, the fish segment is expected to continue its dominance in Vietnam aquaculture market by product type as there is an increasing demand for fish due its health and nutritional benefits.

Vietnam Aquaculture Market – By Environment

Vietnam aquaculture market by environment is divided into Fresh Water, Brackish Water, and Marine Water. Among them, the fresh water environment segment is projected to hold the highest market share in Vietnam aquaculture market during the forecast period.

Vietnam Aquaculture Market Share

Competitive Landscape

Prominent players 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.

Recent Developments

  • In July 2022 - Minh Phu Seafood and Shiok Meats, a Singapore-based cultivated meat and seafood company, signed a memorandum of understanding (MoU) to set up a research and development facility for producing sustainable seafood in Vietnam.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2018–2021

Estimated Year – 2022

Forecast Period – 2022–2028

Facts Covered

Volume in million tons

Market Coverage

Vietnam

Product/Service Segmentation

Product Type, Environment Distribution Channel

Key Players

Ca Mau 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, Thuan Hung Fisheries Company Ltd.

 

By Product Type

  • Aquatic Plants

  • Fish

  • Crustaceans

  • Mollusca

  • Warm Water Species

  1. Grouper
  2. Barramundi
  3. Seabream
  4. Marine Tilapia
  5. Silver Pompano
  6. Yellowfin Tuna
  7. Red Snapper
  8. King Fish – Seriola lelandi
  9. Meagre
  10. Others (Largemouth Bass, Jade Perch, Catfish, Pangasius, and Carp)

By Environment

  • Fresh Water

  • Brackish Water

  • Marine Water

By Distribution Channel

  • Traditional Retail

  • Specialized Retailers

  • Supermarkets and Hypermarkets

  • Online Retailers

  • Others

  1. Research Framework
    1. Research Objective
    2. Service Overview
    3. Market Segmentation
  2. Executive Summary
  3. Vietnam Aquaculture Market Insights
    1. Technology Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Adoption of Advanced Fishery Management Tools
        2. Reduced Dependance on Primitive Capture Fish Production Methods
      2. Restraints
        1. Stringent Export Policies
      3. Opportunity
        1. Availability of Diversified Species
      1. Challenges
        1. Difficult to Control Aquatic Food Quality with Manual Farming Techniques
      2. Technology Advancements/Recent Developments
    1. Regulatory Framework
    2. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. Vietnam Aquaculture Market Overview
    1. Market Size & Forecast, 2018-2028
      1. By Value (USD Million)
      2. By Volume (in Tons)
    2. Market Share & Forecast
      1. By Product Type
      2. Aquatic Plants
      3. Fish
      4. Crustaceans
      5. Mollusca
      6. Warm Water Species
        1. Grouper
        2. Barramundi
        3. Seabream
        4. Marine Tilapia
        5. Silver Pompano
        6. Yellowfin tuna
        7. Red snapper
        8. King Fish – Seriola lelandi
        9. Meagre
        10. Others (Largemouth Bass, Jade Perch, Catfish, Pangasius, and Carp)
      7. By Environment
        1. Fresh Water
        2. Brackish Water
        3. Marine Water
      8. By Distribution Channel
        1. Traditional Retail
        2. Specialized Retailers
        3. Supermarkets and Hypermarkets
        4. Online Retailers
        5. Others
  5. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Company Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
  6. Impact of Covid-19 on Vietnam Aquaculture Market
  7. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
    1. Ca Mau Seafood Processing & Service Joint Stock Corporation
    2. Hung Vuong Corporation
    3. Minh Phu Seafood Corporation
    4. I.D.I. International Development & Investment Corporation
    5. Sao Ta Food Joint Stock Company
    6. Vinh Hoan corporation
    7. Quoc Viet Co. Ltd
    8. Dong Nam Seafood
    9. Phuon Dong Seafood
    10. Ngoc Sinh seafood
    11. SOC Trang Seafood Joint Stock Company
    12. Thuan Hung Fisheries Company Ltd
    13. Other Prominent Players
  8. Key Strategic Recommendations
  9. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

 

List of Figures

 

Fig 1: Vietnam Aquaculture Market Segmentation

Fig 2: Vietnam Aquaculture Market Size, By Value (USD Million)

Fig 3: Vietnam Aquaculture Market Size, By Volume (Tons)

Fig 4: Vietnam Aquaculture Market Share (%), By Product Type, By Value, 2018-2028

Fig 5: Vietnam Aquaculture Market Share (%), By Environment, By Value, 2018-2028

Fig 6: Vietnam Aquaculture Market Share (%), By Distribution Channel, By Value, 2018-2028

Fig 7: Industry Value Chain Analysis

Fig 8: Porters Five Forces Analysis

Fig 9: Vietnam Aquaculture Market: Market Share Analysis, 2021

 

List of Tables

 

Table 1: Vietnam Aquaculture Market Size, By Value (USD Million), By Product Type, 2018-2028

Table 2: Vietnam Aquaculture Market Size, By Volume (Tons), By Product Type, 2018-2028

Table 3: Vietnam Aquaculture Market Size, By Value (USD Million), By Environment 2018-2028

Table 4: Vietnam Aquaculture Market Size, By Value (USD Million), By Distribution Channel, 2018-2028

Table 5: List of Key Players and Their Offerings

Table 6: Competitive Benchmarking, by Operating Parameters

Table 7: Ca Mau Seafood Processing & Service Joint Stock Corporation Company Overview

Table 8: Ca Mau Seafood Processing & Service Joint Stock Corporation Financial Analysis

Table 9: Hung Vuong Corporation Company Overview

Table 10: Hung Vuong Corporation Financial Analysis

Table 11: Minh Phu Seafood Corporation Company Overview

Table 12: Minh Phu Seafood Corporation Financial Analysis

Table 13: I.D.I. International Development & Investment Corporation Company Overview

Table 14: I.D.I. International Development & Investment Corporation Financial Analysis

Table 15: Sao Ta Food Joint Stock Company, Company Overview

Table 16: Sao Ta Food Joint Stock Company, Financial Analysis

Table 17: Vinh Hoan corporation Company Overview

Table 18: Vinh Hoan corporation Financial Analysis

Table 19: Quoc Viet Co. Ltd Overview

Table 20: Quoc Viet Co. Ltd Financial Analysis

Table 21: Dong Nam Seafood Company, Company Overview

Table 22: Dong Nam Seafood Company, Financial Analysis

Table 23: Phuon Dong Seafood. Company Overview

Table 24: Phuon Dong Seafood. Financial Analysis

Table 25: Ngoc Sinh seafood Company Overview

Table 26: Ngoc Sinh seafood Financial Analysis

Table 27: SOC Trang Seafood Joint Stock Company, Company Overview

Table 28: SOC Trang Seafood Joint Stock Company, Financial Analysis

Table 29: Thuan Hung Fisheries Company Ltd Company Overview

Table 30: Thuan Hung Fisheries Company Ltd Financial Analysi

Market Segmentation

By Product Type

  • Aquatic Plants

  • Fish

  • Crustaceans

  • Mollusca

  • Warm Water Species

  1. Grouper
  2. Barramundi
  3. Seabream
  4. Marine Tilapia
  5. Silver Pompano
  6. Yellowfin Tuna
  7. Red Snapper
  8. King Fish – Seriola lelandi
  9. Meagre
  10. Others (Largemouth Bass, Jade Perch, Catfish, Pangasius, and Carp)

By Environment

  • Fresh Water

  • Brackish Water

  • Marine Water

By Distribution Channel

  • Traditional Retail

  • Specialized Retailers

  • Supermarkets and Hypermarkets

  • Online Retailers

  • Others

No data available

To request a free sample copy of this report, please complete the form below.

We value your investment and offer free customization with every report to fulfil your exact research needs.

This website is secure and your personal details are safe.

Frequently Asked Questions (FAQs):

Ans: Vietnam Aquaculture Market size volume was estimated at 5.12 million tons in 2021.
Ans: Increasing adoption of advanced fishery management tools and the country’s reduced dependence on primitive capture fish production methods are the primary drivers for the expansion of Vietnam Aquaculture Market.
Ans: The fresh water environment segment held the highest market share in Vietnam Aquaculture Market.
Ans: Major players in the Vietnam Aquaculture Market include Ca Mau 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.