Vietnam Seafood Market to Grow with a steady pace until 2026
Increasing
consumption of fish drives the growth of Vietnam Seafood Market in the forecast
period.
According to TechSci report on, “Vietnam Seafood Market By Product (Fishes, Shrimps, Oysters, Snails, Others) By Process
(Fresh, Frozen) By Distribution Channel (Supermarket/Hypermarket, Traditional
Retails, Specialized Retails, Online Retails, Others) By End User (Household,
PBCL {Pubs, Bar, Cafes, and Lounges}, QSR {Quick Service Restaurants}, Others) By
Company By Region (Northern, Central, Southern) Competition Forecast &
Opportunities, 2026”, Vietnam Seafood market has shown promising growth in historical years
until 2019 and is expected to continue its growth in upcoming forecast years
2022 to 2026. The market is anticipated toward growth owing to the factors like
increased consumption of fishes and shrimps. Also, demand for authentic seafood
dishes and traditional recipes in the quick service restaurants is increasing
thereby driving the growth of Vietnam seafood market in the forecast years,
2022-2026.
Also, tourism in the country is expected to
increase in the upcoming five years. Tourists with an appetite for the
specialized Vietnamese cuisine increase the demand of seafood in the country
thereby directly affecting the seafood market positively. Vietnam is also among
one of the largest exporters of seafood in countries like Russia, Japan etc.
The demand for export will enhance the farming of freshwater fish in the
forecast period. Food habits of not only Vietnamese population but the
importing countries too, are highly influencing the growth of Vietnam aquatic
food market, in 2022-2026.
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Vietnam
seafood market is segmented by product, process, distribution channel, end
user, and regional distribution. Based on process the market is further bifurcated
into fresh and frozen products. Fresh seafood is preferable by the population
for its nutritional value and flavour of the product thereby fresh seafood is
expected to dominate the market for the upcoming five years. Frozen seafood
with the additives that prolongs the shelf life of the product is also expected
to grow in the near future. Many competitors are entering the online retail
market with the frozen seafood with advanced packaging and prolonged shelf life
of the product. Dried fishes and shrimps are also available in the supermarkets
and markets.
Vietnamese
economy was widely affected by the pandemic that set foot in early 2020. Vietnam
seafood market was not untouched, either. While observing the lockdown, consumers
were not able to visit multiple distribution channels and could only order
online thereby influencing the online retail, which is expected to gain major
revenue shares in upcoming years, thus driving the growth in Vietnam seafood
market in the forecast years. Also, the export of the seafood from the country
was halted completely there by negatively impacting the market. After observing
a setback, seafood market is expected to revisit its growth and show a
promising future.
Some of
the top players in the Vietnam seafood market are, Ca Mau Seafood Processing
& Service Joint Stock Corporation, Hung Vuong Corporation, Minh Phu Seafood Corporation, Vinh Hoan
Corporation, Quoc Viet Seafood Co. Ltd., Dong Nam Seafood Corp, Phuong Dong
Seafood, Ngoc Sinh Seafood, SOC Trang Seafood Joint Stock Company, Thuan Hung
Fisheries Company Ltd, among others. The companies are involving themselves
into research and development for the methods of better quality, and various
quality analysis tests to provide the better quality seafood.
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“As a member of Association of Southeast Asian Nations (ASEAN), Vietnam
carries out bilateral trades with huge economies like US, China, India, etc. Under
the agreement, Vietnam is involved with various trades, one of which is seafood
trade. Vietnam is a major exporter after China for seafoods in the neighboring
countries like India, Japan, and Russia. New investors are advised to penetrate
the market keeping in mind the policies and regulations of these importers.
Often the quality control and quality checks at the sea-borders of these
countries take a long there by spoiling the quality of the product and thus
causing losses to the transporters and suppliers,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management consulting
firm.
Vietnam Seafood Market By Product (Fishes, Shrimps,
Oysters, Snails, Others) By Process (Fresh, Frozen) By Distribution Channel
(Supermarket/Hypermarket, Traditional Retails, Specialized Retails, Online
Retails, Others) By End User (Household, PBCL {Pubs, Bar, Cafes, and Lounges},
QSR {Quick Service Restaurants}, Others) By Company By Region (Northern,
Central, Southern) Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of Vietnam seafood
market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Vietnam seafood market.
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