Vietnam Seafood Market to Grow with a CAGR of 3.15% through 2029
Increasing
consumption of fish drives the growth of Vietnam Seafood Market in the forecast
period.
According to TechSci Research report, “Vietnam Seafood Market – By Region, Competition, Forecast and Opportunities, 2019-2029F”, the Vietnam Seafood Market stood at USD 567.6 million in 2023 and is anticipated to grow with a CAGR of 3.15% through 2029. 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. 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 forecast years.
Vietnam seafood market is segmented by product, process, distribution channel, end user, and regional distribution. Based on the distribution channel, online channel is the fastest growing segment in the Vietnam seafood market. Vietnam boasts a rich coastal heritage, making seafood an integral part of its culinary culture. The seafood market in Vietnam has witnessed significant growth, driven by factors like rising disposable income, urbanization, and changing dietary preferences. Among various distribution channels, the online channel stands out as the fastest-growing segment. Vietnamese consumers increasingly prefer the convenience of ordering seafood online. It saves time and offers a wide variety of choices. The surge in internet penetration and smartphone usage has fueled the adoption of online platforms for seafood purchases. Dedicated seafood e-commerce platforms and food delivery apps have gained popularity, providing easy access to fresh seafood. Ensuring the freshness and quality of seafood during online transactions remains a challenge. Trust-building measures are crucial. Some seafood producers are bypassing intermediaries and selling directly to consumers through online channels. Consumers are willing to pay a premium for high-quality, sustainably sourced seafood, which online platforms can cater to. Local seafood markets also leverage social media platforms for online sales. The online channel is expected to continue its rapid growth, especially as more consumers embrace digital shopping.
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.
Browse over xx market
data Figures spread through xx Pages and an in-depth TOC
on "Vietnam Seafood Market"
Key market players in the Vietnam
Seafood market include:
- Camau Seafood Processing and Service Joint - Stock Corporation
- Hung Vuong Corporation
- Minh Phu Seafood Corporation
- Vinh Hoan Corporation
- Quoc Viet Co. Ltd
- Pinetree Vietnam Co., Ltd
- Sao Ta Foods Joint Stock Company
- An Giang Seafood Import Export Joint Stock Company
- SOC Trang Seafood Joint Stock Company
- Thuan Hung Fisheries Company Ltd
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“Vietnam's seafood sector is a dynamic and progressive industry, continually transforming through shifting consumer tastes, ecological awareness, and technological progress. With its ongoing expansion and responsiveness to the fluctuating trends and consumer needs, companies that focus on innovation, ecological sustainability, and health-oriented products are likely to achieve success. Although it faces various obstacles, the industry's robustness and flexibility render it an essential and impactful component of Vietnam's food market” said
Mr. Karan Chechi, Research Director of TechSci Research, a research-based
Global management consulting firm.
“Vietnam Seafood Market
Segmented By Product (Fishes, Shrimps, Oysters, Snails, Others) By Process
(Fresh, Frozen) By Distribution Channel (Supermarket/Hypermarket, Traditional
Retails, Specialized Retails, Online, 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,2019-2029F”, has
evaluated the future growth potential of Seafood and provides statistics and
information on market structure, size, share, and future 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 the Vietnam Seafood market.
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