Vietnam Aquaculture Market to Grow at 6.82% CAGR over 2024 to 2029
According
to TechSci Research report, “Vietnam Aquaculture Market –Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2018-2028F”,
the Vietnam Aquaculture Market stood at USD 102.68 Million in 2022 and is
anticipated to project steady growth in the forecast period with a CAGR of 6.82% through 2028. Several factors are
propelling the growth of the aquaculture market in Vietnam. Key drivers include
the favorable climatic conditions for aquaculture, rising demand for seafood
both locally and internationally, and government support and initiatives aimed
at the sustainable development of the sector.
Furthermore,
advancements in aquaculture technologies and fish farming practices have
significantly boosted productivity, while the growing trend of organic
aquaculture is opening new avenues for market expansion.
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"Vietnam Aquaculture Market”
The
Vietnam aquaculture sector represents a vital part of the country's economy,
boasting significant growth over the past few decades. This development has
been fueled by the country's favorable conditions for aquaculture, including a
long coastline, vast water resources, and abundant labor supply. As of 2020, Vietnam's aquaculture production
was estimated at over 4.5 million tons, with a value of approximately $5
billion. This strong performance indicates the vast potential of the market,
with key products including shrimp, pangasius, and tilapia.
The
shrimp industry, in particular, holds a dominant position in the country's aquaculture
landscape. Vietnam is currently the third-largest exporter of shrimp globally,
with products being shipped to over 90 countries worldwide. The success of the
shrimp industry can be attributed to advancements in farming technology,
improved shrimp breeds, and an increased focus on sustainable farming
practices. The pangasius sector, on the other hand, has faced multiple
challenges in recent years, including negative press related to product quality
and environmental concerns. Despite these issues, the industry maintains a
robust position in the market, bolstered by strong domestic consumption and
export demand. The tilapia industry is still in its infancy compared to the
shrimp and pangasius sectors. However, it has shown promising growth, driven by
increasing domestic consumption and the potential for export to international
markets.
While
the Vietnam aquaculture market demonstrates impressive potential, it also faces
several challenges. These include environmental concerns, a lack of
high-quality seed and feed, and limited access to credit for small-scale
farmers.
However,
the government has implemented various measures to address these issues and
promote the sustainable development of the industry. These measures include
stricter environmental regulations, the promotion of technological innovation,
and the provision of financial support for small-scale farmers. Looking
forward, the Vietnam aquaculture market is expected to continue its upward
trajectory, driven by increasing global demand for seafood, technological
advancements, and government support. However, the industry must navigate the
challenges ahead effectively to maintain its growth and sustainability in the
long run.
The Vietnam
Aquaculture Market is segmented into rearing product type, culture, species, culture
system, production type, distribution channel, regional distribution, and
company
Based
on production type, in the Vietnam Aquaculture Market, Large Scale production
is currently dominating. This is primarily attributed to the significant
investment in state-of-the-art farming technology, such as advanced water
filtration systems and automated feeding mechanisms, which have revolutionized
the industry. By leveraging economies of scale, aquaculture businesses have
been able to optimize operational costs and maximize production efficiency,
leading to higher yields and profitability. Moreover, these large scale
facilities have demonstrated remarkable stability in managing environmental
risks and adapting to fluctuations in market demand. Through the implementation
of sustainable practices, such as responsible waste management and careful
monitoring of water quality, they have minimized the impact on the ecosystem
and ensured the long-term viability of the industry.
Furthermore,
the continuous research and development efforts in large scale aquaculture have
resulted in innovative breeding techniques and improved disease prevention
measures. By closely monitoring the health and genetics of their aquatic
stocks, these facilities can produce high-quality and disease-resistant
species, meeting the growing demand for safe and nutritious seafood. This
resilience and commitment to sustainability further strengthen the dominant
position of large scale aquaculture in the market. They are not only the
preferred choice for sustainable and profitable aquaculture operations in
Vietnam but also serve as a role model for other regions aspiring to develop
their aquaculture industries.
Based
on region, the Southern region, encompassing a significant portion of Vietnam's
aquaculture market, owes its dominance to a unique confluence of factors. With
its extensive coastline stretching along the South China Sea, this region
offers an abundance of opportunities for marine aquaculture. Moreover, the
Mekong Delta, known as the country's agricultural heartland, boasts a vast
network of waterways that provide an ideal setting for freshwater aquaculture.
The local climate, characterized by favorable conditions year-round, further
facilitates continuous production. Furthermore, the Southern region boasts a
longstanding tradition of fish farming, cultivating a wealth of expertise and
knowledge in this domain.
In
addition to these natural advantages, the Southern region benefits from
government support in the form of favorable policies and infrastructure
development. The authorities have recognized the immense potential of the
aquaculture industry and have implemented measures to encourage its growth and
success. This proactive approach has further boosted the region's prominence in
the Vietnam Aquaculture Market, attracting investments and fostering
innovation. By capitalizing on its geographic advantages, historical expertise,
and government backing, the Southern region has established itself as a
dominant force in Vietnam's aquaculture sector. Its comprehensive approach,
encompassing both marine and freshwater aquaculture, positions the region for
sustained growth and continued success in meeting the increasing demand for
seafood both domestically and internationally.
Major
companies operating in the Vietnam Aquaculture Market are:
- Ca Mau Seafood Processing & Service Joint Stock
Corporation
- Minh Phu Seafood Corporation
- Vinh Hoan Corporation
- Quoc Viet Co. Ltd.
- Dong Nam Seafood Corporation
- Phuong Dong Seafood Co., Ltd.
- SOC Trang Seafood Joint Stock Company
- Thuan Hung Fisheries Company Ltd.
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“The
future of the Vietnam Aquaculture Market appears to be highly promising, as it
presents numerous opportunities for significant growth. This positive outlook
stems from several factors. Firstly, there is an ever-increasing demand for
seafood products, both within the country and internationally. Vietnam's rich
biodiversity and vast coastline provide an abundant resource for aquaculture,
allowing for the cultivation of a wide variety of high-quality seafood.
Moreover, the country's favorable environmental conditions, including pristine
water bodies and optimal climate, create an ideal habitat for aquaculture
operations. Additionally, the government of Vietnam is actively promoting
sustainable practices and investing in research and development to improve the
efficiency and productivity of the aquaculture sector. By implementing
innovative technologies and adopting best practices, Vietnam aims to enhance
the competitiveness of its aquaculture industry on a global scale. With these
combined factors, it is clear that the Vietnam Aquaculture Market is not only
poised for a prosperous future but also has the potential to become a leading
player in the global seafood industry.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Vietnam Aquaculture
Market By Rearing Product Type (Equipment, Chemicals,
Fertilizers, Pharmaceuticals), By Culture (Freshwater, Marine, Brackish Water),
By Species (Aquatic Animals and Aquatic Plants), By Culture System (Extensive,
Semi-Extensive, Intensive), By Production Type (Small Scale, Medium and Large
Scale), By Distribution Channel (Traditional Retail, Supermarkets &
Hypermarkets, Specialized Retailers, Online Stores, Others), By Region, Competition, Forecast and& Opportunities, 2018-2028F”,
has evaluated the future growth potential of Vietnam Aquaculture 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 Aquaculture Market.
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