According to the latest market research study released by Technavio, the aquaculture market in Vietnam is expected to grow at a CAGR of close to 4% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global aquaculture market in Vietnam based on product type:
Aquaculture market shares in Vietnam by product type 2015
|
Freshwater fish |
77.60% |
|
Crustaceans |
12.19% |
|
Mollusks |
5.07% |
|
Others |
5.14% |
Source: Technavio
The top three revenue contributing product segments are discussed below:
Freshwater fish market in Vietnam
The freshwater fish market accounted for a majority of the revenue generated by the aquaculture market in Vietnam during 2015. Pangasius accounts for the largest share of this market has witnessed increased consumption in the last 20 years till 2015, followed by carps. However, the sale of carps is expected to slow down over the forecast period. The slowdown in growth is attributable to the decline in consumption of urban areas and a shift in consumer preference from carps to other species such as white leg shrimps. However, their low value and easy cultivation make them a popular choice in rural areas, which contributes to market demand.
“With the shift in freshwater aquaculture technology, the steps in the production of seed are changing from water-intensive land-based systems to water-saving and water productivity-enhancing interventions. Irrigation systems and irrigated agriculture are being integrated with fish seed production. For fry to fingerling rearing, the use of cages and hapas is becoming increasingly popular in Vietnam,” says Abhay Sinha, a lead analyst at Technavio.
Crustaceans market in Vietnam
During 2015, crustaceans accounted for more than 12% of the revenue generated by the aquaculture market in Vietnam. The market for crustaceans in Vietnam is projected to experience fast-paced growth during the forecast period owing to the shift in consumer choice from freshwater fish and mollusks. A rise in disposal income, urbanization, greater accessibility, and awareness about the high protein content of seafood is propelling the demand for crustaceans, which surpassed 2 million tons in 2014. Shrimp, prawns, crabs, and crayfish are the majorly produced crustaceans in the market.
Mollusks market in Vietnam
The market for mollusks for Vietnam has immense potential for growth owing to the rise in the demand for oysters and clams. Factors such as optimal resource utilization and low environmental impact are propelling mollusks production in Vietnam in the past, making them a highly sustainable protein market. Low-value mollusks occupy a significant share in the overall market and are produced in low-intensity production systems. The health benefits of these species and their commercial importance in pearl production and lime manufacturing is expected to fuel further growth of the market during the forecast period.
The top leading vendors operating in the aquaculture market in Vietnam are:
- Camau Seafood Processing and Service Joint
- Dongnam Seafood
- PhuongDong Seafood
- Food Joint Stock Company Ca Mau Seafood Exports
- Hung Vuong Mekong
- Minh Phu
- Ngoc Sinh Seafood
- Oriental Seafood
- Quoc Viet
- Saigib Seafood
- SOC TRANG Seafood Joint Stock Company
- Thuan Hung Fisheries Company
- Trong Nhan Seafood
- Vinh Hoan
- Cermaq
- Nireus Aquaculture
- Thai Union Frozen Products
A more detailed analysis is available in the Technavio report titled, ‘Aquaculture Market in Vietnam 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Aquaculture Market 2016-2020
- Aquaculture Market in China 2016-2020
- Global Crustaceans Market 2016-2020
- Global Fish Oil Products Market 2016-2020
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