Increased fish cultivation in the country is driving the growth of the Vietnam Aquaculture Market, in the forecast period, 2023-2027. According to TechSci report, “Vietnam Aquaculture Market– Competition Forecast & Opportunities, 2027”, the Vietnam aquacultures market is anticipated to grow with an impressive CAGR in the forecast period, 2023-2027 on the account of rising demand for seafood among the consumers in the country. The aquatic animal culturing of aqua farming is the controlled process of breeding, rearing, harvesting, and cultivation of aquatic animals and aquaculture, like fishes, shellfish, algae, etc.
The Important Elements of the Vietnam Aquaculture Market
Aquaculture is for food production, restoration of habitats, aquarium buildings, etc. These advantages of aquaculture are further driving the growth of the Vietnam aquaculture market in the next five years. Aquaculture is one of the important sources of food in the country that drives market growth exponentially. Also growing import and export transits of aquatic animals as seafood to other countries are further supporting the market growth in the upcoming five years. Moreover, the growing demand for pet fish, and setting up home aquariums is increasing and aiding the demands for artificial aquaculture if further substantiating the growth of the Vietnam aquaculture market in the future five years. Although, the market may face restraint due to quality assurance regulations that are changing in the importing countries.
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The Vietnam aquaculture market is segmented by rearing product type, culture, species, culture system, production type, distribution channel, competitional landscape, and regional distribution. Based on rearing product type, the market is further bifurcated into equipment such as containment equipment, water pumps and filters, water circulating and aerating equipment, cleaning equipment, feeders, and others, along with, chemicals, fertilizers, and pharmaceuticals. The equipment segment is anticipated to lead the market growth in the upcoming five years on the account of increasing technological advancement and growing demand for artificial aquaculture practices. The surge in the demand for various types of aquatic plants and animals is further supporting the growth of the Vietnam aquaculture market in the next five years. Chemicals are anticipated to register significant growth in the market in the future five years on the grounds of increasing demand for high-quality water maintenance, and demand for exquisite marine life for home décor or aquarium requirements.
Based on culture, the market is further bifurcated into freshwater, brackish water, and marine. Owing to the rising demand for seafood products, the marine segment is anticipated to register the fastest-growing CAGR in the upcoming five years. Moreover, the regulations toward fish capturing from the smaller water bodies have aided in the same harboring and capture from marines in the subsequent five years. Furthermore, technological advancements like water recirculation systems are supporting the growth of the segment in the upcoming five years. Also, for the higher nutrient content in marine life as compared to the other cultures, the market may register the growth substantially in the market.
Species based market segment is differentiated between aquatic animals include shrimps, tilapia, crustaceans, mollusks, etc., and aquatic plants that include seaweeds, microalgae, and others. The aquatic animal segment is anticipated to hold the largest shares of the market and may dominate the market segment in the subsequent five years to come on the account of a surge in the demand of fish shrimps, etc. for food as well as residential pets. For the further decoration of the aquariums at home, the consumers are also inclined toward aquatic plants like seaweeds and microalgae and thus they may register significant growth in the next five years.
A partial list of market players in the Vietnam aquaculture market includes:
- 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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“Increasing urbanization, rising disposable income, and inclination of the meat consumers toward seafood are aiding the growth of the Vietnam aquaculture market in the upcoming five years. New market players may focus on the proper and healthy culture of the aquatic animals. Consumers are inclined toward higher seafood consumption due to their concerns over health and with the claims and confirmations that follow the regulation norms toward best product availability, they may build a brand for themselves. The country supports a huge market for aquaculture that is growing with impressive CAGR, if players devise methods to provide fresh, authentic, and regulated products that may serve up as better strategic plans for an established market in the future five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Vietnam Aquaculture Market By Rearing Product Type (Equipment {Containment Equipment, Water Pumps, and Filters, Water Circulating and Aerating Equipment, Cleaning Equipment, Feeders, Others}, Chemicals, Fertilizers, Pharmaceuticals), By Culture (Freshwater, Marine, Brackish Water), By Species (Aquatic Animals {Shrimps, Tilapia, Crustaceans, Mollusks, Others} v/s Aquatic Plants {Seaweeds, Microalgae, Others}), By Culture System (Extensive, Semi-Extensive, Intensive), By Production Type (Small Scale v/s Medium & Large Scale), By Distribution Channel (Traditional Retail, Supermarkets and Hypermarkets, Specialized Retailers, Online Stores, Others), By Region, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of Vietnam aquacultures 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 the Vietnam aquacultures market.
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