Aquaculture Market in Vietnam 2016-2020

Overview of the aquaculture market in Vietnam

According to the market research analysts at Technavio, the aquaculture market in Vietnam is anticipated to witness steady growth and will post a CAGR of close to 6% during the forecast period. With the significant increase in the export of fish and seafood products by Vietnam, the market is likely to have a positive outlook over the coming years. The Vietnamese Fisheries and Aquaculture Department (FAD) has recently reported that the country is the fifth largest exporter of aquaculture products in the world. Although the export of seafood declined considerably in 2015, during the first half of 2016, export remained high, and the market witnessed a healthy rise of 4% in exports over the same period. Also, the majority of the exporters are Hazard Analysis of Critical Control Points (HACCP) certified, and the others are Good Manufacturing Practices (GMP) certified, which further increases the credibility of the export market of the country. Furthermore, the Vietnamese government is planning to increase its marine aquaculture production and has set a target to produce about 200,000 metric tons of marine fish through aquaculture by 2020, which will boost this market’s growth over the next four years.

One of the latest trends gaining traction in the market is the increasing use of sustainable practices owing to the increasing environmental concerns and awareness about the consequences of certain fishing techniques. The Vietnam government is following technical standards to reduce the casualties caused by growing instances of diseases and climate change, which includes product certification, farmers to use equipment that is product certified, among other initiatives. Moreover, the majority of vendors in the market are increasingly focusing on all aspects of aquaculture production, from the use of quality inputs to the efficient use of land, water, and energy resources. In addition, efforts are being directed to increase productivity and minimize the risk of diseases, pollution, and fish escapes, which will contribute to this growth of the aquaculture market in Vietnam in the coming years.

Competitive landscape and key vendors

The aquaculture market in Vietnam is highly fragmented and comprises a large number of small and medium-sized vendors, largely consisting of self-employed farmers. The aquaculture players in the market are constantly looking for ways to enhance their production techniques, in terms of efficiency and effectiveness. They are also paying increasing attention to improving the use of resources and human capacity. The vendors compete with each other on various factors such as price, quality, availability, and variety. However, the price is set to become a major base for competition, with players specializing in certain species to gain an edge in the market. The market is highly competitive with all the players competing to gain a greater market share. Intense competition, rapid advances in aquaculture techniques and technology, and changes in consumer preferences constitute significant risks for vendors.

Key vendors in this market 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

Product segmentation and analysis of the aquaculture market in Vietnam

• Freshwater fish
• Mollusks
• Crustaceans
• Others

During 2015, the freshwater fish segment was the highest revenue contributing product segment and is likely to dominate the market over the next few years. Pangasius accounts for the largest share of this segment has witnessed increased consumption in the last 20 years till 2015, followed by Carps. The growth of this segment is attributed to the low value and easy cultivation of this fish variety, which makes them a popular choice, especially in rural areas.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the aquaculture market in Vietnam?
• What are the key market trends impacting the growth of the aquaculture market in Vietnam?
• What are the challenges to market growth?
• Who are the key vendors in the aquaculture market in Vietnam?
• What are the market opportunities and threats faced by the vendors in the aquaculture market in Vietnam?
• What are the trending factors influencing the market shares of Vietnam?
• What are the key outcomes of the five forces analysis of the aquaculture market in Vietnam?

Technavio also offers customization on reports based on specific client requirement.

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