LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the aquaculture market in Vietnam is expected to grow at a CAGR of close to 6% during the forecast period.
“The health benefits of these species and their commercial importance in pearl production and lime manufacturing are further inducing market growth, which is expected to record a CAGR of approximately 2.4% during the forecast period”
This research report titled ‘Aquaculture Market in Vietnam 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Abhay Sinha, a lead analyst at Technavio, “The government is investing in the aquaculture industry by building fishing ports, integrating and modernizing fishing logistics, and developing offshore fishing facilities. All these factors are expected to attract further investment in the country, thereby, fueling the growth of the market during the forecast period.”
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The report categorizes the aquaculture market in Vietnam into four major product segments. They are:
- Freshwater fish
Freshwater fish market in Vietnam
The freshwater fish market dominates the aquaculture market in Vietnam. Pangasius, which accounts for the largest share of this market, has witnessed increased consumption in the last 20 years.
Major challenges in the market include intensification of aquaculture production, which has increased the competition among vendors and has had a negative impact on biodiversity. The market is however, witnessing a slowdown in imports for processing and placing emphasis on encouraging the processing of its domestic freshwater fish output.
Crustaceans market in Vietnam
The crustaceans market in Vietnam is currently growing at a fast pace because of the shift in consumer choice from freshwater fish and mollusks. The growth in disposal income, urbanization, greater accessibility, and awareness about the high protein content of seafood has increased the demand for crustaceans, which reached 2.06 million tons in 2014. Shrimp, prawns, crabs, and crayfish are the commonly produced crustaceans in the market. A huge number of crustaceans, especially white leg shrimp, are exported to leading economies across the world. However, the market is expected to witness increased import of premium crustaceans, causing a slowdown in domestic production.
Mollusks market in Vietnam
Mollusks are less preferred aquaculture products as compared to freshwater fish and crustaceans, but the mollusks market in Vietnam is an emerging market due to growing demand, for oysters and clams. Factors such as optimal resource utilization and low environmental impact have driven the production of mollusks and made them a highly sustainable protein market.
“The health benefits of these species and their commercial importance in pearl production and lime manufacturing are further inducing market growth, which is expected to record a CAGR of approximately 2.4% during the forecast period,” says Abhay.
Vietnam aquaculture market by others
The demand for other freshwater species and marine species like sea cucumbers and trout are expected to witness rapid growth. Conservation efforts for marine fish in their natural habitats has driven market growth. However, they are relatively more difficult to breed, especially the eels. The vulnerability of these fish species is also a primary challenge in the market. Physical disturbances, invasive species, acidification, climate change, and habitat change are environmental factors that have largely restrained market growth.
Some of the top vendors highlighted by Technavio’s research analysts in this report are:
- Camau Seafood Processing and Service Joint
- Dongnam Seafood
- PhuongDong Seafood
- Food Joint Stock Company Ca Mau Seafood Exports
- Hung Vuong Mekong
Browse Related Reports:
- Global Aquaculture Market 2016-2020
- Aquaculture Market in China 2016-2020
- Global Crustaceans Market 2016-2020
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