Vietnam Seafood Market to Grow with a CAGR of 3.15% through 2029

Increasing consumption of fish drives the growth of Vietnam Seafood Market in the forecast period. 

According to TechSci Research report, “Vietnam Seafood Market – By Region, Competition, Forecast & Opportunities, 2029F”, the Vietnam Seafood market stood at USD 567.6 million in 2023 and is anticipated to grow USD 683.6 million by 2029 with a CAGR 3.15% during forecast period. The seafood market in Vietnam is a vibrant and crucial sector within the country's economy, reflecting its rich marine resources and the cultural significance of seafood in Vietnamese cuisine. As one of the largest seafood exporters in the world, Vietnam's seafood market has experienced robust growth over the years, driven by both domestic consumption and international demand. The country is endowed with an extensive coastline of approximately 3,260 kilometers, rich marine biodiversity, and favorable climatic conditions, which contribute to the thriving fishing and aquaculture industries. Among the various seafood products, shrimp, fish, and mollusks are the most significant contributors to Vietnam’s seafood exports.

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Vietnam’s seafood industry is primarily divided into two segments: capture fisheries and aquaculture. Capture fisheries involve the harvesting of wild fish from oceans and rivers, while aquaculture focuses on the farming of species such as shrimp, catfish, and tilapia. The aquaculture sector has gained prominence in recent years, particularly shrimp farming, which has become a vital economic activity in several coastal provinces like Tra Vinh, Bac Lieu, and Kien Giang. The cultivation of high-quality shrimp has positioned Vietnam as one of the leading shrimp exporters globally. The country's shrimp products are highly sought after in international markets, particularly in the United States, the European Union, and Japan, where they are known for their quality and taste.

The growth of the seafood market in Vietnam is also attributed to the increasing domestic consumption of seafood products. As the standard of living rises, Vietnamese consumers are becoming more health-conscious and are seeking protein-rich food sources. Seafood is often regarded as a healthy dietary choice due to its low fat content and high levels of omega-3 fatty acids. Consequently, traditional markets and modern retail outlets have witnessed a surge in seafood sales, with consumers increasingly gravitating toward fresh, processed, and frozen seafood options. Restaurants and foodservice establishments are also expanding their menus to incorporate diverse seafood dishes, further driving demand in the domestic market.

Another challenge facing the seafood market is the fluctuating global demand influenced by trade policies, tariffs, and competition from other seafood-producing countries. Vietnam competes with countries such as India, Thailand, and Ecuador in the global seafood market, necessitating continuous improvements in product quality and competitiveness. The government is working to negotiate favorable trade agreements and access new markets to mitigate these challenges and expand Vietnam's seafood export potential.

The rising awareness of sustainability among consumers worldwide is also influencing Vietnam's seafood market. There is a growing demand for sustainably sourced seafood, prompting Vietnamese producers to adopt environmentally friendly practices and obtain sustainability certifications. This trend aligns with global initiatives to protect marine ecosystems and ensure the long-term viability of seafood resources.

The Vietnam Seafood market is segmented into product, process, distribution channel, end user, regional distribution, and company.

Based on distribution channel, the online segment is the fastest-growing segment in the Vietnam seafood market, driven by changing consumer behaviors and increased internet penetration. As more Vietnamese consumers turn to e-commerce for convenience, online platforms are becoming vital for seafood sales. Fresh seafood delivery services and online marketplaces enable customers to access a wide variety of products from the comfort of their homes. Additionally, the COVID-19 pandemic accelerated this trend, as consumers sought safe shopping options. With innovative logistics and improved digital marketing strategies, seafood companies are capitalizing on this growth, enhancing consumer engagement and expanding their market reach significantly.

Based on region, the Central region is the fastest-growing segment in the Vietnam seafood market, fueled by its rich marine resources and strategic coastal location. Key provinces such as Da Nang, Quang Nam, and Thua Thien-Hue are experiencing increased investments in aquaculture and seafood processing, leading to higher production capacity. The growing demand for both domestic consumption and exports is driving this growth, with local producers focusing on high-quality products like shrimp and fish. Additionally, government initiatives aimed at enhancing infrastructure and promoting sustainable fishing practices are further supporting the region's development, positioning it as a significant player in the national seafood industry.

Major companies operating in Vietnam Seafood market are:

• Camau Seafood Processing & Service Joint Stock Corporation
• Hung Vuong Joint Stock Company 
• Minh Phu Seafood Joint Stock Company 
• Vinh Hoan Corporation
• Quoc Viet company
• Pinetree Vietnam Co., Ltd
• Sao Ta Foods Joint Stock Company
• An Giang Fisheries Import & Export Joint Stock Company
• SOC Trang Seafood Joint Stock Company
• Thuan Hung Fisheries Company Ltd

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“Technological advancements are playing a crucial role in shaping the future of the seafood market in Vietnam. The integration of technology into fishing and aquaculture practices is enhancing productivity and efficiency. Modern techniques such as automated feeding systems, water quality monitoring, and traceability technologies are being adopted to improve aquaculture yields and ensure food safety. Moreover, digital platforms are facilitating better market access for local producers, enabling them to reach consumers directly and expand their customer base,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

Vietnam Seafood Market By Product (Fishes, Shrimps, Oysters, Snails, Others) By Process (Fresh, Frozen) By Distribution Channel (Supermarket/Hypermarket, Traditional Retails, Specialized Retails, Online, Others) By End User (Household, PBCL {Pubs, Bar, Cafes, and Lounges}, QSR {Quick Service Restaurants}, Others) By Company, By Region, Competition Forecast & Opportunities, 2019-2029F”, has evaluated the future growth potential of Vietnam Seafood 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 Seafood market.

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