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 and Opportunities, 2019-2029F”, the Vietnam Seafood Market  stood at USD 567.6 million in 2023 and is anticipated to grow with a CAGR of 3.15% through 2029. The Vietnam seafood market plays a vital role in the country’s economy, being one of the top exporters of seafood globally. The market has experienced rapid growth due to several key drivers. One of the primary drivers is Vietnam's extensive coastline and rich aquatic resources, which provide abundant raw materials for the industry. Additionally, government policies supporting the expansion of the aquaculture sector and investments in modern processing technologies have further strengthened Vietnam’s competitive position. The country’s participation in free trade agreements (FTAs) with major markets like the European Union (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has reduced tariffs and opened new opportunities for exports.

Vietnam's seafood industry also benefits from a strong domestic market, where rising income levels and a shift toward healthier eating habits have boosted demand for seafood products. Moreover, Vietnam has invested heavily in improving the quality and safety of its seafood exports, which has helped it gain access to more regulated markets such as the U.S. and Japan. However, the market faces several challenges. One significant issue is the overexploitation of natural resources, leading to the depletion of fish stocks. Environmental concerns, including water pollution and climate change, are also affecting the sustainability of aquaculture. Another challenge is the increasing competition from other seafood-producing countries like Thailand and India. Additionally, the stringent regulatory requirements in export markets regarding food safety, traceability, and sustainability pose hurdles for Vietnamese seafood exporters, especially small-scale producers. Despite these challenges, Vietnam remains a global leader in seafood exports, driven by its adaptability, investment in sustainable practices, and diversification into high-value seafood products like shrimp and tuna.

Browse over xx market data Figures spread through xx Pages and an in-depth TOC on "Vietnam Seafood Market"

Vietnam seafood market is segmented by product, process, distribution channel, end user, and regional distribution. Based on the distribution channel, online channel is the fastest growing segment in the Vietnam seafood market. Vietnam boasts a rich coastal heritage, making seafood an integral part of its culinary culture. The seafood market in Vietnam has witnessed significant growth, driven by factors like rising disposable income, urbanization, and changing dietary preferences. Among various distribution channels, the online channel stands out as the fastest-growing segment. Vietnamese consumers increasingly prefer the convenience of ordering seafood online. It saves time and offers a wide variety of choices. The surge in internet penetration and smartphone usage has fueled the adoption of online platforms for seafood purchases. Dedicated seafood e-commerce platforms and food delivery apps have gained popularity, providing easy access to fresh seafood. Ensuring the freshness and quality of seafood during online transactions remains a challenge. Trust-building measures are crucial. Some seafood producers are bypassing intermediaries and selling directly to consumers through online channels. Consumers are willing to pay a premium for high-quality, sustainably sourced seafood, which online platforms can cater to. Local seafood markets also leverage social media platforms for online sales. The online channel is expected to continue its rapid growth, especially as more consumers embrace digital shopping.

Vietnamese economy was widely affected by the pandemic that set foot in early 2020. Vietnam seafood market was not untouched, either. While observing the lockdown, consumers were not able to visit multiple distribution channels and could only order online thereby influencing the online retail, which is expected to gain major revenue shares in upcoming years, thus driving the growth in Vietnam seafood market in the forecast years. Also, the export of the seafood from the country was halted completely there by negatively impacting the market. After observing a setback, seafood market is expected to revisit its growth and show a promising future. In the coming years, the Vietnam seafood market is poised for continued growth, driven by several factors. The increasing demand for processed and frozen seafood products presents a significant opportunity for expansion. These products are highly sought after in international markets due to their convenience and longer shelf life, particularly in Europe, North America, and East Asia. Furthermore, Vietnam’s strategic location in Southeast Asia, with easy access to key markets, facilitates efficient supply chain operations. The government’s focus on improving infrastructure, such as ports and transportation networks, also contributes to the industry’s growth potential. Additionally, investments in research and development (R&D) for new aquaculture technologies, such as advanced breeding techniques and disease-resistant species, will enhance productivity and help address some of the environmental challenges faced by the sector.

Key market players in the Vietnam Seafood market include:

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

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“One notable trend in the Vietnam seafood market is the growing focus on sustainability. The industry is increasingly adopting eco-friendly aquaculture practices, such as using fewer antibiotics, implementing water management systems, and participating in international sustainability certifications. This trend is driven by both domestic policies and the growing global consumer demand for environmentally responsible seafood products, allowing Vietnam to remain competitive in premium markets.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based Global management consulting firm.

“Vietnam Seafood Market Segmented 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 (Northern, Central, Southern) Competition Forecast & Opportunities,2019-2029F”, has evaluated the future growth potential of Seafood and provides statistics and information on market structure, size, share, and future 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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