Increasing consumption of fish drives the growth of Vietnam Seafood Market in the forecast period.
According to TechSci report on, “Vietnam Seafood Market By Product (Fishes, Shrimps, Oysters, Snails, Others) By Process (Fresh, Frozen) By Distribution Channel (Supermarket/Hypermarket, Traditional Retails, Specialized Retails, Online Retails, 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, 2027”, Vietnam Seafood market has shown promising growth in historical years until 2019 and is expected to continue its growth in upcoming forecast years 2022 to 2026. The market is anticipated toward growth owing to the factors like increased consumption of fishes and shrimps. Also, demand for authentic seafood dishes and traditional recipes in the quick service restaurants is increasing thereby driving the growth of Vietnam seafood market in the forecast years, 2022-2027.
Also, tourism in the country is expected to increase in the upcoming five years. Tourists with an appetite for the specialized Vietnamese cuisine increase the demand of seafood in the country thereby directly affecting the seafood market positively. Vietnam is also among one of the largest exporters of seafood in countries like Russia, Japan etc. The demand for export will enhance the farming of freshwater fish in the forecast period. Food habits of not only Vietnamese population but the importing countries too, are highly influencing the growth of Vietnam aquatic food market, in 2022-2026.
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Vietnam seafood market is segmented by product, process, distribution channel, end user, and regional distribution. Based on process the market is further bifurcated into fresh and frozen products. Fresh seafood is preferable by the population for its nutritional value and flavour of the product thereby fresh seafood is expected to dominate the market for the upcoming five years. Frozen seafood with the additives that prolongs the shelf life of the product is also expected to grow in the near future. Many competitors are entering the online retail market with the frozen seafood with advanced packaging and prolonged shelf life of the product. Dried fishes and shrimps are also available in the supermarkets and markets.
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.
Some of the top players in the Vietnam seafood market are, Ca Mau Seafood Processing & Service Joint Stock Corporation, Hung Vuong Corporation, Minh Phu Seafood Corporation, Vinh Hoan Corporation, Quoc Viet Seafood Co. Ltd., Dong Nam Seafood Corp, Phuong Dong Seafood, Ngoc Sinh Seafood, SOC Trang Seafood Joint Stock Company, Thuan Hung Fisheries Company Ltd, among others. The companies are involving themselves into research and development for the methods of better quality, and various quality analysis tests to provide the better quality seafood.
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“As a member of Association of Southeast Asian Nations (ASEAN), Vietnam carries out bilateral trades with huge economies like US, China, India, etc. Under the agreement, Vietnam is involved with various trades, one of which is seafood trade. Vietnam is a major exporter after China for seafoods in the neighboring countries like India, Japan, and Russia. New investors are advised to penetrate the market keeping in mind the policies and regulations of these importers. Often the quality control and quality checks at the sea-borders of these countries take a long there by spoiling the quality of the product and thus causing losses to the transporters and suppliers,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global 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 Retails, 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, 2027” 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 Vietnam seafood market.
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