Growing demand of aquaculture products influence the growth of Vietnam Aquatic Feed Market in the forecast period, positively.
According to TechSci report on, “Vietnam Aquatic Feed Market By Feed Type (Fish, Mollusks, Crustaceans {Shrimps}, Others) By Ingredient (Grain and Cereals, Soybean, Fish meal, Additives, Fish Oil, Others) By Form (Pellets, Extruded, Powdered, Liquid) By Company By Region (Northern, Central, Southern) Competition Forecast & Opportunities, 2028”, Vietnam Aquatic Feed 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 towards growth owing to the factors like increased consumption of fishes and shrimps. Moreover, the increasing aquaculture and pisciculture trends in the country is driving the Vietnam aquatic feed market toward the anticipated growth.
Also, tourism in the country is expected to increase in the upcoming five years. Tourists with an appetite for the specialized Vietnamese cuisine is expected to increase the demand of seafood in the country thereby directly affecting the aquatic feed market positively. Vietnam is also among one of the largest exporters of seafood to countries like Russia, Japan etc. The demand for export will enhance the inbred culture of fishes and other aquatic animals 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.
Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on“Vietnam Aquatic Feed Market”
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The report on Vietnam Aquatic Feed market is segmented by feed type, ingredient, form, and regional distribution. Based on ingredient the market is further fragmented into grain and cereals, soybean, fish meal, additives, fish oil, and others. Grains and cereals are only applicable for the fish feed whereas other aquatic animals require other ingredient added into the nutrient mix for a healthier diet. Soybean is the non-fish source that provides ample amount of Omega-3 fatty acids, proteins, and unsaturated fats that are of utmost necessity in the aquatic feed. Intake of soybean enhances growth and development of fishes and shellfishes thereby directly influencing the market. Heat-processed full-fat soybean, mechanically extracted soybean cake, solvent-extracted soybean meal, and dehulled solvent-extracted soybean meal are some of the types of fish meals that provide the necessary nutrient. Moreover, soybean meals are more cost effective as compared to other aquatic feeds.
Vietnamese economy was widely affected by the pandemic that set foot in early 2020. Vietnam aquatic feed market was not untouched, either. While observing the lockdown, breeders 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 of the Vietnam aquatic feed market. Also, export of the seafood from the country was halted completely thereby negatively impacting the market. After observing a setback, aquatic feed market is expected to revisit its growth and show a promising future.
Based on the form, the market is further fragmented into pellets, extruded, powdered, and liquid. Powdered form of the feed in expected to dominate the market in the future owing to the fact that it is more easily digestible for the aquatic animals. Liquid form of feed will also show the largest growth in CAGR in the upcoming five years.
Some of the top players in the Vietnam aquatic feed market are, Archer Daniels Midland Co., Cargill Vietnam Ltd., Nutreco International (Vietnam) Ltd., Basf Vietnam Co. Ltd – Chi Nhánh Bình Dương, Biomin Vietnam Co., Ltd, INVE Aquaculture Inc., ANVET PHARMA JSC, GreenFeed Vietnam Corp, De Heus Vietnam, Alltech Inc., 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 products.
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“Vietnam is a member of ASEAN and is involved in several bilateral free trade agreements with major economies like US, China India, etc. These agreements create a huge demand for seafood from Vietnam by the major economies. Regulations and policies of the countries may be a challenge in the recent future. New investors with a confirmed business deal or an existing market in the major economies would be able to profit rapidly from the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Vietnam Aquatic Feed Market By Feed Type (Fish, Mollusks, Crustaceans {Shrimps}, Others) By Ingredient (Grain and Cereals, Soybean, Fish meal, Additives, Fish Oil, Others) By Form (Pellets, Extruded, Powdered, Liquid) By Company By Region (Northern, Central, Southern) Competition Forecast & Opportunities, 2028” has evaluated the future growth potential of Vietnam aquatic feed 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 aquatic feed market.
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