Market Size of Vietnam Aquafeed Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.30 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Vietnam Aquafeed Market Analysis
The Vietnam Aquafeed Market size is estimated at USD 2.38 billion in 2023 and is expected to reach USD 2.94 billion by 2028, growing at a CAGR of 4.30% during the forecast period (2023-2028).
- The most commonly used ingredients in aquafeed include soybean meal, fish meal, fish oil, and carp. Aquafeed is widely available in the form of pellets, which contain vital ingredients for fish, administered externally.
- The pellets vary in size, depending on the species to be fed. In addition, the properties of these feeds can be altered to make them float on the water's surface or sink to the bottom of the tanks where fish are reared. Furthermore, the content of various nutrients in the feed can be controlled, resulting in the growth and rise in popularity of the aquafeed industry over the past few years.
- A key factor driving the demand for aquafeed in the country is its large aquaculture market. According to Food and agricultural organization, after China, Indonesia, and India, Vietnam is currently the fourth-largest aquaculture producer of seafood. Likewise, changes in consumer diet habits, increased seafood consumption in the country, and rising earnings have positively impacted the aquafeed business. Some of Vietnam's most popular seafood products are shrimp, tuna, pangasius, and marine fish.
- Furthermore, increased exports, strong government backing, developments in feed manufacturing technology, rising knowledge about the adoption of modern feeding techniques, and so on are some key factors boosting the market. Moreover, existing manufacturers in the country have extended their production capacity due to the rising demand. Several new players have just entered the market.
- In addition, government initiatives to increase the production of certified sustainable seafood are further accelerating the aquafeed requirement in Vietnam. According to the national plan for 2022, Vietnam's total export revenue of shrimp products is expected to hit USD 10 billion by 2025. The accumulated brackish water shrimp farming area is set at 750,000. In contrast, the total shrimp output is over 1.15 million metric tons, as mentioned by the Vietnam Association of Seafood Exporters and Producers (VASEP). To cover this target, the government is focusing on improving the production of black tiger shrimp, primarily due to the higher price compared to white leg shrimp. It is expected to augment the demand while expanding the customer base for black tiger shrimp feed over the forecast period.
Vietnam Aquafeed Industry Segmentation
Aquafeed is a mixture of raw materials, additives, and other supplements, sourced from natural or synthetic sources and fed to farmed fish. The Vietnam Aquafeed Market is segmented by feed type (species (white leg shrimp (Litopenaeus vannamei), giant tiger prawn (Penaeus monodon), pangasius, carp, catfish, tilapia, and other species). The report offers the market size and forecasts in volume in metric tons and value in USD thousand for all the above segments.
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Vietnam Aquafeed Market Size Summary
The Vietnam aquafeed market is experiencing significant growth, driven by the country's robust aquaculture industry, which ranks fourth globally in seafood production. The market is characterized by the use of key ingredients such as soybean meal, fish meal, and fish oil, with aquafeed commonly available in pellet form. These pellets are tailored to meet the nutritional needs of various fish species and can be modified to either float or sink, enhancing their utility in aquaculture. The increasing demand for aquafeed is further fueled by changing consumer dietary habits, rising seafood consumption, and higher income levels in Vietnam. The government's focus on sustainable seafood production and the expansion of shrimp farming, particularly black tiger shrimp, are also contributing to the market's growth.
The market landscape is consolidated, with major players like Nutreco NV, Charoen Pokphand Group, Archer Daniels Midland Co., De Heus Vietnam, and Cargill holding substantial market shares. These companies are actively expanding their operations to capture a larger share of the market. The aquafeed industry is also benefiting from Vietnam's participation in bilateral and free trade agreements, which have opened up significant export opportunities to markets such as the United States, China, and the European Union. The shift in farming practices from black tiger shrimp to more profitable white-leg shrimp is further driving the demand for specialized aquafeed. This transition, along with technological advancements in feed manufacturing and increased production capacity, is expected to sustain the market's growth trajectory in the coming years.
Vietnam Aquafeed Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Feed Type
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2.1.1 Species
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2.1.1.1 White Leg Shrimp (Litopenaeus vannamei)
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2.1.1.2 Giant Tiger Prawn (Penaeus Monodon)
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2.1.1.3 Pangasius
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2.1.1.4 Carp
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2.1.1.5 Catfish
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2.1.1.6 Tilapia
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2.1.1.7 Other Species
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Vietnam Aquafeed Market Size FAQs
What is the current Vietnam Aquafeed Market size?
The Vietnam Aquafeed Market is projected to register a CAGR of 4.30% during the forecast period (2024-2029)
Who are the key players in Vietnam Aquafeed Market?
Nutreco NV , Charoen Pokphand Group, Archer Daniels Midland Co., De Heus Vietnam and Cargill are the major companies operating in the Vietnam Aquafeed Market.
