Vietnam Aquafeed Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 3.29 Billion |
| Market Size (2029) | USD 4.25 Billion |
| CAGR (2024 - 2029) | 5.23 % |
| 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 3.29 billion in 2024, and is expected to reach USD 4.25 billion by 2029, at a CAGR of 5.23% during the forecast period (2024-2029).
- Vietnam's aquaculture industry is emerging as a dominant force in global commodity production. This success is largely due to the country's advantageous natural conditions, technological advancements, and proactive government policies that champion sustainable development, all driving the growth of the aquafeed market.
- The Vietnamese government rolled out a strategic marine aquaculture plan which will ran till 2030. The strategy aims to boost the nation's aquaculture yield to a target of 7 million metric tons annually. Key objectives included surpassing 60% production capacity for black tiger shrimp and vannamei broodstock, achieving a full 100% for pangasius broodstock, and eyeing an ambitious annual export valuation of USD 12 billion.
- In response to the global surge in demand for organic aquaculture, Vietnam's government has set a bold target, stating that by 2030, organic aquaculture should account for 0.5% to 1.5% of the nation's total output. The initiative focuses on creating dedicated organic production zones, diversifying production methods, enhancing technology use, strengthening certification bodies, and boosting the processing, consumption, and export of organic products. This emphasis is anticipated to drive a significant rise in domestic demand for organic aquafeeds in the coming years.
Vietnam Aquafeed Market Trends
Rising Production of Aquaculture
- Vietnam's aquaculture sector plays a crucial role in the nation's economy. General Statistics Office of Vietnam data reveals that from 2019 to 2023, aquaculture production surged by a notable 17.3%, climbing from 4.59 million metric tons to 5.46 million metric tons. By 2023, the aquaculture area expanded to a notable 1.3 million hectares for inland aquaculture and 9.5 million offshore cages. This rising trend in aquaculture output is poised to elevate the demand for aquafeeds in the foreseeable future.
- Vietnam has favorable natural sea conditions for aquaculture and also boasts abundant freshwater resources, particularly in the Red River and Mekong Delta basins. These regions support year-round aquafarming activities. Seafood production and exports in Vietnam are divided among six key regions including, the North Central Coast, Central Coast, South Central Coast, Southeast, Mekong Delta, and various inland provinces. The country has embraced state-of-the-art technologies across the spectrum, from aquaculture and breed production to aquatic feed manufacturing which is likely to expand the market.
- Technologically, Vietnam has integrated advanced systems such as recirculating aquaculture systems (RAS), integrated multi-trophic aquaculture (IMTA), and intensive aquaculture methods. These advancements have enhanced water quality, reduced waste, and increased productivity. Currently, the sector is witnessing a notable influx of foreign direct investment (FDI), especially in aqua feed and seed supply. With the aquaculture industry on a growth trajectory, the demand for aquafeed is set to rise even further.
Shrimp Feed is the Fastest Growing Segment
- According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the Mekong Delta serves as the backbone of Vietnam's aquaculture exports. This pivotal region accounts for a remarkable 80 percent of the nation's shrimp production, underscoring its dominant role in the shrimp feed market. In 2022, the Mekong Delta constituted approximately 70 percent of Vietnam's extensive aquaculture area, which covers 1.1 million hectares.
- In 2022, the Directorate of Fisheries Vietnam highlighted that the country allocated 737,000 hectares for brackish water shrimp farms, further strengthening its burgeoning shrimp feed industry. The cultivation spread was significant: black tiger shrimp occupied 622,000 hectares, while white leg shrimp covered 115,000 hectares. The production figures were impressive: brackish water shrimp yielded 745,000 metric tons, black tiger shrimp reached 271,000 metric tons, and white leg shrimp produced 474,000 metric tons.
- The year 2022 marked a pivotal year for Vietnam, witnessing substantial increases in both output and export value. The total export value surged close to USD 4.1 billion, reflecting a growth of over 10% from the previous year. Driven by the sharp uptick in exports of black tiger and white leg shrimp, Vietnam's aquaculture sector is keenly eyeing further global market opportunities. Consequently, the uptick in shrimp exports is playing a significant role in boosting the country's aquafeed consumption.
Vietnam Aquafeed Industry Overview
The aquafeed market is consolidated, with major players holding a significant market share. Cargill Inc., Greenfeed Viet Nam Corporation, Uni-President Vietnam Co Ltd, Charoen Pokphand Group Co., Ltd, and Vietnamese - French Cattle Feed Joint Stock Company (Proconco) are the major players in the market. The players are investing in new products and improvisation of products, partnerships, expansions, and acquisitions for business expansions.
Vietnam Aquafeed Market Leaders
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Cargill Inc.
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Greenfeed Viet Nam Corporation
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Uni-President Vietnam Co.,Ltd
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Charoen Pokphand Group Co., Ltd
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Vietnamese - French Cattle Feed Joint Stock Company (Proconco)
*Disclaimer: Major Players sorted in no particular order
Vietnam Aquafeed Market News
- November 2024: Aboitiz Foods, the newly formed corporate brand from the merger of Pilmico and Gold Coin, inaugurated its most advanced feed mill in Long An, Vietnam. This state-of-the-art facility, with an investment of USD 45 million, marks Aboitiz Foods' largest investment in Vietnam to date, underscoring its commitment to expanding its presence in Vietnam and throughout Southeast Asia. Spanning 3.8 hectares, the facility boasts cutting-edge Industry 4.0 technology, a modern laboratory, and an annual production capacity of 300,000 metric tons. This capacity encompasses livestock and animal nutrition feed, including aquafeed.
- July 2024: De Heus inaugurated a marine R&D facility at the Vinh Long Aqua Research and Development Center in Vietnam. Spanning 5.5 hectares in Vinh Long province, De Heus's aqua farm now boasts two newly constructed systems aimed at pioneering nutritional innovations for crustaceans and marine species, including the Asian seabass.
- May 2024: Yuehai Feeds Group from China has initiated the first phase of constructing a new aquaculture feed mill in southern Vietnam. Situated on a 5-hectare plot in Vinh Long Province, the plant is strategically located along the Mekong Delta, a key hub for aquaculture production in Vietnam. The total investment for the facility stands at VND 500 billion (USD 19.8 million). Once operational, the plant is set to boast an annual capacity of 100,000 metric tons of aquafeed, with a breakdown of 30,000 metric tons dedicated to shrimp feed and 70,000 metric tons for fish feed.
Vietnam Aquafeed Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Seafood
4.2.2 Rise in Aquaculture Farms
4.2.3 Increasing Aquaculture Exports
4.3 Market Restraints
4.3.1 Fluctuating Prices of Raw Materials
4.3.2 Poor Awareness about Modern Feeding Methods
4.4 Porters 5 Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Carp Feed
5.1.2 Catfish Feed
5.1.3 Tilapia Feed
5.1.4 Shrimp Feed
5.1.5 Other Types
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Uni-President Vietnam Co.,Ltd
6.3.2 Greenfeed Viet Nam Corporation
6.3.3 Charoen Pokphand Group Co., Ltd
6.3.4 Cargill Inc
6.3.5 Japfa Comfeed Vietnam Limited Company
6.3.6 Vietnamese - French Cattle Feed Joint Stock Company (Proconco)
6.3.7 Mavin Austfeed Joint Stock Company
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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 Aquafeed Market is segmented by Type (Carp Feed, Catfish Feed, Tilapia Feed, Shrimp Feed, and Other Types). The report offers market size forecasts in value (USD) and volume (metric tons) for all the above segments.
| Type | |
| Carp Feed | |
| Catfish Feed | |
| Tilapia Feed | |
| Shrimp Feed | |
| Other Types |
Vietnam Aquafeed Market Research FAQs
How big is the Vietnam Aquafeed Market?
The Vietnam Aquafeed Market size is expected to reach USD 3.29 billion in 2024 and grow at a CAGR of 5.23% to reach USD 4.25 billion by 2029.
What is the current Vietnam Aquafeed Market size?
In 2024, the Vietnam Aquafeed Market size is expected to reach USD 3.29 billion.
Who are the key players in Vietnam Aquafeed Market?
Cargill Inc., Greenfeed Viet Nam Corporation, Uni-President Vietnam Co.,Ltd, Charoen Pokphand Group Co., Ltd and Vietnamese - French Cattle Feed Joint Stock Company (Proconco) are the major companies operating in the Vietnam Aquafeed Market.
What years does this Vietnam Aquafeed Market cover, and what was the market size in 2023?
In 2023, the Vietnam Aquafeed Market size was estimated at USD 3.12 billion. The report covers the Vietnam Aquafeed Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Aquafeed Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Vietnam Aquafeed Industry Report
Statistics for the 2024 Vietnam Aquafeed market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Aquafeed analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
