According to the latest report by IMARC Group, titled “Vietnam Aquaculture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached 4 Million Tons in 2018. Aquaculture is defined as the raising, breeding and harvesting of aquatic organisms, including shellfish, fish and aquatic plants, in both inland and coastal areas. Vietnam currently represents one of the largest producers of aquaculture products worldwide. The country possesses a vast potential for aquaculture with a total water surface area of above 1.7 million hectares. Farmers in Vietnam perform wild fishing and fish farming on a large scale at the Red River Delta and the Mekong River Delta. Over the last two decades, they have been adopting the production of exportable species and making the farming activities more consumer-oriented, environment-friendly and economically viable.
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Vietnam Aquaculture Market Trends:
In 2018, Vietnam adopted the plan to develop its brackish shrimp industry till 2030 with an aim to improve production, productivity and the commercial value of the products. The production volume is expected to reach nearly 1.3 million tons with a shrimp farming area of approximately 750,000 hectares. Besides, the Nha Trang University of Vietnam and the United Nations Conference on Trade and Development (UNCTAD) recently opened a new Regional Centre of Excellence in Vietnam. The center serves as a hub for aquaculture and fisheries in minimally developed countries across Asia and Africa. However, due to excessive dependence on coastal resources and growing environmental concerns, nearly forty districts across eight provinces in Vietnam have started using an inter-sectional planning tool to manage fisheries better. Owing to the trends mentioned above, the market volume is expected to grow at a CAGR of around 4.2% during 2019-2024, exceeding 5 Million Tons by 2024.
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Market Summary:
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