Vietnam Aquafeed Market Report and Forecast 2024-2032

Vietnam Aquafeed Market Size

The Vietnam aquafeed market reached approximately USD 2.51 billion in 2023. The market is projected to grow at a CAGR of 4.6% between 2024 and 2032, reaching a value of around USD 3.76 billion by 2032.

Vietnam Aquafeed Market Outlook

• Aquaculture is expected to account for over a quarter of Vietnam's total fisheries output and surpass $4 billion in export value by 2045.

• The National Program on Aquaculture Development for the period 2021-2030 was initiated in August 2022, aimed at developing effective and sustainable aquaculture practices.

• As per the Vietnam Association of Seafood Exporters and Producers (VASEP), exports of shrimp to the United States surpassed USD 1 billion for the first time in 2021.

Vietnam Aquafeed Market Growth

Vietnam has unveiled a strategy to significantly boost its aquaculture production. The country aims to produce 5.6 million metric tons (MT) of farmed seafood annually by 2025, marking a 16.7% increase from the 4.8 million MT produced in 2021. Additionally, Vietnam plans to raise its aquaculture output to 7 million MT per year by 2030, with an estimated export value of USD 12 billion (EUR 12 billion) annually. By 2030, the country also aims to meet more than 60 per cent of its domestic demand for vannamei broodstock and black tiger shrimp, and 100 per cent of its demand for pangasius broodstock.

Vietnam's extensive coastline of over 3,260 kilometres (2,026 miles) and its abundance of islands and bays provide a vast geographic opportunity for aquaculture. The government of Vietnam has been proactively backing the aquaculture sector by introducing a range of measures and policies designed to encourage sustainable aquaculture methods. These efforts encompass financial assistance, support for research and development, and the enforcement of regulations to uphold superior standards in feed quality.

Vietnam stands as a prominent nation in aquaculture production, especially for shrimp, pangasius, and tilapia. As income levels and urbanisation continue to rise, there is a noticeable trend towards protein-rich diets, which include seafood. The expanding middle-class demographic in Vietnam is playing a role in the heightened consumption of seafood, consequently boosting the demand for high-quality aquafeed.

Vietnam Aquafeed Industry Segmentation

“Vietnam Aquafeed Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Ingredient

• Soybean

• Corn

• Fish Meal

• Fish Oil

• Additives

• Others

Market Breakup by Additives

• Amino Acids

• Antibiotics

• Vitamins

• Feed Acidifiers

• Others

Market Breakup by Product Form

• Pellets

• Extruded

• Powdered

• Liquid

Market Breakup by End Use

• Carps

• Shrimps

• Tilapia

• Molluscs

• Catfish

• Salmon

• Lobsters

• Others

Market Breakup by Region

• Southeast

• Red River Delta

• Mekong River Delta

• South Central Coast

• Others

Vietnam Aquafeed Market Share

Based on the ingredients, the market is segmented into soybean, corn, fish meal, fish oil, and additives, among others. Soybean is projected to grow at a CAGR of 4.4% during the forecast period of 2024-2032. Soybean plays a crucial role as a high-protein component in the diets of certain aquaculture species, serving as a viable substitute for fishmeal. Soybean meal is typically a more economical choice compared to fish meal, due to which it is a popular option for both feed producers and aquaculture practitioners.

Leading Companies in the Vietnam Aquafeed Market

Major market players are focusing on technological advancements in feed formulation and sustainable aquaculture practices to gain a competitive edge.

• Charoen Pokphand Foods PCL

• Nutreco N.V.

• De Heus Animal Nutrition

• Grobest Group Limited

• GREENFEED VIETNAM CORPORATION

• UNI-PRESIDENT VIETNAM CO,. LTD.

• Others

Key Highlights of the Report