Vietnam Aquafeed Market Size (2024 - 2029)

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.