Fisheries Market Growing Demand and Trends 2023 to 2031
Pune, India – (NewMediaWire) – March 3, 2023 – “Fisheries” Size, Scope, and Forecast 2023-2031 report has been added to the Market Research Archive of Absolute Reports. Industry experts and researchers have offered an authoritative and concise analysis of the Global Fisheries with respect to various aspects such as growth factors, challenges, restraints, developments, trends, and opportunities for growth. This report will surely be a handy tool for market players to come up with effective strategies with the aim of strengthening their positions in the market.
What is the Fisheries growth?
According to Researchers’ analysis, the fisheries sector is an important sector of Vietnam’s economy. Vietnam is located in the southeast of the Asian continent on the eastern coast of the Indochina Peninsula, from north to south than the Gulf of Tonkin, the South China Sea and the Gulf of Siam and other waters, is a tropical country, the geographical location and natural conditions are very conducive to fisheries production. Currently, although the domestic demand for seafood products is increasing due to the increase in disposable income, most of the fishery products are used for export. According to Researchers’ analysis, the total production of China, Thailand and Vietnam accounts for more than 70% of the world’s total farmed shrimp production. Vietnam exports seafood products to 164 markets and the industry supports more than 4.5 million jobs.
Vietnam is a very low-cost place to operate, with low labor costs and energy costs. In 2021, the minimum wage in Vietnam’s Region 1 is VND4.68 million per month, or USD200, which is much lower than the minimum salary level in China and some Southeastern Asian countries. As a result, Vietnam has more competitive operating costs compared to other countries in the region and has become the most attractive destination for multinational companies.
Vietnam’s total seafood product production in 2020 reached 8.4 million tons, up 1.8% from 2019, including 3.85 million tons caught, up 2.1%. In 2021, Vietnam had 4.75 million tons seafood products, up 4.17% year-on-year. In 2021, Vietnam seafood product export turnover was 8.9 billion USD, up 6% year-on-year, reaching a new record value. Therefore, although the growth of all indicators of Vietnamese seafood products in 2020 is not high, the Vietnamese fisheries industry in 2020-2021 is considered a success against the background of difficult production and operation due to COVID-19.
The main export markets for Vietnamese seafood include the United States, the European Union, Russia, Japan, China and South Korea. The major products that constitute Vietnam’s seafood exports include shrimp, striped catfish, balsa fish, and hard clams. According to Researchers’ analysis, South American white shrimp accounts for about 90 percent of production, while black tiger shrimp accounts for the remaining 10 percent of the country’s shrimp production. Even taking into account the many obstacles posed by Covid-19, Vietnam’s shrimp exports will still be US$3.85 billion in 2020, up 15% year-over-year from 2019, and US$3.9 billion in shrimp exports in 2021.
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The Ministry of Industry and Trade General Report recorded a sharp increase in the number of Vietnamese seafood exports to the EU market after the EVFTA came into effect. Among them, before August 1, 2020, the number of enterprises involved in exporting seafood to the EU was 370, of which, the number of enterprises involved in exporting seafood to the EU was less than 200 per month. However, since then, the number of enterprises involved in exporting seafood to the EU has increased to more than 200 per month. According to preliminary calculations, there are 409 Vietnamese enterprises exporting seafood to the EU in 2020, and most of these enterprises have a good reputation and good supply capacity.
According to Researchers’ analysis, Vietnam exports a wide range of seafood to the EU, with shrimp products worth more than US$500 million in 2021, which create the largest foreign exchange value; tuna species worth US$128 million; catfish and yellowtail catfish worth US$123 million. Export data show that shrimp, clams, tuna and squid were the items that benefited the most from EVFTA tariff preferences when the EVFTA came into effect. In the ASEAN region, Vietnam is the largest supply market to the EU, and in Asia, it is second only to China. Therefore, the removal of tariffs on Vietnamese seafood products exported to the EU will create an important advantage for Vietnam to compete with other competitors in the EU market. EVFTA is expected to help Vietnam’s seafood export market size grow by about 2% per year during 2020-2040.
On the other hand, in order to enjoy tariff and non-tariff preferences in Vietnam-EU trade, Vietnamese products must comply with the rules of origin, i.e., the raw materials for production must be grown and harvested in Vietnam. According to Researchers’ analysis, since domestic raw materials only provide about 40-45% of the processing capacity; up to billions of dollars of seafood raw materials are imported annually, and most domestic suppliers of raw materials are small, scattered, and the source of seafood products harvested is unknown, which makes quality control inherently difficult and, therefore, more difficult to meet the above requirements.
IT expects Vietnam’s fish exports to continue to rise in both volume and value during the 2022-2031 period. Meanwhile, with the rising population and rising income levels, the demand for fish products in Vietnam’s domestic market will also continue to rise.
Browse Detailed TOC, Tables and Figures with Charts which is spread across 50 Pages that provides exclusive data, information, vital statistics, trends, and competitive landscape details in this niche sector.
1. Does this report consider the impact of COVID-19 and the Russia-Ukraine war on the Fisheries?
Yes. As the COVID-19 and the Russia-Ukraine war are profoundly affecting the global supply chain relationship and raw material price system, we have definitely taken them into consideration throughout the research, in Chapters, we elaborate at full length on the impact of the pandemic and the war on the Fisheries Industry.
Final Report will add the analysis of the impact of Russia-Ukraine War and COVID-19 on this Fisheries Industry.
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This report provides a pin-point analysis of changing dynamics and emerging trends in the Global Fisheries. Additionally, it provides a futuristic perspective on various factors that are likely to fuel the growth of the Global Fisheries in the coming years. Further, the authors of the report have shed light on the factors that may hinder the growth of the Global Fisheries.
Fisheries – Competitive and Segmentation Analysis:
2. How do you determine the list of the key players included in the report?
With the aim of clearly revealing the competitive situation of the industry, we concretely analyze not only the leading enterprises that have a voice on a global scale, but also the regional small and medium-sized companies that play key roles and have plenty of potential growth.
Top Key Players of the Global Fisheries
1 vinh horan corporation
2 C.P Vietnam Corporation
3 Minh Phu Seafood Joint Stock Company
4 Cargill Vietnam Co., Ltd.
5 De Heus Vietnam
6 Sao Ta Foods Joint Stock Company
7 Soc Trang Seafood Joint Stock Company
8 GreenFeed Vietnam Corporation
9 Uni – President Vietnam Co.
10 Minh Phu Hau Giang Seafood Joint Stock Company
Short Description About Fisheries:
The Global Fisheries is anticipated to rise at a considerable rate during the forecast period, between 2023 and 2031. In 2023, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
This report studies the Fisheries, covering market size for segment by type, by application, by sales channel (Direct Channel, Distribution Channel), and by region (North America, Europe, Asia-Pacific, South America and Middle East & Africa).
This report provides detailed historical analysis of global market for Fisheries from 2015-2020, and provides extensive market forecasts from 2023-2031 by region/country and subsectors. It covers the sales/revenue/value, gross margin, historical growth and future perspectives in the Fisheries.
Moreover, the impact of COVID-19 is also concerned. Since outbreak in December 2019, the COVID-19 virus has spread to all around the world and caused huge losses of lives and economy, and the global manufacturing, tourism and financial markets have been hit hard, while the online market/industry increase. Fortunately, with the development of vaccine and other effort by global governments and organizations, the negative impact of COVID-19 is expected to subside and the global economy is expected to recover.
This research covers COVID-19 impacts on the upstream, midstream and downstream industries. Moreover, this research provides an in-depth market evaluation by highlighting information on various aspects covering market dynamics like drivers, barriers, opportunities, threats, and industry news & trends. In the end, this report also provides in-depth analysis and professional advices on how to face the post COIVD-19 period.
The research methodology used to estimate and forecast this market begins by capturing the revenues of the key players and their shares in the market. Various secondary sources such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, have been used to identify and collect information useful for this extensive commercial study of the market. Calculations based on this led to the overall market size. After arriving at the overall market size, the total market has been split into several segments and sub-segments, which have then been verified through primary research by conducting extensive interviews with industry experts such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments.
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3. What are your main data sources?
Both Primary and Secondary data sources are being used while compiling the report.
Primary sources include extensive interviews of key opinion leaders and industry experts (such as experienced front-line staff, directors, CEOs, and marketing executives), downstream distributors, as well as end-users.Secondary sources include the research of the annual and financial reports of the top companies, public files, new journals, etc. We also cooperate with some third-party databases.
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historical data and forecast (2023-2031) of the following regions are covered in Chapter 4 and Chapter 7:
- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
- South America (Brazil, Argentina, Columbia etc.)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa
Please find a more complete list of data sources in Chapters
1.To study and analyze the global Fisheries consumption (value) by key regions/countries, product type and application
2.To understand the structure of Fisheries by identifying its various sub segments.
3.Focuses on the key global Fisheries manufacturers, to define, describe and analyze the value, market share, market competition landscape, Porter’s five forces analysis, SWOT analysis and development plans in next few years.
4.To analyze the Fisheries with respect to individual growth trends, future prospects, and their contribution to the total market.
5.To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
6.To project the consumption of Fisheries submarkets, with respect to key regions (along with their respective key countries).
7.To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
8.To strategically profile the key players and comprehensively analyze their growth strategies.
Customization of the Report
4. Can I modify the scope of the report and customize it to suit my requirements?
Yes. Customized requirements of multi-dimensional, deep-level and high-quality can help our customers precisely grasp market opportunities, effortlessly confront market challenges, properly formulate market strategies and act promptly, thus to win them sufficient time and space for market competition.
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Detailed TOC of Fisheries Market Insights and Forecast to 2031
1 Overview of Vietnam
1.1 Geographical situation
1.2 Demographic structure of Vietnam
1.3 Vietnam’s economy
1.4 Minimum Wage in Vietnam 2011- 2022
1.5 Impact of COVID-19 on Vietnam’s Fisheries industry
2 Vietnam fisheries development environment
2.1 Brief history of Vietnam’s Fisheries development
2.2 Types of Fisheries in Vietnam
2.3 Policy environment of Vietnam’s Fisheries industry
3 Vietnam Fisheries industry supply and demand situation
3.1 Vietnam Fisheries industry supply situation
3.2 Vietnam fisheries demand situation
4 Vietnam Fisheries industry import and export status
4.1 Vietnam Fisheries industry import status
4.1.1 Vietnam’s Fisheries import volume and import value
4.1.2 Main import sources of Fisheries in Vietnam
4.2 Export status of Vietnam’s Fisheries industry
4.2.1 Vietnam’s Fisheries export volume and export value
4.2.2 Vietnam’s main export destinations for Fisheries
5 Vietnam Fisheries industry market competition
5.1 Barriers to entry in Vietnam’s Fisheries industry
5.1.1 Brand Barrier
5.1.2 Quality Barriers
5.1.3 Capital Barriers
5.2 Competitive Structure of Vietnam’s Fisheries Industry
5.2.1 Bargaining power of Fisheries suppliers
5.2.2 Consumer bargaining power
5.2.3 Competition in Vietnam’s Fisheries industry
5.2.4 Potential entrants in the fisheries
5.2.5 Alternatives to Fisheries
6 Vietnam’s major Fisheries brand enterprise analysis
6.1 vinh horan corporation
6.1.1 History of VINH HOAN CORPORATION
6.1.2 Main Products of VINH HOAN CORPORATION
6.1.3 Operating Model of VINH HOAN CORPORATION
6.2 C.P Vietnam Corporation
6.2.1 History of C.P Vietnam Corporation
6.2.2 Main Products of C.P Vietnam Corporation
6.2.3 C.P Vietnam Corporation’s Operating Model
6.3 Minh Phu Seafood Joint Stock Company
6.3.1 History of Minh Phu Seafood Joint Stock Company
6.3.2 Minh Phu Seafood Joint Stock Company’s Major Products
6.3.3 Minh Phu Seafood Joint Stock Company’s Operating Model
6.4 Cargill Vietnam Co., Ltd.
6.4.1 History of Cargill Vietnam Co.
6.4.2 Major Products of Cargill Vietnam Co.
6.4.3 Operating Model of Cargill Vietnam Co.
6.5 De Heus Vietnam
6.5.1 History of De Heus Vietnam
6.5.2 De Heus Vietnam’s main products
6.5.3 De Heus Vietnam’s operating model
6.6 Sao Ta Foods Joint Stock Company
6.7 Soc Trang Seafood Joint Stock Company
6.8 GreenFeed Vietnam Corporation
6.9 Uni – President Vietnam Co.
6.10 Minh Phu Hau Giang Seafood Joint Stock Company
7 Vietnam Fisheries Industry Outlook 2022-2031
7.1 Analysis of development factors of Vietnam’s Fisheries industry
7.1.1 Drivers and Development Opportunities for Vietnam’s Fisheries Industry
7.1.2 Threats and challenges to Vietnam’s Fisheries industry
7.2 Supply forecast for Vietnam’s Fisheries industry
7.3 Vietnam Fisheries Market Demand Forecast
7.4 Vietnam Fisheries Import and Export Forecast
List of selected charts
Chart Total population of Vietnam 2006-2021
Chart GDP per capita in Vietnam 2011-2021
Chart 2008-2021 Vietnam government issued policies related to fisheries
Chart 2016-2021 Vietnam Fisheries Output
Chart 2005-2021 domestic consumption of fisheries production in Vietnam
Chart 2005-2021 Vietnam Fisheries imports
Chart 2010-2021 Vietnam Fisheries import amount
Chart 2018-2021 Vietnam Fisheries importers and import value
Chart 2005-2021 Vietnam’s Fisheries exports volume
Chart 2017-2021 Vietnam Fisheries export value
Chart 2018-2021 Vietnam Fisheries exporting countries and export value
Chart 2022-2031 Vietnam’s Fisheries output forecast
Chart 2022-2031 Vietnam domestic Fisheries market size forecast
Chart 2022-2031 Vietnam Fisheries Import Forecast
Chart 2022-2031 Vietnam’s Fisheries export forecast
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