In terms of volume, the demand was 35,000.0 kilo tons in 2012 and is expected to reach 72,207.8 kilo tons in 2019, growing at a CAGR of 10.9% from 2013 to 2019.
Increasing aquaculture activity has been one of the major factors driving the demand for aqua feed over the past few years and the trend is expected to continue over the next few years. In addition, growing human consumption of fish owing to rising consumer awareness about health benefits is expected to fuel the demand for aqua feed over the next few years. However, fluctuating prices of key ingredients used in manufacturing fish feed such as fish meal and fish oil is expected to affect the growth of the market adversely. Growing demand for conventional and functional feed for fishes, particularly fromAsia Pacific is expected to provide new opportunities for the market growth in near future.
Carps were the largest end-user of aqua feed accounting for over 25% of the market share in 2012. Crustaceans and carps are expected to be the fastest growing end-users of the market owing to their increasing farming activities in aquaculture. Carps are being increasingly reared due to their growing demand in the retail market and high mortality rates in less than ideal climatic conditions. Demand for crustaceans is expected to grow rapidly over the next few years on account of its growing demand in the food and pharmaceutical industry. The demand for aqua feed is expected to be above average for species such as mollusks and salmons owing to their increasing demand for human consumption.
Asia Pacific led the demand for aqua feed in 2012 and accounted for over 65% of the market share. Europe was the second largest market for aqua feed in 2012. Asia Pacific is expected to witness the highest growth over the next few years on account of rising aquaculture activities in this region. In addition, regional demand for fish for food and non-food use is expected to contribute to the growth of the market significantly over the next few years. Some of the key players of the markets are Alltech Inc., BioMar A/S, Cargill Incorporated, Cermaq ASA and many others.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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